Car Insurance Shopping

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Car Insurance Shopping

Senior Writer Hawley, Insurance CD Badge License • P&C Tape Badge Expertise • Auto Insurance • Home Insurance R.E. Hawley is a senior writer for . Before joining the Insurance editorial team in 2024, they worked as senior editors at the popular car ownership and insurance comparison app, leading a team of more than a dozen editors dedicated to creating customer-focused content with financial advice on topics ranging from insurance to vehicle reliability. . and car loan refinancing. ABOUT. have a personal insurance license. close

Hassle Free Car Insurance Shopping

Edited by Jessa Claeys Jessa Claeys Insurance CD Icon License Magazine Editor • Personal Insurance Producer Ribbon Icon Expertise • Auto Insurance • Home Insurance Jessa Claeys is an insurance writer with over a decade of experience writing, editing and leading a team of content creators. He is a licensed personal insurance producer in Colorado. Jessa now provides auto, home and life insurance with the goal of helping others achieve a healthy financial future. His work has appeared in several insurance, personal finance and investment publications, including BiggerPockets, 401(k) Specialist, BP Wealth and others. Learn More LinkedIn Icon Close Jessa Claeys

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The auto insurance industry has not been immune to the effects of inflation in recent years. As car insurance becomes an increasingly important part of a driver’s budget, it’s important to understand when is the best time to buy car insurance and how to maximize your savings. To help you, the editors of Insurance magazine explain how and when to buy car insurance.

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Understanding Car Insurance Deductibles: Finding The Right Balance |

As car insurance rates increase, so does the need to purchase car insurance. The best time to buy car insurance is usually before your policy renews, but you can compare rates, sign up for a new policy and cancel your old policy at any time. To maximize the effectiveness of your search, start by considering your budget and coverage needs, as well as the preferences you have for your car insurance policy.

When deciding whether to shop around, take some time—15 to 30 minutes is enough—to evaluate your insurance. Consider answers to questions like:

If you still love your business and are satisfied with your premiums and type of coverage, you may not need to buy car insurance. Your situation is unique to you; Only you can weigh the pros and cons of staying with your current company rather than looking for alternatives and switching carriers.

If you want to get the best rate for your car insurance, you may be wondering when to buy car insurance. The reality is that there is no better time to buy car insurance; Unlike car manufacturers, car insurance companies do not hold annual sales or offer seasonal deals. In most cases, you can change companies whenever you want. Some people choose to buy car insurance at least once a year—usually at policy renewal—to make sure they’re getting the best rate for the coverage they need.

How To Shop For Car Insurance

However, you can change companies during the contract, at the end of your mandate or even two days after the start of your mandate. Some situations call for shopping around, and understanding the best time to buy car insurance ahead of time can help you decide if you should shop around before rate hikes hit your budget. There’s usually no penalty for switching car insurance companies, but be sure to compare policies with similar types and amounts of coverage to make sure you’re looking for comparable coverage.

Here are some situations that may lead you to look for a new policy or car insurance company.

Full coverage auto insurance premiums increased by an average of 26% from 2023 to 2024. As of November 2024, the average annual rate is $2,458.

Although rates are highly personalized and take into account individual risk factors such as driving history and claims history, these increases are largely due to increased repair costs and vehicle prices. Auto insurance has experienced the delayed effects of widespread inflation starting in 2020 and 2021, according to the Insurance Information Institute. Coupled with an increase in claims and accidents as drivers return to the road after the pandemic, many drivers have seen rates increase recently.

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So, this could be a good time to look for more affordable coverage. Just make sure you choose the same coverage.