Finding ways to save on car insurance usually means hours comparing policies from different companies, weighing discounts and incentives. In other words, it’s a lot of legwork. Three random events, though, might provide the ticket to cheaper car insurance.
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You improve your credit score
Car insurance companies in many states use credit scores to determine rates. If your score is subpar, your rates will reflect that. If your score is good, though, you’ll earn a lower rate, and anytime it improves, is a chance to get an even lower rate, according to The PennyHoarder writer Kari Faber.
Personal milestones
Your personal life and choices have a big impact on how much you pay for car insurance, and certain life events can help you save.
“…big life decisions, like moving to a lower-crime neighborhood, buying a safer car, and, yes, getting married, can make you look good to potential insurers. Once you sign on the dotted line, you could be saving big bucks every month with a new car insurance policy,” Faber reports.
A divorce, move to a neighborhood with higher crime statistics, or an unsafe car purchase can cause your rates to increase, she adds.
Change in your state’s laws
Knowing about a change in your state’s laws regarding car insurance might not be on your radar, but it can influence car insurance rates and rules.
“Unless you’re specifically seeking it out, there’s no way for you to know about these changes. That’s why it’s smart to check out new car insurance options every couple of months, just in case. You could be eligible to change your coverage and pay less for it,” according to Faber.
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The COVID-19 pandemic has also affected car insurance rates since many people aren’t driving as much as usual. Contact your insurance company and see if and how you can save.
DeAnn Owens is a Dayton transplant by way of the Windy City, yet considers herself to be a California girl at heart even though she’s only visited there once. To get through the dreaded allergy season unique to the Miami Valley, she reads, writes, complains about the weather, and enjoys spending time with her husband, two sons, and their newest addition, a Boston terrier puppy that is now in charge of all their lives. In the future, she hopes to write a novel and travel through time. See more articles by DeAnn.