Best time of the year for Car Insurance Shopping

Best time of the year for Car Insurance Shopping

Car insurance rates depend upon the profile of the driver and car insurance industry. The best time to purchase a car insurance policy is after all important events and before the filing of the annual insurance filings. According to the data gathered by the MyMoneyMyQuotes team from the car insurance industry, the last month of the year is the best time to purchase the car insurance policy.

Best time to purchase car insurance quotes according to your personal situation

Car insurance companies determine car insurance rates on the basis of different factors. Some of the important rating factors that are used to decide the car insurance rates are given as follows:

Age of the driver

Age also influences car insurance premiums. Car insurance companies charge higher car insurance premiums from young inexperienced drivers. Car insurance premiums are low for experienced drivers. Car insurance rates start decreasing with increasing age.

Age group                                                               Average car insurance premium for six months
16-19 $2509
20-29 $990
30-39 $760
40-49 $731
50-59 $690
60-69 $700
70-79 $800
80-85 $948

Car insurance rates for the 16-19 age group are much higher than the other age groups. 

Driving record

Car insurance companies check the driving record of the drivers before deciding the car insurance premium. The driving record of the driver helps the car insurance companies to predict the risk and future driving outcomes. Car insurance companies assess the driving history of 3-5 years. If the driver has accidents, violations in driving history then it will put a negative effect on the car insurance rates. Car insurance companies charge higher car insurance premiums from the drivers with violations in driving history than the drivers with a good driving record.  

The best time to purchase car insurance is when violations fall off from your driving record. It is wise to maintain a good driving history to get cheap car insurance policies. The following are the average car insurance premiums according to the driving record.

Violations Average car insurance premiums for six months
None $780
DUI $1330
Reckless driving $1298
Driving with suspended license $1290
At-fault accident-damages greater than $ 2000 $1150
Speeding  16-20mph over limit $960
Texting while driving $957
Cell phone violation $958

Credit record

Car insurance companies also consider the credit record of the drivers before deciding the car insurance premium. If the driver has a good credit record then car insurance rates are lower. Car insurance companies charge higher car insurance premiums from drivers with good credit scores. Best time to purchase car insurance when you have a good credit score.

Credit score                                             Average car insurance premium for six months
Excellent  $647
Very good $700
Good $780
Average  $856
Fair $937
Fair below to fair $1009
Below fair $1100
Below fair to poor $1220
Poor $1350
Worst  $1557

To get the best car insurance policy at cheap rates, you should maintain a good credit record.  It becomes difficult to find the cheapest car insurance policy with poor credit records. Most car insurance companies provide different types of discounts on car insurance policies.

Best time to purchase car insurance policy also depend on your car insurance company

Car insurance companies use the claim filings at the end of the year to decide the car insurance premiums. If car insurance companies make more payments against the car insurance claims then they will increase the car insurance rates for next year.

The best time to purchase the car insurance is also  before the annual insurance renewal. You can also purchase a car insurance policy in December.

Car insurance companies revise car insurance premiums every year. Car insurance premiums also increase after natural disasters such as floods, hurricanes, earthquakes, etc.

Additional resources

Car insurance premiums also depend on different aspects of life. Car insurance premiums vary from company to company and state to state. Following are the life events that affect the car insurance premiums:

  1. Moving from one state to another
  2. Buying a home
  3. Marriage
  4. Renting an apartment
  5. Earning a degree

MyMoneyMyQuotes provides you the tools to help get the best quote for your auto insurance policy. MyMoneyMyQuotes.com helps consumers make a more informed and sound decision by providing important information and offering key points as it relates to auto insurance quotes and policies.

Finding a good price for an auto insurance quote can be quite overwhelming and confusing for many. At MyMoneyMyQuotes.com, consumers can shop and compare auto insurance quotes online for free and find the best and cheap rates for their coverage needs for an auto insurance policy.

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