5 Life Changes That Affect Car Insurance Rates | Eric Finance

When it comes to choosing auto insurance, there are countless websites and resources devoted to picking the right policy and getting as many discounts as possible. However, it is important to remember that negotiating your policy rates doesn?t stop once you sign a contract. As your life changes, you may be entitled to further discounts ahead. Read on to learn about the five major life changes that can affect your rates for car insurance.

1. Moving To New Address

A major factor in determining your insurance rates is your geographical location. Those who live in large cities will typically have greater premiums than someone living in a rural or suburban location. While city drivers are more likely to have their cars stolen or get into accidents, rural drivers are far less likely to be in major accidents and can get discounts for having covered garages for their vehicles, something that reduces the chance of theft and of damage. As soon as you move, make sure you report it to your car insurance company in order to prevent any problems with your policy or with coverage.

2. Changing Your Place of Employment

Most people would never think to inform their auto insurance company about their change in employment status, but it can actually have a big impact on the monthly premiums you pay. If you first got your policy when driving 100 miles each day to and from work, you likely paid a premium for the higher mileage. Those who switch to part time work, telecommute from home, or retire ought to inform their insurance company right away. With fewer miles driven daily, you could receive greater discounts to your policy overall.

3. Getting Married
On the whole, married couples are considered to be more responsible and less reckless than their single counterparts. So while your marriage could bring you happiness and love, it can also bring you serious discounts on your auto insurance policy. Call up after your honeymoon to find out if your new relationship status will affect your policy rates at all.

4. Significant Birthdays

Certain driver demographics are less likely to be involved in accidents than others. The most notable demographic is those drivers who are under the age of 25. Since statistically these drivers are more likely to make claims for injuries or accidents, auto insurance companies charge them higher rates. When you turn 25, be sure to call your insurance provider and request a discount.

5. Getting Top Grades

Whether you are a teenager in high school or a student finishing your master?s degree, you can get discounts on your car insurance policy thanks to the right grades. Many insurance providers offer reduced rates to their student drivers in high school or in college who are able to show proof of a B average or higher.

Since auto insurance premiums can be quite expensive, it is up to the policy holder to keep an eye out for any discounts that could affect their monthly fees. Each of these significant life changes could alter the amount you pay for auto insurance, so stay in touch with your provider about each one.

Willie Lewis is a freelance writer who blogs about car insurance discounts. If you are in auto insurance, you can compare cheap car insurance quotes at carinsurance.org.uk to save on premiums.

Source: http://www.ericfinance.com/car-insurance-rate/

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