Auto insurance is one of those necessary evils that we are sure glad we have if the worst happens and we end up in an accident. It can come in handy for times when smaller dings and dents happen to our car as well. Auto insurance is something that most people purchase for a year at a time. Every year, you will get a notice that it is time to renew your policy and it gives you a chance to do some reflecting to make sure you are with the right company. Signet Insurance Group is here to talk about auto insurance renewal and share some tips to ensure you’re getting the best rates possible.
Why Does Auto Insurance Renew Every 6 to 12 Months?
When it comes to auto insurance, there are policies that will fit your needs and are tailored to your specific circumstances. That being said, most auto insurance policies are going to renew every 6 to 12 months depending on the policy you have with the company. Usually, about 4 weeks before your policy needs to be renewed, you will be notified by the company so that you can get that squared away and your coverage doesn’t lapse. You will more than likely see either an increase or a decrease at that time and be able to make a choice moving forward to stay with the existing company or move on and look for another one.
Reasons for Auto Insurance Price Increase
Some of the reasons that your rates might increase are in your control and some of them aren’t. Age can play a role in an increased rate as well as things like citations or tickets on your record. As you get older in age, the rates you will pay for auto insurance tend to increase bit by bit. Another factor that plays a role in what you will pay is the area that you live in. Some areas, like large cities, may require higher rates because the possibility of an accident is greater there. Accidents are going to be another factor that will lead to likely increased rates on your policies. This will depend on the severity of the accident and whether or not you were the driver at fault.
Auto Insurance Renewal Time to Step Back and Review
This is a great time to step back and give your current policy a good once over. It is also a good time to shop around to see if there are any other companies that will offer you a better rate for your coverage. Sometimes, it makes sense to stay with your current company as some companies will give you loyalty savings for being a long time customer.
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