Why You Should Regularly Shop Around for Better Rates on Car Insurance Policies

If you’ve been on the same car insurance plan in Tampa, FL for a while, it’s understandable to want to just stick with it and avoid the hassle of looking around for a new one. However, by shopping around every six months or so, you could find opportunities for savings that can add up in a big way over time.

It’s kind of an open secret in the auto insurance industry that these insurers want you to be complacent with your policy. Your rates will probably remain stagnant over time, or possibly even increase. However, for people who make it a point to shop around as much as possible, they often manage to save themselves hundreds of dollars per year. This adds up to thousands of dollars over the amount of time you actually own the car.

Insurance companies, much like cable companies, offer great deals to people who renegotiate, but they’re not going to go out and advertise those deals.

Here are a few reasons to regularly shop around for a better insurance rate in Tampa, FL:

  • Prices fluctuate: While there are certain car- and driving-related factors that influence how much money you pay for your insurance policy, there are also some factors that have nothing to do with anything you can control, such as marketing, employee compensation and other such factors. As these prices fluctuate, you can find better opportunities for savings elsewhere.
  • Depreciation: Your car insurance rates are primarily based on the value of your vehicle. You’d think, then, that as the value of your vehicle depreciates you wouldn’t have to pay as much in car insurance. However, your insurance provider isn’t exactly going to jump at the chance to cut your bills—you’ll have to be proactive about seeking these bargains yourself as your vehicle depreciates in value.
  • You moved: If you move to a new area, the insurance prices could change significantly. Certain geographic areas have greater or lesser levels of risk, including inclement weather, vehicle theft, traffic congestion, etc. If you are moving from an area that might have been deemed riskier to an area with less perceived risk, you could potentially save yourself a good chunk of change by updating your insurance policy.
  • You had a violation or accident come off your recent record: After about three years, traffic violations or accidents should no longer have the same effect on your insurance rates. If you know you had such an issue recently come off your record, it’s a good idea to renegotiate your rates.
  • You had significant life changes: If you recently got married, for example, you could save quite a bit of money on a marital discount, just like you do on your taxes.
  • Your driving habits changed: If you no longer drive as much as you used to, insurance companies won’t consider you to be as big of a risk, meaning you can probably access lower rates.

For more information about why it’s a good idea to shop insurance rates for your vehicle in Tampa, FL, contact the team at Affordable Car Insurance Tampa today.