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The best time of year to buy auto insurance

July 10th, 2018  |  Auto Insurance

If you are in the market for some new auto insurance, chances are you have received a number of pieces of advice as to how you can save money on your auto policy. One may even be that you could see a deal depending on when during the year you opt to buy your insurance. But, does that tip hold any water? Let’s take a look.

Does the time of year matter?

There are some that swear it is cheaper to get insurance during the summer months, or those that believe policies are less in December around the holidays. However, there is not always a lot of information out there to back up those claims. Because auto insurance policies are determined on a case by case basis, they can vary from provider to provider. More than the time of year, the make and model of your vehicle, and your history as a driver and insurance customer work together to determine your policy and how much it’ll cost you.

However, that being said, there is some plausible reasoning as to why summer may see cheaper auto policies. One being the notion that insurance companies see an influx of business in the later months of summer thanks to manufacturers releasing new vehicle models. As a result, they may offer lower prices because they have so much business coming in.

When should you buy insurance?

So, if the time of year doesn’t make that big of a notable difference to the price of a policy, when should you look to buy auto insurance?

At the time of renewal

One of the best times to shop around for new auto insurance is around the time of your current auto policy’s renewal. If you are unhappy with your current provider, and are looking for a change, your renewal is an optimal time to shop around. Doing so allows you to find a new provider who could possibly offer you a better policy and at a better price. And as an extra bonus, you are able to leave your current provider at no penalty to you.

Often if you wish to leave your provider in the middle of your term, you either need to pay out the remainder of your policy, or pay a hefty fee. If you can, waiting until the time of your renewal is a great way to avoid paying those costs.

When you get a new car

When you get a new vehicle, it is best to scope out auto insurance first. The price of your policy can change drastically depending on what type of your car are trying to insure, so, if you are deciding between makes, it is best to shop for insurance first. If there is a big difference in the price you will have to pay in insurance from one vehicle to the next, it may help you make up your mind as to which vehicle you choose to purchase. It can also help you to budget your expenses down the road, and understand what vehicle is right for you.

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