One way to ensure you get the best car insurance rate is to have a 6 month car insurance policy. Why you ask? Well, here are 5 solid reasons we think you may want to consider it:
- Tickets and violations go away
If you’ve had a moving violation like a speeding ticket or at fault accident, those can raise your insurance rates. As soon as it comes off your record, what you pay for car insurance will usually go down. As soon as that violation disappears from your record, a 6-month policy will allow you to shop around and save sooner on a new car insurance rate. 6 month policies are beneficial because accidents/violations falling off of your record will lower your renewal premium, so why wait a whole year when you could wait just a few months?
- Life events can change your coverage
Recently married? Made a move to another city? Adding a young driver to your car insurance? All of these major life changes can affect what you pay for car insurance. Car insurance rates are calculated based on data. For instance, married people tend to have fewer car accidents. So married people usually pay less for car insurance. On the flip side, adding a young driver on your policy will usually increase your cost of car insurance. That’s because statistically younger drivers tend to have more accidents because they’re still learning how to drive. Change of driver status from Single to Married or adding/removing an additional driver can be done by endorsement mid-term so it’s not specifically dependent upon the 6 month policy life cycle. It is however a great reminder to take advantage of savings sooner after you get married or shop around to secure the best rate you can.
- Maintaining coverage
Let’s say you’ve been on your parent’s car insurance policy in college and after graduation you let your car insurance coverage lapse because, well, you don’t have a car at first. Maybe you’re living in the city and using public transportation? Understandable, but if your coverage lapses, you may end up having to pay more because you’re considered a “high risk” for car insurance. This is mainly because you may not have any credit or timely payment information. The longer you’ve been insured without any break, the lower the risk you are. Over time, you’ll also qualify for loyalty discounts like our Loyal Customer Discount which grows over time after you’ve been a customer for a year.
- Your car decreases in value over time
In short, the older your car is, the less it’s worth. For instance, a five-year-old car’s car insurance policy usually costs slightly less than what you paid for car insurance the prior year. A 6 month policy allows you to take advantage of these savings sooner than if you were locked into a 12 month policy. It also allows you to reassess your discounts and coverage options with an advisor to make sure you’re getting the most bang for your buck.
- New options abound
If you’ve had the same car insurance company for as long as you can remember, isn’t it time to see if it’s still the right car insurance for your needs? A 6-month policy allows you the opportunity to do some comparative shopping sooner to make sure you’re getting the best value and coverage for what you’re paying. At Verti, we’re always exploring new, innovative ways to make auto insurance easier for you and to save you more money.
Shopping for a new car insurance company may not be your favorite thing to do on a lazy weekend day, but it could save you a few hundred bucks a year. A great way to test out a new insurance company is with a 6-month car insurance policy. With our outstanding claims experience and things like Earned Accident Forgiveness and loyalty discounts, we’re sure you’ll want to stick around. Any other reasons you like 6-month car insurance policies? Let us know on Facebook and Twitter!