How Changing Addresses Affects Your Auto Insurance Rates
Moving can be a stressful time in one's life. Even worse, it's incredibly expensive. But one of the easiest ways to offset moving costs is to save money on your auto insurance policy.
As you may know, your home's location has a direct impact on your auto insurance rate. A new address means a new auto insurance rate, so make sure you shop around for the best price.
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New Location = New Auto Insurance Rate
Your home's location affects your auto insurance costs. Densely populated areas generally have more cars on the road, which means the area's accident risk factor is higher than rural areas. Conversely, a country road usually has fewer cars traveling at any given time, so the accident risk factor is lower.
Other geographic factors can impact your new rate:
- Your annual mileage-are you driving fewer miles to work or school than before?
- Concentration of vehicle theft and crime
- An area's average response time for ambulances, fire trucks, or police officers
- If your new address is putting a strain on your auto insurance budget, comparing auto insurance quotes could help keep costs low. Using InsuranceRates.com to shop and compare rates could save you a ton of money on your auto insurance rate.
Why Should I Update My Auto Insurance Policy When I Move?
When you're moving, updating your auto insurance policy is probably the last thing on your mind. But if you fail to update your address with your auto insurance company, your insurance provider could refuse to pay any claims if you're involved in an accident.
Moving Across State Lines
If you're moving across state lines, it's crucial that you check with your current auto insurance company to see if they're licensed in your new state. If they are, their rates could be significantly higher. States and areas such as New Jersey, New York, Massachusetts and Washington D.C. are notorious for expensive auto insurance rates. More than anywhere else, if you are moving to one of these areas you should shop around for a more affordable auto insurance rate.
Another Way to Save: Multi-Policy Discounts
Whether you're buying a new home or renting a new place, you'll need to purchase homeowners or renters insurance. A number of insurance companies offer considerable discounts for insuring your residence and vehicle together. When you call to update your policies, let your insurance company know that you're interested in saving money with a multi-policy insurance plan.
According to the Insurance Information Institute, a multi-line policy can save you up to 15% on both premiums.
Whether you're moving across town or across the country, make InsuranceRates.com your home for auto insurance savings. Comparing auto insurance rates with InsuranceRates.com is a quick, hassle-free way to get instant auto insurance quotes from top companies.
