Post : Use this trick to save on car insurance
Title : Use this trick to save on car insurance
Use this trick to save on car insurance
Buy car insurance in the “wrong” month, and you could pay nearly 50% more for it. Over the course of a year, that could mean paying hundreds of dollars more than you need to.
Residents of some states score consistent deals on car insurance no matter the month, but others aren’t so lucky. Nationwide, car insurance rates vary by about 7.5% from the cheapest month (December) to the most expensive month (March), but in some states, that variation is significantly less, according to a new survey from InsuranceQuotes.com. Residents of South Dakota get the most consistent rates (variation is just 1.9% from month to month), followed by Arkansas (3.7%), Utah (4.4%), and Iowa (4.9%). What’s more, residents of these states also tend to pay less for car insurance, according to the latest data from the National Association of Insurance Commissioners. While the median car insurance rate across the nation is $797 a year, insured residents of South Dakota pay a median of just $520, compared with $553 in Iowa, $666 in Arkansas and $713 in Utah.
Meanwhile, the survey found that in Hawaii — the state with the largest variation in car insurance rates — it cost 47.9% more to buy car insurance in March than it did in December, the cheapest month; the residents of Wyoming saw the second largest variance of 39.7%. That’s followed by Washington, D.C. (35.3%), Maryland (34.8%) and Pennsylvania (34.5%) — all three of which have higher than average car insurance rates, making it particularly important to negotiate in these states. Laura Adams, InsuranceQuotes.com’s senior analyst, says that she “can’t pinpoint a specific reason” for the price variability but says that the reasons for these price differentials likely vary from state to state, and may include differences in insurance regulations, market competition and the likelihood of natural disasters or accidents. This was the first year that InsuranceQuotes.com did this survey, so Adams says it’s not clear whether these monthly variations will hold true for years to come.
For consumers, this price variation “underscores the importance of shopping around,” says Adams; people should get multiple quotes from multiple companies so they can make sure they’re getting the best price. “Do this at least once a year,” she says. Make sure you’re getting the amount of insurance you need (state minimums are listed here) — but not too much. For example, if you have no assets, you may not need more than your state’s minimum for liability coverage. And, of course, beware of the months when insurance prices in your state tend to be highest.
To save even more money, Amy Danise, the editorial director of Insure.com, says that consumers should be asking their insurance agent about discounts. Some of the discounts most commonly offered are for being a good student (77% of the insurance carriers surveyed by Insure.com offered this with an average 16% discount), having a home policy with the same company (68% offered this with a 9% discount), paying all or most of the bill upfront (46% offered this with a 9% discount), being married (41% offered this with a 14% discount) and taking a driver training course (41% offered this with a 7% average discount), a 2013 survey by Insure.com revealed. Here are 11 more discounts to ask about. Other ways to save include boosting your credit score and keeping claims to a minimum, she adds.
source : http://www.marketwatch.com/story/the-best-month-to-buy-car-insurance-2014-01-30
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