We all want to save money on auto insurance, but is there really a right time to buy? At this point, we’re so accustomed to sales cycles and timed discounts that we expect them with virtually every purchase. In the world of insurance, though, you may find that this is just a myth. Take it from an experienced insurance brokerage, there is no “right time” or “right month.” It’s more about gradually improving the factors that improve your premium.
Any Season is the Season
As it turns out, the month, day, and/or season has absolutely nothing to do with the price of your auto insurance. Whether you buy in March or May has less impact on the premium than what car you drive. Or your driving record. So, if you’re really trying to save money, stop worrying about end-of-season discounts or Memorial Day sales. Instead, talk to our local insurance experts about ways you can lower your monthly bill.
Now is Good
Realistically, anytime you’re driving is a good time for auto insurance. Since this coverage is required by the state of Maryland (as well as many others), you have to have it before you can get behind the wheel. In most cases, you’re not really at liberty to wait for a specific effective date—at least not if you want to remain in compliance.
Plus, this policy will add to your insurance history. Traditionally, the longer your history, the less you pay in premium. As long as you don’t have any lapses in coverage. Because it’s mandatory in our state, not having auto insurance can actually cost you a lot—in a relatively short amount of time. Apart from potentially losing your license plate and vehicle registration, you’ll also have to pay penalty fees to the MVA.
At this point, it’s $150 for the first 30 uninsured days. After that, you can add $7 more each day that you go without auto insurance. Don’t forget about the fees you’ll have to pay in order to reinstate your registration later on. While these are state-imposed penalties rather than insurance company regulations, you can see how waiting for the right time can ultimately cost you.
Time to Switch
If you’re currently insured with one company, you can realistically switch carriers anytime. By working with an agency, like Freedom Insurance Agency, we can actually help you to browse rates from multiple companies and then select the best one. Ideally, the best time to reevaluate is around your renewal—every six months or so. This allows you to keep your level rate, but switch before the next increase.
Still, we don’t recommend switching your auto insurance carriers too often. Most companies provide loyalty discounts that you lose if you jump from provider to provider too frequently. Fortunately, you don’t have to navigate these rates on your own. Our team is always on hand to help! For a personalized quote, the right time is now.
