Here’s how often you should shop for car insurance to get the best price on your coverage

Check your auto insurance coverage every six months to a year to ensure you’re receiving the greatest deal.

If you haven’t considered how much you spend for vehicle insurance in a while, you should.


With auto insurance costing slightly more than $2,000 per year on average (according to Bankrate statistics), having coverage for your vehicle may make a significant hole in your finances. To receive the finest coverage for the least amount of money, you must understand when you should begin looking for a new vehicle insurance policy and what life events may affect how much you spend.

How frequently should I shop for auto insurance?


Because most auto insurance contracts run six or twelve months, it’s a good idea to re-evaluate your coverage when your current policy is about to expire.


While it is certainly easier to just renew your current insurance, doing some comparison shopping might save you a bundle in cheaper rates. To begin, gather some critical information, such as your car’s make, model, and VIN number, as well as your personal information. Then, acquire quotations from multiple insurers and compare the coverage amounts and deductibles. Using an aggregator site to obtain numerous quotations at once might also be beneficial.

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When your circumstances change, shop around for vehicle insurance.

When your life changes, so should your insurance.Some frequent instances that should prompt you to reconsider your auto insurance coverage include:

Moving to a new location: Whether you’ve moved across town or to the other side of the nation, automobile insurance costs vary greatly. Furthermore, if your new home or apartment has a garage, you may pay less for full coverage auto insurance than you would if you parked your vehicle on the street. It’s only one of the reasons why homeowners pay less for vehicle insurance.

Adding a new driver to your family: Having a new, teenage driver in the house may be costly. According to Bankrate statistics, the average 16-year-old spends between $4,500 and $4,200 per year to insure. Shop around for coverage well in advance of your new driver’s test to obtain the cheapest cost – CNBC Select has done some of the legwork for you and discovered that State Farm and Geico are two of the finest insurers for young adult drivers.

Buying a new automobile: Getting the keys to a new (or new-to-you) car should prompt you to look for car insurance. Different insurance providers may examine the same car and reach different price conclusions, so double-check that your current insurance coverage is still the best for your new ride.
Having an accident.Being involved in an accident in which you are determined to be at fault can raise your insurance rates by 42%. Shopping around may help you lessen the cost impact of such a significant rise.

Enhancing your credit score.If you’ve been striving to improve your credit score, it might pay dividends when it comes to your vehicle insurance price. Insurance companies can use your credit score when pricing your coverage in many (but not all) states, and persons with higher credit scores frequently obtain cheaper rates.