Not Shopping For Auto Insurance Could Cost You Money
Chances are that when you first signed up for your auto insurance policy, you spent at least a little time looking for the best coverage at the best rate. If you’re nearing the end of your policy term and you’re planning to auto-renew rather than go through the process again, you may end up paying too much for auto insurance or worse, find yourself underinsured. In some cases, shopping around for auto insurance can save you money on your monthly premium.
A Significant Life Event Might Change Your Rate
Earning a degree, getting married, having a baby, getting a new job or relocating; these are just a few of the major life events that can have a surprisingly profound impact on how much your auto insurance costs. If you’ve had a significant life change since you last signed up for auto insurance, then you may be able to lower your auto insurance rate.
State Minimum Coverage Laws May Change
While some auto insurance providers automatically bump up the policy limits of drivers with state minimum liability insurance when state minimum coverage laws change, you don’t want to take the chance that your policy may not be up to new requirements. Being underinsured isn’t just illegal, it can leave you in a tough spot financially if you’re at fault for an accident that you can’t afford to pay for. Shopping for a new auto insurance policy can help you ensure that your coverage limits comply with the law.
Your Vehicle May Be Worth Less
If you’re driving a 15-year old vehicle, then its market value is probably about the same today as it was six months ago. However, if you’re driving a fairly new vehicle, then it may have depreciated in value since you last received an auto insurance quote. This could translate into a lower auto insurance premium.
Your Credit Score May Have Improved
While the connection between your credit score and your auto insurance premium is still something of a mystery, it’s been shown that in most states, including Nevada, those with higher credit scores typically pay less for their auto insurance coverage than drivers with poor credit. If you’ve been working to improve your credit, then you may be able to reduce your auto insurance rate by shopping around.
Let Nevada Insurance Enrollment Do the Legwork
Getting the best deal on auto insurance requires taking the time to compare coverage options, deductibles, premiums and discounts across several different companies. This can make it a challenge to accurately see how different rates stack up against one another. However, with Nevada Insurance Enrollment, shopping around for auto insurance doesn’t have to be a confusing guessing game. Our auto insurance agents review your needs and what discounts you’re eligible for, and then we track down the best coverage at the best rate available to you. This service is available for free for Nevada drivers, making it a simple, risk-free way to shop around for auto insurance.
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Why You Should Avoid a Lapse in Auto Insurance Coverage
n Nevada, auto insurance companies notify the Department of Motor Vehicles when you drop your auto insurance policy. If you have a lapse in your auto insurance coverage, even 1 day, it will be noted on your driving record. When this happens, you may be faced with a $250 dollar fine that will go up over time, and you can have your license suspended until you have auto insurance coverage again.
Hidden Pitfalls of Cheap Auto Insurance
Car accidents can be expensive, and your auto insurance policy is your best protection against financial devastation if the unexpected happens. While state-minimum coverage is definitely better than no coverage at all, a high percentage of scenarios shows it’s not enough for most drivers.
How Financing Your Car Affects the Insurance Premium
However, you may end up paying a higher premium than someone who has not financed their vehicle. If you make payments on your vehicle, your lender requires you to have comprehensive and collision coverage on top of the state minimum requirements.