Spring is traditionally one of the busiest times for the housing market, and with the low mortgage rates available, many Canadians may be thinking that the time is right to thinking about moving homes.
Chances are if you’re planning on moving, the last thing you’re factoring in to your budget is how a move will affect your car insurance premiums. But, where you live is one of the variables used when calculating your car insurance rate, so when you move, your auto insurance premiums will likely change. For some people, their car insurance rates will go down, but for others, moving might mean paying more.
• Related Read: Cheap(er) Car Insurance: How to Save Money
Will your auto insurance provider still offer you the best car insurance rate after you’ve moved?
Many people figure they’ll just tell their car insurance company of their change in address, and assume that their current insurer will still give the best car insurance rate. This isn’t always the case. Each insurance company calculates their rates differently, and the insurer who offered you the best rate at your old address may not offer you the best rate at your new address.
What’s it all mean? Once you’re moved in, make sure you’re still getting the best rate out there by comparing car insurance quotes. It’s the only way to know for sure that you’re not overpaying for your coverage.
• Related Read: 5 Easy Ways to Lower Your Auto Insurance
As your life changes, so will your car insurance rates
Moving isn’t the only time when you should compare car insurance rates. There are many life events when spot checking your car insurance rates makes sense, like when:
• You buy a new car
• Get married
• Get a ticket, or are involved in an accident
• Tickets or accidents are no long part of your driving and insurance record
• Add newly licensed teenage drivers to your policy
• Change how you commute to work (perhaps you can now take transit to the office?)
Each of these scenarios will likely affect your premium and, because each insurance provider calculates their rates differently, represents an opportunity to potentially pay less for car insurance.
Car insurance isn’t one of those things that you can “set it and forget it,” because if you do, you may be leaving money on the table.