When is The Best Time To Buy Car Insurance?
It’s a well-known fact that the cost of car insurance varies depending on many factors, such as your driver’s age, the type of car you drive and claims history. What may come as a surprise, however, is the cost of auto insurance also varies depending on the month you purchase a policy. So, when is the best time to buy car insurance? The info we provide in this blog is based on statistics offered by specialized organizations. But can always get a free car insurance quote and compare prices several months in a row.
A yearlong study, commissioned by insuranceQuotes.com, found that car insurance premiums in certain states varied significantly from month to month, meaning that it’s cheaper to buy auto insurance during some months, and more expensive during others.
For example, the national median cost of a new full-coverage auto policy for a 35-year-old single male driver with a $500 deductible and a clean driving record was 8 percent cheaper in December 2013 than March 2013. And the trend seems to be the same.
Location matters a lot, however. While December is the cheapest month nationally, it’s actually the most expensive month in 11 states. Hawaii’s 47.9 percent variance led the nation, followed by Wyoming (39.7 percent), Washington, D.C. (35.3 percent), and Maryland (34.8 percent).
The study found the smallest differences in rates in South Dakota (1.9 percent), Arkansas (3.7 percent), Utah (4.4 percent), and Iowa (4.9 percent).
According to the study, December was the cheapest month to buy auto insurance — not just nationally, but for the following 22 states: Arizona, Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Maine, Maryland, Minnesota, Montana, New Hampshire, New Mexico, New York, Oklahoma, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Wyoming and Washington, D.C.
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