Moving into a new house is an excellent — and usually overlooked! — opportunity to save money on auto insurance.
Auto insurance rates are based on risk, and your risk to an insurer is probably less after you’ve moved into your place.
First, you’re parking your car somewhere new.
For homeowners, this often means have a driveway, garage, or some other protected place to park your car overnight. Even for street parkers, risk can be reduced when you own a home versus renting one.
Second, once you’ve moved in, your commute to work will be different and the usage of the car will change. This might mean more highway miles and less city-driving; or, more or less mileage overall, which can positively affect your insurance rates.
Third, you’re older than the last time you applied for auto insurance, and your age plays a large role in the cost of auto insurance. In general, as you age, your rates of insurance go down.
You also have the option to bundle your auto insurance, which is when you get a discount for buying two or more insurance policies from the same insurance company.
Bundling discounts can range to 25 percent off of your overall premium.
Moving is an excellent time to compare car insurance rates. You’re a new homeowner, so get those new homeowner discounts.
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Home buyers snatched up properties for sale in May as housing made its v-shaped recovery.