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Moving to a new location is often exciting, but it also comes with many considerations, especially regarding auto insurance coverage. Whether you're relocating within the same state or across the country, understanding how your move may impact your auto insurance premiums is essential for finding the best protection for your vehicle.

In this article, we'll take a look at all the factors that could affect one's rates when moving and provide helpful tips on what you should do to maximize savings. Keep reading to learn more about how moving affects car insurance rates.

Key takeaways

  • Auto insurance rates may change when moving, so comparing quotes from different companies is important.
  • Homeowners' or renters insurance may also be affected by a move, and shopping around for new coverage or better rates is advisable.
  • Moving can impact auto insurance premiums in various ways, including the average annual mileage driven, the location's concentration of drivers and/or crime, and any asset changes.
  • Some steps can be taken to lower costs if premiums go up after a move, such as shopping around with other companies or raising deductibles.

Which insurance products should I shop for if I'm moving?

Auto Insurance: A new address means new premiums, so compare car insurance quotes.
Homeowners/Renters Insurance: Shop for new coverage or better rates.

How does moving affect my auto insurance rate?

A new address is likely to affect your automobile insurance needs and premiums. It pays to shop around now to see if a different company is a better match for your new address.
Many factors could have an impact:

  • Your average annual mileage changes
  • Your new location has a higher or lower concentration of drivers and/or crime
  • Your assets change

A move further away from where you work means more time spent driving. More time on the road means more risk, which generally leads to increased premiums. It's worthwhile to shop around with other companies to make sure you have the best rate.

A move into the city means driving on busier roads. More cars sharing the same roads at the same time means more risk. If you are moving to the city for a home or a job, you also will be subjected to higher risks related to crime. Of course moving can also result in lower premiums. A move out to the country or closer to an employer could result in fewer miles driven or safer driving conditions.

How can I lower costs?

If your premiums go up as a result of your move, there are steps you can take to lower them. You can shop around with other companies to find better rates. Or you may be able to raise your deductibles, install safety features in your car, or buy multiple insurance policies through the same company. Understand how to read your auto insurance policy, balance coverage against cost, and shop around to get the best deal possible.

Why should I shop around for home or renters insurance?

A new home means a whole new set of factors on which your rate is based. Get a quote from your current company and shop around for home insurance with other companies as well. You can decide which rate and company best meet your needs. If you're renting, don't be caught without insurance. Make sure all of your valuables are protected.

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