Reader question:

Can big changes in your life get you a discount on your car insurance policy?

Gabriela

Yes, a lot of them can.

This is why I say that every time you go through a big life change you should get a new car insurance quote. There are hundreds of groups that car insurance companies use to classify their policy holders, and many changes can put you in a whole other group. This might mean a higher car insurance premium or a lower one. Either way, it’s a good idea to check. Here are a few life changing experiences which also might effect some change on your car insurance policy.

• Starting a new business.

There are a lot of car insurance companies that will offer a car insurance discount to someone who has started their own business. Another way that you might get a better price on car insurance if you have recently started a new business is if you think about switching to commercial car insurance. This may or may not be more cost effective for you, depending on how much you use your car for business.

• Getting married.

Half of the change in price you often get from marriage is the multiple person discount on your car insurance premium from adding a new person to it. However, being a married person does place you in a different, lower risk group as well. Often, the male in the relationship has a lot to benefit from being married in terms of car insurance premium rates.

• Buying a new car.

Like getting married, a big portion of the discount comes from the fact that you have added another vehicle to the policy. However, if you add a safer vehicle to your high performance car insurance policy, then the safety of that car will cancel out some of the relative unsafety of your high performance car, getting you a lower price.

Cheers,

Fashun Guadarrama.