Renewal Time Offers an Opportunity to Save Money on Car Insurance Costs

renewal time is time to save on car insuranceThere is still time to save money on car insurance despite the warnings that drivers are going to be paying more. November will be the month in which the Government’s intended Premium Insurance Tax will go into effect. Also, experts are warning that the trend of falling premiums has ended and the climb upward is due to begin. Much of that reason is due to continued problems with fraudulent claims. Those fake claims and the cost to discover and fight them are going to get passed on to all drivers, unfortunately.

Renewal time is the perfect time period in which to shop around for a new policy. According to a recent study, 5.8 million drivers each year simply remain loyal to their car insurance provider and pay their new renewal rate. Most of them do so without checking around for another policy. That means there are millions of drivers that could probably have saved money on their car insurance simply by shopping around for new coverage.

Shopping online is quick and easy and can put new quotes into the hands of a driver in a matter of minutes. Of course, the task can be further simplified by simply checking comparison sites that offer comparisons of policies in a one spot shopping experience. Either way, it couldn’t be simpler to search and see if a savings could be had.

Experts not only suggest shopping around during renewal time, but to consider a telematics car insurance policy. The product could offer savings for even young drivers if they are safe behind the wheel. Telematics collects driving data through a GPS unit or smartphone for the driver to use for risk assessment. Safe drivers are a lower risk to insure and could earn substantial savings with telematics.

Though car insurance costs are rising, drivers still have an opportunity to try and save. Getting a new policy that fits current coverage needs and offers a saving could be had in minutes by simply shopping around for a new policy rather than taking a passive role and accepting a renewal rate. If savings are there, it makes sense to take advantage of the opportunity, especially if there are increases forecasted for car insurance coverage.