When buying car insurance, many people contact a single company and never think about their policy until they get a new car. A better idea is to shop around to get the best coverage at the best price and to continue requesting quotes every 6 to 12 months. Below are some of the key reasons to shop around for auto insurance on a regular basis.

Why Rethink Your Car Insurance Policy Every Year?

1. Insurance Prices Fluctuate

Car insurance rates rise and fall periodically for reasons that have nothing to do with you or your driving history. Industry conditions, employee compensation levels, company marketing efforts, and other factors cause prices to fluctuate.

You can take advantage of these peaks and valleys by performing a price check every few months and renewing coverage when the prices are low.

2. Your Car Depreciates

The most important factor governing car insurance prices is the value of your car. If it is a new and expensive vehicle, it costs the insurer more to pay for repairs or replacement. However, its value depreciates—or lessens—every year.

The original quotes you received were for its value at the time. By requesting one or more new quotes every 6 to 12 months, you know the amount you're paying reflects the current value of the vehicle. 

3. Life Events May Change

Numerous factors go into determining your car insurance rates and a change in any of these could affect what you pay. For instance, married people generally pay less for coverage than do single people, so if you've recently wed, you could be saving money.

Alternatively, if you've moved, had children, or added a teen to your policy, you may need different coverage to have full financial protection.

To see if you can lower your premiums, contact Kirk Insurance Agency in Spearman and Perryton, TX. They have served clients throughout Hansford County and beyond since 1978. They specialize in auto, home, farm, life, and liability insurance. Call them at (806) 659-2794 to request an insurance quote from a Spearman agent. Contact Perryton at (806) 435-2900. Learn more about their products on their website.