A recent survey by the financial website NerdWallet.com shows that American drivers are overpaying an average of $368 a year for auto insurance. One reason could be that auto insurance carriers change their rates many times throughout the year to account for different risk factors.
Some factors may not be under your control. Changes in weather, insurance regulations, the economy, population density and the ages of drivers in your area — as well as changes in a company’s profitability can lead to higher rates. Due to the constantly changing rate structure, many consumers are paying more than they have to because they aren’t aware of the market factors operating behind the scenes.
Although you may be living in a safe neighborhood, and doing everything you can to be a safe driver and maintain a good credit score, there are other financial and lifestyle considerations that may be contributing to fluctuations in premiums. It may be worthwhile to shop for a new policy. Ask yourself these questions:
• Has your car depreciated but your rate stayed the same or increased?
• Did you recently buy or lease a different car?
• Has a young driver been added to your policy?
• Have you recently moved?
Could you save by switching carriers? Reviewing your auto insurance policy and adjusting your coverage can help you cut costs. On the plus side, comparing rates and learning about new insurers entering the marketplace can provide an opportunity to get a better deal on auto insurance. TMA Insurance Trust has a no-obligation service, MyLifeProtected, you can use to find out if you’re overpaying and if switching carriers makes sense.
MyLifeProtected is a TMA member insurance shopping platform available through the TMA Insurance Trust. Members have 24/7 access to online quotes backed by a team of agents working extended hours to accommodate your hectic schedule. An agent can compare your current plan and rate to the best plans and rates available in your area. Agents are available by phone (877-755-9576), email and live chat anytime between 7 AM to 8 PM CST weekdays and 9 AM to 5 PM CST on Saturdays.
The MyLifeProtected Advantage
When you buy a policy, a team of agents will periodically check rates on your behalf to see if you are getting the best deal. Ask about the TMA member discount, and be sure the other discounts you may qualify for are applied to your quote.
Now Available: TMA-Sponsored High-Limit Auto and Home Insurance
If you’re a physician with a luxury home and exotic cars to protect, you won’t want to miss the upcoming article on our new high-limit auto and home insurance program through Travelers, Chubb and other leading carriers. Call today for a quote.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.