The best time of year to buy car insurance | Liberty Mutual (2024)

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The best time of year to buy car insurance | Liberty Mutual? ›

So, your birthday can be a good time of the year to buy car insurance as young drivers can see lower rates as they get older. A month or so before your auto policy renew: Thirty or 60 days before your car insurance renewal date is a good time of the year to review your current coverages.

When's the best time to buy car insurance? The cheapest time to get quotes is 20 to 26 days ahead of your renewal date – cover becomes more expensive the closer you get. It's the same if you are buying car insurance for the first time.

“Our data shows that the price of car insurance can vary a lot depending on how close you are to your renewal date, and it can pay to be organised - with policies bought 26 days in advance costing 55% less on average than those with a same-day start date.

Some people opt to shop for car insurance at least once a year — usually at the time of their policy renewal — to ensure that they are getting the best rate for the coverage they need. However, you could switch companies mid-policy, at the end of your term or even two days into your term.

Liberty Mutual is cheap because it offers a wide variety of discounts and is the sixth largest insurer by market share, which helps the company keep prices competitive.

USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis.

Paying your insurance premiums annually is almost always the least expensive option. Many companies give you a discount for paying in full because it costs more for the insurance company if a policyholder pays their premiums monthly since that requires manual processing each month to keep the policy active.

Key takeaways: Shop for a new policy after any major life event. December is often a good time to shop as auto insurers set their rates for the next year. Shop for car insurance every six months — or at least once a year.

Experienced drivers are less likely to have accident claims, which means they cost less to insure. At Progressive, the average premium per driver tends to decrease significantly from 19-34 and then stabilize or decrease slightly from 34-75. At age 75, the average premium begins trending upward.

You can comparison shop when you look for car insurance coverage online, getting quotes from several providers to find the best car insurance rates for your profile. Buying online could also be cheaper because you won't pay agent commissions or other fees as you might when obtaining an auto policy in person.

Should you change your car insurance often? ›

It's smart to at least consider changing your car insurance every year. By doing so, you'll be able to compare quotes to make sure you're getting charged fair rates for car coverage.

American National, Country Financial, Nationwide, Erie and USAA offer the five cheapest full-coverage insurance policies. According to our rate data, the national average annual cost of a full-coverage car insurance policy is $2,008 per year.

Geico is a clear winner for affordable car insurance rates. Car insurance quotes from Geico are as much as 44% cheaper than Liberty Mutual, including both full-coverage and liability only. However, Liberty Mutual offers an exceptional number of discounts that are easy to earn and available to all drivers.

Liberty Mutual offers several discount programs to help offset car insurance premiums. Several add-on car insurance options: Liberty Mutual provides several unique add-on options for drivers, including a lifetime repair guarantee, new car replacement insurance and better car replacement insurance.

Over the years, premiums generally decrease as drivers gain more experience behind the wheel. But as drivers reach their senior years, premiums can creep back up. In general, this is due to risk factors associated with each age group.

Buying in September or October is great timing if you're looking for a deal on the previous year's models, while December is considered the cheapest month to buy a car.

Based on our research, car insurance costs the most for 16-year-olds. Young drivers can pay thousands of dollars more than older, more experienced drivers. Car insurance rates decrease in your 20s and can continue to go down into your 50s.

When the month is coming to an end, dealers might be a few cars short of a sales quota that would win them a big bonus. Salespeople will have more motivation to make a deal with a buyer and might deeply discount cars, making up any money lost with the bonus.