How often do you think about your auto insurance rates? If you’re like many, you only consider your rates during renewals. If so, you may be surprised that auto insurance companies periodically raise insurance rates.

Therefore, you might have taken the best deal for insurance when you first bought it, but now, you could be paying more than necessary for your auto coverage.

That’s why it’s a good idea to check auto insurance rates yearly to ensure you can’t get equal or even better coverage for less than what you’re now paying. Plus, you may experience other situations that should trigger a re-checking of your rates for auto insurance.

Consider these situations that could affect your rates:

1. Accidents. If someone on your policy recently had an accident, your auto insurance company probably increased your rates. Interestingly, if you look at what other insurance companies would charge you for auto insurance, you might find that you can get much lower rates, even after a car accident. Therefore, if you or someone in your family recently had an auto accident, it’s wise to check insurance rates with other companies to keep your premiums low.
2. Buying a new car. When purchasing a new car, examine auto insurance rates at various companies. It’s wise to look at rates early in the car-shopping process to compare them for the 2 or 3 makes and models of cars or trucks you’re considering. style=”font-weight: 400;”> Otherwise, you might make the mistake of buying a car that’s quite expensive to insure. So, before buying a vehicle, check insurance rates with at least three auto insurance companies.
3. Is your teenager almost ready to drive? If so, it’s time to explore insurance coverage rates. Some auto insurance companies offer very reasonable rates for teen drivers, while others are absurd. A few months before your teenager will be driving, investigate pricing on auto insurance from companies you believe are reputable and dependable. 
4. Driving your car more or less than before. In the event you change the amount of miles you’re driving your car, take the opportunity to check car insurance rates. Although your current company might be willing to cut your rates, go ahead and examine the auto insurance rates at 2 or 3 other companies so you can compare them. You might get lucky and find an insurance company willing to give you a “cut-rate” deal for the miles you drive your car in a week, month, or year.
5. Your car’s value decreases. As your car ages, it’s wise to adjust the coverage on the car, which will reduce the amount of your auto insurance premium. Although you might have full coverage on a new car, after a car is 3 or 4 years old, most auto insurers suggest reducing your coverage to save money on your auto insurance premiums. As the car’s value reduces, so should the amount of car insurance you pay.
6. Your living situation changes. Maybe the amount of money coming into the home is reduced. Or you get a divorce or get married. Perhaps you switch from full-time work to part-time work. Or maybe it’s retirement time. During transition periods, consider it an opportunity to evaluate how much you pay for car insurance.

You may be able to save over $500 yearly by comparing auto insurance companies, so make it a point to explore the rates of various auto insurance companies and compare them with the rates you’re paying currently. You may keep a few more dollars in your pocket.