I moved from one city to another same state ,does it effect my auto insurance rates?

Question

is it better switching to cheaper one..what happens to all the money i am paying for this insurance if i switched to another one?

Answer 1

It can.  You are required to notify your insurer.

Answer 2

Maybe, maybe not.  Each area is assigned a territory number, it's NOT UNIQUE, so several territories in the same state can have the same number.

All you have to do, is call your insurance company, and get your address changed.  You do NOT need to cancel the policy and buy a new one, if you're in the same state!

Answer 3

Actually the garaging zip code (were you keep your vehicle) is one of the areas that is look at in order to provide you with your rate. You need to call your insurance carrier to inform them as soon as posible.

If you cancell the policy mid term and there is any unearned premium, that should be return to you.

Answer 4

You should tell your insurance agent your change of address and where your car is garaged (or kept overnight).

If you change insurance companies mid-term you may get a partial refund, but it may not be as much as you think.

Answer 5

Yes.  Even switching ZIP codes within the same city affects the rates.  (The insurance companies base it on the local theft rates and various other factors.)  If you move to somewhere with lower rates, when you give the insurance company your new address, they may give you a partial refund of the premium you have already paid for the months remaining on the current policy.  The rate when you next renew should be lower.

Answer 6

Yes, where you live does affect your rate. If you cancel the current policy and get another one where you are living at. You should be receiving a check for any credit owed to you.