Will Changing my Garaging Address Impact my Auto Insurance Premium?
Many people are surprised to discover that moving can impact your auto insurance premium. In North Carolina, changing your garaging zip code can cause your insurance premium to increase or decrease. Whether your premium will increase or decrease depends on many different factors. For example, moving to an area with a higher crime rate can cause a premium to rise because the chance of acts of vandalism or car theft increase.
Traffic rates also impact auto insurance premiums. When residing in cities with high traffic rates, the likelihood of an accident increases which can cause premiums to increase. On the other hand, living in highly rural areas can also cause a rise in premium because longer drives are required to reach your destination.
Some of you may be thinking, “I am only moving 10 miles down the road, surely my premium will not increase,” but beware! Even moving small distances can impact your premium. If the move will cause a change in your zip code, it can also cause a change in your premium. If you are thinking about moving, discuss your options with your agent so that they can find a policy that works well for you AND your budget.
Also Read: How Can I Save Money On My Car Insurance?