Many factors determine your annual car insurance premium, from the amount of coverage you choose, vehicle type, driving record, and where you live. Because so many things go into calculating your premium, reviewing your auto policy each year is a good idea to ensure you get the best coverage and pay the best rate.
Insurance companies like MAPFRE send a declaration page ahead of your annual term, which can be 6 months or a year. When you receive your renewal documents, it’s a great time to review the policy to ensure accuracy.
The declaration page you receive or find in your online MAPFRE account will summarize your auto policy, coverages, deductibles, and applied discounts. Regarding coverages, the more protection you opt to have, the higher your car insurance premium will usually be. You will also have a higher rate if you choose a low deductible. You should contact your independent agent to see what coverage you need for your unique situation and see if raising your deductible to lower costs is an option to consider.
Other things can impact your auto policy, so looking at it every renewal is a good idea. Some things include:
Adding a teen driver to your auto policy
Adding a newly licensed driver, such as a teenager, will impact your policy and increase your rate because they are inexperienced drivers.
Dropping a driver from your auto policy
If you are recently divorced or someone who used to live in your household has moved out and have their own auto policy, they no longer need to be on yours, and you can remove them.
Getting married
You may have added your partner to your auto policy if you recently tied the knot. Policies with multiple vehicles could save with MAPFRE if you and your partner have good driving records. However, you could see rates rise if one of you has a significant accident history or several speeding tickets.
Buying a new car
Getting a new car is exciting, but it also raises your premium. New vehicles are more costly to repair or replace when there is a claim due to safety sensors, entertainment systems, and special technology.
Moving to a new address
If you are moving to another city or state, you should be aware that insurance requirements and rates may differ from what you currently have. Speak with your independent agent to ensure you are protected if you need to file a claim.
Having an expired discount
Some discounts must be validated annually, or you may need to reapply for the discount. For example, policyholders receiving the Good Student discount must provide a report card annually to continue receiving the discount.
If you’re looking to lower the costs of what you pay for your auto insurance, most insurers like MAPFRE offer discounts if you buy at least two kinds of policies from them, typically called “bundling.” For example, if you bundle your auto and home insurance, you could qualify for a reduced rate.
While discounts vary from state to state, other discounts you could qualify for with MAPFRE are:
- Paid-in-Full Discount
- Good Student Discount
- Student Away from Home Discount
If you are a new customer in Massachusetts, you could ask about MAPFRE’s MotionSmartSM. This program collects and analyzes driving data and displays an overall driving score assessed by combining hard braking, hard acceleration, hard cornering, speeding, and phone use. Safe driving can potentially lower your premiums!
If you want to discuss your coverages and deductibles, your independent agent can always review your personal information to make sure you have the right coverage to suit your individualized needs. And if you are not a MAPFRE customer in Massachusetts yet, you can always get a fast, free car insurance quote in Massachusetts today to get outstanding coverage at a great price.
