Re-evaluating My Insurance Rate
Last year, I purchased a new car, and my initial insurance premium was $122 per month for a six-month policy. When I renewed it for another six months, the rate remained the same. However, I just received my latest renewal, and the premium has increased to $144.
Initially, I considered shopping around for better rates, especially with NJ Manufacturers, as I’ve received some mailings from them, and they tend to offer competitive prices for those with good credit. But I’m hesitant to switch just because my rate increased by $20.
I believe it might be more beneficial to stick with my current provider for the time being and only consider a switch to NJM if my rate increases significantly in the future.
What do you all think?
It sounds like you’ve thought this through pretty carefully! A $20 increase isn’t huge, especially if you’re generally satisfied with your current insurer. That said, evaluating your options is always a smart move.
Sticking with your current policy for now makes sense if you’re not feeling too pressured by the increase. Insurance companies often raise rates after a renewal, but if you do experience another significant jump in the future, it could be worth revisiting your options at that time, especially since NJ Manufacturers is known for good rates and service.
In the meantime, you might consider reaching out to your current insurer to see if they can explain the increase or offer any discounts to help bring your rate back down. Sometimes, just asking can lead to options you weren’t initially aware of.
Ultimately, staying proactive about your insurance is a great strategy—it ensures you’re getting the best deal possible when it comes time for another renewal or if your rates increase significantly. Good luck!