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6 or 12 Month Car Insurance?

Explore your options and checking out multiple coverage options to decide which automobile insurance policy is best for you. In doing so, ask yourself this question: should you get a policy that lasts for 6 months or 12?

It might seem like a simple choice to make, but there are some uncertainties attached to both options. What are the advantages and disadvantages of both policy durations?

Examine your options further to make a knowledgeable choice, and save a few bucks in the process.

The Pros of Purchasing a 12-Month Car Policy  

* Your Premium Rates are Established

Rates on auto insurance costs are always going up.  With an increase in inattentive drivers, car accidents and insurance fraud, premium rates rise each year. Fortunately, you can lock-in an established set rate for a full year by purchasing a 12-month policy. Alternatively, if you purchase a policy that lasts only half a year, there is a strong chance that you might see a rate increase for that coverage when it’s time to renew it.  By obtaining a longer term policy, you won’t have to be concerned about it for a full year, making your existing bill payments less stressful.    

* By Pre-Paying for 12 Months of Coverage, You Can Save Money

Just about all insurance providers offer reduced costs for customers that pay for their coverage in advance. Insurers offer price breaks so they can invest and grow those funds. Insurers earn a substantial profit by investing the premium income they earn into stocks and bonds, among other investments. Compare auto providers to Good to Go Insurance, who offers a minimum of a 5% discount for those who pre-pay the complete policy. 

* It is More Convenient to have a Singular Annual Bill

Anything that reduces stress and complications should always be explored. Lowering the frequency and amount of bills to pay, namely car insurance, can be one of them. A 12-month pre-paid policy will simplify your life and lift a major burden off your back. You won’t have to be concerned about selecting an alternative or making another bill payment for a whole year. 

* You Can Bypass Additional Fees Some Insurers Add to Short-Term Policies 

Most drivers aren’t able to afford to pay for their full car insurance amounts in advance, and have no choice but to break those payments into monthly installments. Many insurance companies provide alternative plans to help out such people, including the auto-pay feature, which automatically deducts a payment from a driver’s bank account or credit card on a set date each month. Keep in mind that there are usually extra fees associated with such options, making the total payments over a 12-month period substantially higher than pre-paying for it for a year.

Benefits of Buying a Car Insurance Policy for 6 Months

* You Can Get a Reduced Rate Down the Road

Even though auto insurance costs are always increasing, it is feasible to locate a plan that can actually reduce the cost of your insurance. If you would rather not be locked into an annual commitment, then obtaining a 6 -month policy might be to your advantage. Using online direct rates, you have a strong possibility of getting coverage at lower costs upon expiration of your 6-month policy.

* It Reduces Your Financial Obligation

If you can afford to purchase a 6-month policy in full, but are on a tight budget, a shorter term will work to your benefit. You may still obtain a minor discount for pre-paying for half a year, and may not need to provide further funds that come with a 12-month policy.  

* Tickets Could Be Taken Off Your Driving Record Within 6-Months

If you have substantial driving infractions on your DMV records that are scheduled to be taken off soon, you should look into getting a 6-month policy.  You can apply for coverage and perhaps obtain a reduced rate after such infractions are taken off your record.  If your driving record is clean after a 6-month period, you can re-apply for coverage, and significantly lower your rates in the process.  

Bottom Line

If you're a responsible driver and can afford to purchase a pre-paid coverage policy of 12 months, you should do so. That said, if driving infractions and other similar circumstances are set to expire within 6 months, it makes more sense to get a policy that lasts half a year. Obtaining a shorter-duration policy, and then re-applying for lower rates, will be the better way to go. Regardless of which policy you choose, howeverArticle Search, pre-paying in full is to your advantage. Compare quotes online from Good to Go Insurance to see how simple it is to purchase direct auto insurance.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Working on differents sites and writing articles about interesting things related to auto insurance, it's been my passion for quite a long time now. 

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