{"id":337087,"date":"2025-11-07T13:09:03","date_gmt":"2025-11-07T18:09:03","guid":{"rendered":"https:\/\/www.reviews.com\/?p=337087"},"modified":"2025-11-07T13:09:04","modified_gmt":"2025-11-07T18:09:04","slug":"is-now-a-good-time-to-switch-insurance-providers","status":"publish","type":"post","link":"https:\/\/www.reviews.com\/insurance\/car\/is-now-a-good-time-to-switch-insurance-providers\/","title":{"rendered":"Is Now a Good Time to Switch Insurance Providers?"},"content":{"rendered":"\n

Auto insurance costs surged in recent years and remain a major expense, though multiple industry outlooks point to slower premium increases and improving underwriting results in 2025. We asked the experts a question on many people\u2019s minds: Should I try switching carriers to save money on my auto insurance<\/a>?<\/p>\n\n\n\n

There are lots of factors that affect your auto insurance<\/a> premium that have to do with you, like your claims and driving history, but there are also broader factors at work in the economy as a whole that can impact the price you pay for insurance. The most current national indicator, the BLS Consumer Price Index for motor vehicle insurance, showed persistent double\u2011digit year\u2011over\u2011year increases through much of 2024 before easing into late 2024 and early 2025 as loss trends began to stabilize.<\/p>\n\n\n\n

Looking at recent cycles, insurers implemented substantial catch\u2011up rate increases in 2023\u20132024 as claim severity rose with parts, labor, medical costs, and total\u2011loss valuations. In 2025, many outlooks call for moderation of rate increases as prior hikes fully earn in and frequency stabilizes, but weather and repair-cost pressures mean premiums may still trend higher in some regions.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Latest market outlooks from the <\/em>NAIC<\/em><\/a>.<\/em><\/p>\n\n\n\n

Why the cost of your auto insurance may increase <\/h2>\n\n\n\n

\u201cAny large-scale disaster of any nature is often a tipoff that consumers might see a spike in their auto premiums although they may have not even been involved in a car accident,\u201d says Chris Johnston, an attorney with Des Moines Injury Law<\/a>.  <\/p>\n\n\n\n

It makes sense why a natural disaster would increase premiums because insurers have to pay out tons of money at once for related claims, but the stream of premiums in and payments out aren\u2019t the only factors that impact an insurer. In recent years, severe convective storms (hail\/wind) and localized flooding have produced widespread auto physical damage losses in several states, sustaining upward pressure on rates even as broader inflation cools.<\/p>\n\n\n\n

An insurance company\u2019s business is also affected by the investments it makes with paid premiums. With higher interest rates since 2023, net investment income has improved, which can temper \u2014 but not eliminate \u2014 pressure on premiums; loss\u2011cost trends (repair, medical, and weather) remain the primary drivers of personal auto pricing. <\/p>\n\n\n\n

Insurers are in the business of calculating and pricing risk based on their best predictions, but sometimes the world can be utterly unpredictable. Johnston explains why that matters for auto insurance prices: \u201cWhen something unexpected impacts the insurers, this can result in their reserves being depleted. One method for rebuilding those is increased premiums for all.\u201d\u00a0In practice, many carriers filed catch\u2011up increases in 2023\u20132024, and approval timelines mean some states are still earning those adjustments in 2025, creating uneven experiences by market. <\/p>\n\n\n\n

How to lower your monthly payments right now<\/h2>\n\n\n\n

You may be able to get a break on your monthly payments simply by calling your insurer. Many carriers will work with customers on billing options, payment plans, or due\u2011date changes; you can also review deductibles and optional coverages for savings. Given elevated premiums, proactive shopping can also uncover better rates with comparable coverage.<\/p>\n\n\n\n

You may also want to look into usage-based insurance programs to help you save money like Allstate\u2019s Drivewise<\/a> or pay-per-mile policies<\/a> offered by national carriers; participation in telematics\/UBI has climbed to roughly the high\u2011teens to low\u201120% of new business for many insurers. The standalone Metromile<\/a> brand has been absorbed and is no longer broadly offered in most states, so low\u2011mileage drivers should look at widely available national PAYD options.<\/p>\n\n\n\n

\u201cWith hybrid work patterns and elevated premiums, it\u2019s an excellent time to consider these programs if you drive less than average,\u201d recommends John Espenschied, owner of Insurance Brokers Group<\/a>.<\/p>\n\n\n\n

Many low\u2011mileage drivers overpay under traditional rating; pay\u2011per\u2011mile models can align costs more closely with actual use. The standalone Metromile<\/a> brand has been absorbed under Lemonade and is no longer broadly offered in most states.<\/p>\n\n\n\n

When making your decision, look for something that will still be a good fit after you go back to your daily routine because switching insurers<\/a> too often can reduce tenure\u2011based or bundling discounts and may raise costs over time.<\/p>\n\n\n\n

Consider locking in your rates with a longer-term policy <\/h2>\n\n\n\n

While many industry outlooks point to moderating rate increases in 2025 rather than immediate declines, it doesn\u2019t hurt to compare car insurance quotes<\/a> right now to see if you can find a better deal.<\/p>\n\n\n\n

Consider shopping around 30\u201345 days before renewal and, if available, taking a one\u2011year policy term instead of a 6\u2011month term to lock in your rate for longer; shorter terms expose you to re\u2011rating twice as often. <\/p>\n\n\n\n

Johnston, however, cautions that when you switch, details can get lost if the process isn\u2019t managed carefully. Make sure your new policy is active before canceling the old one, avoid any lapse in coverage, and verify vehicles, drivers, and lienholder information are correct.<\/p>\n\n\n\n

Shopping online can help you compare accurately and reduce errors \u2014 standardize limits and deductibles across quotes, check for available discounts and telematics rules, watch for fees, and review insurer complaints and ratings. Pricing may stabilize further if loss trends stay contained, but regional weather risk and repair costs can still influence your bill.<\/p>\n","protected":false},"excerpt":{"rendered":"

Auto insurance costs surged in recent years and remain a major expense, though multiple industry outlooks point to slower premium increases and improving underwriting results in 2025. We asked the experts a question on many people\u2019s minds: Should I try switching carriers to save money on my auto insurance? There are lots of factors that […]<\/p>\n","protected":false},"author":345,"featured_media":341434,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1266],"tags":[],"post_author":[13521],"yoast_head":"\nIs Now a Good Time to Switch Insurance Providers? - Reviews.com<\/title>\n<meta name=\"description\" content=\"If you\u2019re looking to save money on car insurance in the midst of the COVID-19 pandemic, we asked experts whether switching providers right now could help.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.reviews.com\/insurance\/car\/is-now-a-good-time-to-switch-insurance-providers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Now a Good Time to Switch Insurance Providers? - Reviews.com\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re looking to save money on car insurance in the midst of the COVID-19 pandemic, we asked experts whether switching providers right now could help.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.reviews.com\/insurance\/car\/is-now-a-good-time-to-switch-insurance-providers\/\" \/>\n<meta property=\"og:site_name\" content=\"Reviews.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Reviewscom\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-07T18:09:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-07T18:09:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.reviews.com\/wp-content\/uploads\/2020\/03\/GettyImages-167920811.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Reviews Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Reviews\" \/>\n<meta name=\"twitter:site\" content=\"@Reviews\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Reviews Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.reviews.com\/insurance\/car\/is-now-a-good-time-to-switch-insurance-providers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.reviews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is Now a Good Time to Switch Insurance Providers?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.reviews.com\/#website\",\"url\":\"https:\/\/www.reviews.com\/\",\"name\":\"Reviews.com\",\"description\":\"Your Guide to the Best Services\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.reviews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Is Now a Good Time to Switch Insurance Providers? 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