How long do car insurance quotes last for?

The only way to find the lowest possible rates for auto insurance is to compare quotes. When you’re shopping around, it’s best to get give rate quotes to each prospective applicant so they know how much they’d pay through the carrier.

Unfortunately, many people assume quotes are the price that you’ll pay. While systems make quotes more accurate, the rate you’re quoted isn’t guaranteed.

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When a company says that underwrite or verify the information that you provide until after the application is submitted and the disclosures are signed.

When is your rate binding?

A quote isn’t binding because it’s an estimate. A binding rate is a rate that’s guaranteed for the entire term.

Since you only get a contingent rate quote when you’re submitting your application, the rate isn’t bound until after the policy is issued.

When the policy is issued, you’ll get the final rate that’s binding for the remainder of the term.

Car Insurance Quotes Are Good For a Limited Period of Time

It’s best to print your quotes out whenever you’re comparing rates. When you’re quoted a rate, the company will have a note on the quote that shows how long the quote is good for.

Some carriers will honor their quotes given in person and online for a day or a week and others don’t honor quotes if rates change before you apply for coverage.

How can an insurance quote change days after it’s been mailed to you?

If you know that you’ll be buying a policy from one of the insurers you’ve been working with within the next few days, be aware that your rates can change.

It’s possible for a company to change their rates within just a few days. As long as that carrier doesn’t honor quotes the company can legally change your estimate.

Rates change because companies file a company-wide rate increase. The rate increase must be filed with the Department of Insurance, which must be justified and the approved by the commissioner.

If all of this happens between the time that you’ve requested a quote and the time that you fill out your application, you’ll pay the higher base rate.

Other Reasons Your Insurance Quotes Can Change

Company-wide increases aren’t the only culprits when your estimates change. There are a few other reasons that you should be aware of if you’ve noticed a dramatic change in your estimates.

Here are some of the common reasons rates go up or even down:

• There’s a catastrophic loss in the state or region and an increase is enforced throughout the entire marketplace
• A pending claim has been settled and you were found to be at fault for the loss
• You attended court for a citation and were convicted of a moving violation
• You’ve gained a year of experience behind the wheel for credits
• The ISO rating for your newer car has changed and it costs more to insure it

If you own a car and you want to pay low premiums on your insurance, it’s time to solicit quotes.

Generate instant quotes online by using an insurance quote comparison tool. After you solicit these quotes, you can decide which option to apply for so that you can secure a base rate.

Enter your zip code into the FREE tool below to access car insurance quotes that fit your budget today!