Georgia continues to attract new residents, particularly to major urban areas like greater Atlanta. People today are more apt to move frequently to meet the demands of career or family. Still, even if you only relocate a few miles, you face different risks and liabilities than you did in your old home. That's even true when it comes to your car. Moving houses might mean you'll see changes in your car insurance premiums. Here's why.
The Risks Of Relocating
When you move to a new location, there will always be a degree of unfamiliarity with the area. Even if it's a short move, then you might still have to adapt your vehicle usage and driving habits. For example, you might now live on a much busier street, or you might use the interstate more frequently. Therefore, your risks of accidents in your new area might go up. That's especially true as you work to familiarize yourself with your new location.
Additionally, in your new home, a variety of environmental hazards might also threaten. For example, your new home might not have a garage or secure parking deck. Therefore, other people might have more access to your vehicle. The risks of theft, vandalism or weather damage might go up.
Why This Impacts Your Premiums
When you move, you must update your address on your car insurance forms to continue to receive coverage. At this time, your insurer will likely review your personal operating risks. If they determine your risks are higher in your new area than your old one, then you might have to pay more for your coverage.
Most auto insurers tie premiums to a driver's risk rating. That rating is your likelihood of making a claim on your policy and the likelihood of the insurer having to pay. Your risks of accidents, vehicle theft or other mishaps all can raise your likelihood of a claim. So, since location can impact the chances of these events, it can also impact your premiums. Even moving just a few blocks might impact your risk rating enough to raise or drop your premium.
Still, though your location change might influence premiums, so too can other factors. Your vehicle value, driving record and even your credit score might impact costs. Plus, most drivers can continue to qualify for policy discounts (and even new savings) after a move. Therefore, you'll still have ways to keep your premiums affordable with your agent's help.
Get A Quote