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Buying insurance in the winter could save

February 23, 2017
Buying car insurance in the winter could save people money.

In the wintry months, car owners have to be careful with their vehicles. Black ice can cause cars to skid, while batteries losing power during the summer can be completely drained in the cold. While there are any number of issues that could occur with automobiles during this time, there is one good thing that can come out of this relationship:  less expensive insurance.

Let's take a closer look:

The holidays play a part

It's common for auto insurance companies to offer promotions starting around Thanksgiving to encourage people to purchase a policy. These discounts could last through the end of the year, which is one of the reasons why, in most states, December is the cheapest month for getting vehicle coverage.

Once the holiday season is over, however, insurance prices will start climbing again. March is often the most expensive month to purchase a policy.

"Where a person lives and where the car is parked can affect the cost of a policy.”

Location dependence

While December and March may be the least and most expensive months, respectively, it only holds true for certain states and areas of the country. Location is critical to the cost of auto insurance. Where a person lives and where the car is parked can affect the expenses related to a vehicle policy, according to the Insurance Information Institute.

The elements that play into these two factors include weather trends, medical care, repair costs, prevalence of auto insurance fraud, expenses related to litigation and rates of vandalism, theft and accidents.

Time of the year and location are two significant determinants of the costs related to car insurance. Other factors people should be aware of include:

Credit score

Insurers look at these figures to understand the odds that car owners will file a claim in the future, according to Consumer Reports. Those with low credit scores could end up paying more for their policy, regardless of whether they've had an accident or not.

Make and model

Car owners that spend extra dough on foreign vehicles often have higher insurance expenses since the parts needed for repairs can be difficult to access, according the The Balance. In addition, a fancier model car also tends to result in more expensive policies.

Level of education

Whether a person is currently in high school or has completed a college degree, certain accomplishments can help them save money on their automobile insurance. Not only do university graduates tend to pay less, but so do students who maintain good grades. According to NerdWallet, some qualifications for the latter group include a 3.0 grade point average and making either—or both—the dean's list or the honor roll.

It's important for car owners to keep these things in mind when looking for the right insurance. Understanding these various factors will help people find the best policy for their vehicle needs.