How to Switch Car Insurance Companies When You Sell a House

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    Moving can be a busy and stressful time, especially for homeowners who plan to sell their house. Whether you’re selling on your own or using a realtor, it’s more than likely going to keep you up at night. And that’s just one small portion of the whole moving process.
    So during this time, while you’re dealing with realtors, buyers, and the moving company, car insurance might be the last thing on your mind. However, any change in residence will ultimately affect your car insurance policy in some way, so it’s important to take the time to check out your options.
    Here are some things to keep in mind as you are selling your house and planning your move:

    The City and State You Live in Impact Your Rates

    Your place of residence affects your rates. And it's not just the city and state that matter, but the specific area in which you live that can determine whether you’re paying more or less.
    For instance, if you live in a rural area where people are spread out, you probably have less of a chance of getting in an accident or having your car stolen than if you live in a rough part of a large city with an oversized population.
    If you’re selling your house and moving into a different area, make sure you take a look at how it impacts your insurance policy. It might be time to reconsider the company you’re with.

    Buying vs. Renting Your Home Affects Your Car Insurance

    So you’re selling your home, for whatever reason. But what do you plan to do next?
    If you plan on buying another home, your insurance rates could look similar to what you have now. Hopefully, you’ve already been getting those homeowner discounts offered by several car insurance companies. But if you plan on renting your new home, things could change since that discount will disappear.
    If you didn’t already have your homeowner’s insurance bundled with your car insurance, it’s something you should definitely look into if you’re going to purchase a new home. Bundling is one of the best ways to get the lowest prices on insurance. This could also apply to renters insurance.

    Selling a Home Affects Your Credit Score

    Of course, any major event in your life involving such a large amount of debt, money, and transfer of assets is going to have some impact on your credit. Depending on the circumstances in which you’re selling (do you still owe on the property, and if so, are you losing money?), the effect on your credit score could be positive or negative.
    You might be asking, so what? What you might not realize is that many insurance companies actually look at certain aspects of your credit report to determine the likelihood of your filing a claim with them.
    Any change in your credit score could potentially change your insurance rates, and selling your home will most definitely affect your credit. So just be aware of this as you’re planning your move, and don’t let your insurance company shock you with an unexplained increase in your rates. If your company hikes your premium, it's time to look elsewhere.
    Selling your home involves so many moving parts that it can be hard to keep track of everything. But ignoring your car insurance isn’t a good idea during this time.

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