What Is an Early Quote Discount?

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Traffic light in city (Photo: @doondevil via Twenty20)
In downtown traffic, just moments away from pulling into your parking lot, it suddenly hits you: The opened envelope on your kitchen counter from your auto insurance provider is still sitting “where you’ll remember it,” and you haven’t renewed your car insurance. You might be driving illegally!
Many motorists have experienced something similar, whether for their driver’s license renewal or car insurance. To avoid potential lapses in coverage, it’s best to deal with your renewal as soon as possible. But if you’re thinking about switching to another insurance company, dealing with it in advance can save you money in what’s known as an Early Quote Discount.
An Early Quote Discount is a bonus provided by an insurer to switch your car insurance policy before the 11th hour. How much can you save? That depends on which insurer you’re switching to, and how far in advance you shop for a new policy.

Who Qualifies for an Early Quote Discount?

A couple of criteria exist for an Early Quote Discount:
  • You must be switching your insurance provider.
  • There must be active insurance coverage in effect.
  • Typically, you have to sign a policy at least seven days in advance of your current coverage expiration.
  • Of course, the insurance company needs to have an early quote discount program in place.
It’s easy to qualify for the discount, but that means you can’t stash the envelope on the counter and forget about it.

How Much Can an Early Quote Discount Save You?

How much you can save with an Early Quote Discount depends on two factors: which insurance company you receive a quote from, and how much in advance you’re shopping for a new insurance provider. Some insurers offer as much as 10% off your policy by purchasing a policy at least seven days before your current coverage expires. Others may be only 3%, but many don’t have an early quote discount at all.

Some Insurance Companies Who Offer Early Quote Discounts

Like all discounts on car insurance, the offerings for an Early Quote Discount vary depending on you’re the company and the state where you live. Discounts also change from time to time, so it pays to shop around before renewing your insurance. Here are a few companies that currently offer an Early Quote Discount.

Allstate

One of the most well-known insurers includes a discount for new customers who sign a policy at least seven days before their current coverage expires. Their program is known as an Early Signing Discount and lets you save 10% off your premiums.

Travelers

Travelers Insurance also offers an Early Quote Discount, but you can save with as little as three days remaining before your insurance lapses. Savings start at 3% for shopping three days early and go up to 10% for shopping 15 days before your insurance policy expires.

Liberty Mutual, American Family, and Progressive

You can save on car insurance by shopping early with several other insurers too. For example, American Family offers an Early Bird Discount but doesn’t publish the savings online, nor does Progressive for their Continuous Coverage discount. Liberty Mutual’s Early Quote Discount works the same way. However, all three offer an option to save money by searching for a new insurer early.