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Why are premiums more expensive if I want to buy a policy now instead of next week?

I need a new insurance policy by tomorrow for my new car. However, I've noticed that if I set the date to next week, my rates decrease. Why is this?

avatar
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your rates are probably lower for next week because shopping for
car insurance
 in advance often is associated with an early shopping discount.
While
same-day insurance policies
 are obtainable, insurance companies often prefer advance purchases. Doing so gives companies adequate time to assess the risk of insuring you as a driver. Insurance companies only have a short time to cancel a policy should you not meet their underwriting guidelines.
If they offer you a same-day policy and you’re high risk, they could have to pay out a claim before declining coverage.
In the future, you can save money on your premiums by shopping for quotes in advance, but for now, you don’t want to be
without car insurance
. If you want cheaper car insurance quotes, try the
Jerry
 app. A licensed broker that offers end-to-end support, Jerry gathers affordable quotes and helps you switch plans all for free.”
MORE:
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