When you begin the process of hunting for a new house, you'll likely be evaluating a long list of factors to help you make up your mind. While you might be aware of how your prospective new home could impact your home insurance rate (for example, a home near the water could increase the rate because of the risk of flooding) you might also consider how factors related to the home could also impact your auto insurance. It's true that where you live can influence your auto insurance for a variety of reasons. Here are some factors to keep in mind before you make up your mind and sign the new ownership papers.
Proximity to Public Transit
Living close to public transit won't automatically drop your auto insurance rate, but if you inform your provider that you'll now be commuting to work via train or bus instead of driving, you can expect to receive a rate reduction. The provider knows that by leaving your vehicle at home during the commute, you're lowering the risk of being in an accident. When house hunting, keep an eye on how close each house is to the nearest bus of train station—if it's just a short walk or drive away, you can expect to save money on your insurance bill each month.
Crime in the Neighborhood
Many people consider the crime rate in their prospective new neighborhood because it can affect their home insurance rate, but you need to know that living in a high-crime area can also affect your auto insurance rate—although not necessarily immediately. If your vehicle is parked outside, for example, it could be targeted by either vandals or thieves, which could lead to a claim and an eventual rate increase, and it's possible that you could be targeted multiple times. When you're shopping, try to limit your search to lower-crime areas and make sure any prospective homes have a garage in which to store your vehicle.
Distance to Work
If you'd rather drive to work than ride on public transit, it's worthwhile to consider the distance between your work and the home you're considering buying. The shorter this distance, the less you'll need to travel on your commute each day; this can often help you keep your auto insurance rate low. Conversely, those who live a considerable distance from work and spend a long time commuting each day will often pay more for their insurance rate because of the added risk of spending so much time on the road.
To learn more about how your insurance will change with your new location, contact companies like Manassero Insurance Agency Inc.