Do auto insurance premiums gradually decrease over time?

Reason I'm asking is that I was previously under my fathers insurance as an occasional driver, for about two months but I've since bought my own car and must be listed as a primary driver. My premium for the new car is over $6,000/year, or $500/month - I'm only 18 so that would explain the relatively high rate. If I drive vigilantly and don't get into any accidents, does this rate decrease, even markedly (like ~$10), every month? Or do they remain the same rate for a certain amount of time before you see any decrease whatsoever?



I'm just wondering whether or not $500/month is too big of a burden to carry on my own if I split from my father's insurance - which of course decides whether or not we finalize the sale on the car.

6 Answers

  • 9 years ago
    Favorite Answer

    Due to your age and gender, it might take awhile for your premium to decrease. As long as you stay ticket, accident, and claim free, that should help decrease your premium upon your next renewal, but not always.

    Renewals are either every 6 months or a year, depending on which company you decide on. Only when your policy comes up for renewal is when the premium changes, or if you make any coverage changes to the policy mid term.

    There are also statewide increases and decreases that happen, as well as your own insurance company increases and decreases for your state. I recommend shopping around once a year to make sure you are receiving the best premium. Hope that helps.

    Source(s): Insurance Agent
  • 4 years ago


    Source(s): Lowest Auto Insurance Premiums -
  • Anonymous
    9 years ago

    It depends on many different things and also in the insurance company. The best thing to do is to compare auto insurance rates from different companies and then switch. If you want to stay with your present insurance company you might be able to persuade them to give you a lower rate if you can show them that other companies are cheaper.

    Use compare.

  • Anonymous
    9 years ago

    No......I have NEVER seen a decrease in a premium !

    Have you bought the car yet? In one place you say you have, in another you indicate that you haven't "finalized" the purchase yet?

    Speak to your insurance agent BEFORE you buy this new car. He/she may be able to show you how to do it cheaper than (gulp) $6,000. per year such as putting the car in your Fathers name....

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  • cosio
    Lv 4
    4 years ago

    you will get rates in in basic terms a jiffy at - SALESQUOTES.information- RE Bankrupcy increasing motor vehicle coverage costs??? somebody informed me if a individual data bankrupcy, their motor vehicle coverage costs improve. is this real and how do coverage firms justify the fee improve?

  • 9 years ago

    It won't go down monthly. It will go down annually at renewal time if you don't have any accidents or tickets. Then again, it will go up if you do.

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