For drivers in Rhode Island, finding cheap car insurance often feels like a defensive game— a constant battle against rising costs. But in a refreshing change of pace, leading carrier Amica Insurance has plans to reduce rates for drivers across the state.
What’s Happening?
Amica Insurance, Rhode Island’s 4th biggest carrier, is implementing an average rate reduction of 5.4% for its renewal business in Rhode Island starting August 1. This change is set to impact nearly 40,000 policyholders, resulting in an average decrease of $170 per policy.
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Do I Need to Re-Quote to Get the Lower Rate?
Since the rate filing explicitly specifies a rate decrease for renewal business, existing policyholders will not need to actively re-quote their policy to take advantage of the rate decrease.
However, it’s highly recommended that policyholders still actively seek quotes– both from Amica and its competitors. Think of it not as a requirement, but as a strategic move.
How to Get a New Quote
As a policyholder, there are several ways to get a new, comparison quote:
- Online: The easiest method is often to visit the Amica website. Then, start a new quote as if you were a new customer to see the most current pricing.
- By Phone: Call Amica’s customer service line at 800-242-6422. Speaking directly with a representative allows them to not only get a quote but also ask specific questions about their policy, review discounts, and discuss coverage options.
- With an Agent: If you typically work with a specific Amica representative, a direct call or email is a great way to get personalized service.
Why You Should Re-Quote Anyway
Getting a new quote, even when your rate is going down, is a powerful move for two main reasons:
To Create a New Baseline: Your automatic renewal offer is just one option. By actively requesting a new quote, you can experiment with your coverage. For example, you can see how much your new premium would be if you used the savings from the rate decrease to lower your collision deductible from $1,000 to $500. It allows you to “re-invest” your savings into better coverage and see the exact cost.
To Shop the Market: The most important reason to re-quote is to compare Amica’s new rate with offers from other insurance companies in Rhode Island. Another carrier might have an even more competitive rate. Your new, lower offer from Amica becomes a great benchmark to use when calling around to competitors.
How to Plan Your Next Move as an Amica Customer
If you’re happy with your experience at Amica, this upcoming decrease is a great sign that you may be able to stay with your carrier without paying higher rates. However, it’s still important to take steps to maximize the opportunity.
Scrutinize Your Renewal Offer
First, it’s crucial to understand that the announced -5.4% is an average. It is not a flat discount applied to every policy. Your personal rate change will depend on factors like your driving record, the type of vehicle you own, and your specific location in Rhode Island.
When your renewal documents arrive, review them carefully and compare them against your re-quote. If there’s a major discrepancy, don’t be afraid to reach out to a representative at Amica.
Reinvest Your Savings into Better Protection
If your premium is indeed going down, you may find yourself with a budget surplus. If you’ve been limiting your coverage for financial reasons, consider reinvesting those savings back into your insurance protection.
- Lower Your Deductibles: Were you carrying a high $1,000 deductible on collision to keep your premium down? Your rate decrease might allow you to lower that to $500, reducing your financial risk in an accident without changing what you’re used to paying annually.
- Increase Your Liability Limits: State minimum liability coverages are often woefully inadequate to cover costs in a serious at-fault accident. Use your savings to increase your bodily injury and property damage liability limits. This is one of the most cost-effective ways to protect your personal assets.
- Add Valuable Optional Coverages: Did you previously decline rental car reimbursement or roadside assistance to save a few dollars? Now is the time to consider adding those conveniences back into your policy, potentially for a net cost of zero.
Confirm Your Discounts
Finally, use this as your annual reminder to review your discounts. Did you recently install a new security system in your car? Did your student driver get good grades last semester? Are you now working from home and driving less? A quick call to your agent can ensure you’re getting every single discount you qualify for, potentially lowering your newly-reduced rate even further.
Don’t Drop the Ball on Savings
Amica’s rate decrease is a rare instance of positive news in the car insurance market. Use it as your motivation to take a fresh look at your policy, explore the competitive landscape in Rhode Island, and take proactive steps to ensure you’re getting the best deal.
Next time, don’t wait until your rates go up. Start tracking your policy for free with Auto Quote Tracker, and we’ll send rate change alerts directly to your inbox.
