I doubt anyone rejoices having to buy car insurance, especially when the price is too high.
Popular companies such as Progressive, State Farm and GEICO constantly bombard you with fancy advertisements and it is challenging if not impossible to sift through the bull and find the best price available.
It’s a great practice to do price comparisons quite often due to the fact that insurance prices are usually higher with each renewal. Just because you found the lowest price on Sierra insurance at your last renewal you may be paying too much now. Ignore everything you know about car insurance because you’re about to find out the right way to buy cheaper car insurance.
If you currently have car insurance, you stand a good chance to be able to save some money using this information. Finding the best rates is easy if you know what you’re doing. But vehicle owners should learn the methods companies use to price insurance differently and take advantage of how the system works.
The cost of insuring your cars can be expensive, but you may qualify for discounts that can dramatically reduce your bill. Many of these discounts will be applied automatically when you purchase, but a few need to be asked for before being credited.
Discounts save money, but please remember that most credits do not apply to your bottom line cost. Most only apply to the price of certain insurance coverages like comp or med pay. So even though it sounds like you would end up receiving a 100% discount, companies wouldn’t make money that way.
To view insurance companies that offer multiple discounts, click here.
Many different elements are part of the equation when you get your auto insurance bill. Some are obvious such as your driving history, but others are not quite as obvious such as your marital status or how financially stable you are.Part of the insurance coverage buying process is learning a few of the rating criteria that go into determining your insurance coverage rates. If you understand what determines premiums, this allows you to make good choices that could result in lower premium levels.
Shown below are some of the most rate-impacting factors used by your company to calculate rates.
When it comes to buying the best car insurance coverage for your vehicles, there isn’t really a single plan that fits everyone. Every situation is different and a cookie cutter policy won’t apply. These are some specific questions can aid in determining whether your personal situation may require specific advice.
If it’s difficult to answer those questions, you might consider talking to a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area.
Knowing the specifics of your insurance policy can be of help when determining appropriate coverage at the best deductibles and correct limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording. These are the usual coverages found on the average insurance policy.
Your UM/UIM coverage protects you and your vehicle from other motorists when they are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your GMC Sierra 1500.
Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Normally these limits are similar to your liability insurance amounts.
Collision coverage will pay to fix damage to your Sierra 1500 resulting from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.
Collision can pay for things like rolling your car, sustaining damage from a pot hole and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. Drivers also have the option to increase the deductible in order to get cheaper collision rates.
Medical payments and Personal Injury Protection insurance kick in for expenses like pain medications, ambulance fees, X-ray expenses and EMT expenses. They are used to fill the gap from your health insurance program or if you are not covered by health insurance. They cover you and your occupants and also covers being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but can be used in place of medical payments coverage
Comprehensive insurance coverage will pay to fix damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for claims such as damage from getting keyed, falling objects, damage from flooding, rock chips in glass and vandalism. The highest amount your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.
This coverage will cover damages or injuries you inflict on other people or property that is your fault. This insurance protects YOU from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount rather than limiting it on a per person basis.
Liability can pay for claims such as medical services, loss of income and emergency aid. How much liability should you purchase? That is a personal decision, but you should buy higher limits if possible.
As you restructure your insurance plan, do not buy lower coverage limits just to save a few bucks. There have been many situations where someone sacrificed collision coverage only to regret that the small savings ended up costing them much more. The proper strategy is to find the BEST coverage at an affordable rate, but do not sacrifice coverage to save money.
You just read a lot of ways to lower your 2003 GMC Sierra 1500 insurance premium rates. It’s most important to understand that the more you quote auto insurance, the better chance you’ll have of finding cheaper auto insurance. You may even discover the lowest priced insurance coverage comes from some of the smallest insurance companies. These smaller insurers may have significantly lower prices on certain market segments than the large multi-state companies such as State Farm and Allstate.