Did you make the mistake of buying an expensive insurance coverage policy? Believe me, many drivers have buyer’s remorse.
Many insurance companies vie for your insurance dollar, and it can be difficult to compare rates and get the definite lowest rate
There are a variety of methods to compare car insurance quotes, but there is one way that is more efficient than others. You can waste hours driving to agents in your area, or you can utilize online quotes to get prices fast.
Many of the larger companies belong to an insurance system where prospective buyers complete one form, and every company then gives them pricing. This system prevents you from having to do form submissions to each company.
To find out how much you’re overpaying now click here (opens in new window).
The one downside to using this type of system is you can’t choose the insurers you want to price. If you prefer to choose from a list of companies to compare prices, we have a page of companies who write car insurance in your area. Click to view list.
Whichever way you choose to compare rates, compare apples-to-apples coverages and limits with each company. If you compare different coverage information it will be next to impossible to get a fair rate comparison. Quoting even small variations in limits can mean a large discrepancy in price. And when comparing car insurance rates, know that comparing more company’s prices helps improve the odds of finding the best price.
Popular insurance providers such as State Farm and Allstate constantly bombard you with ads in print and on television. They all seem to make an identical promise that drivers will save a bundle if you get a free auto insurance quote and switch to them. But how can every company give you a better price? It’s all in the numbers.
Many companies offer their best rates for the type of driver that is profitable for them. For instance, a desirable risk could possibly be between the ages of 30 and 50, carries high limits, and drives a vehicle with a low ISO rating. Any driver that meets those criteria will get very good prices and will most likely save a lot if they switch.
People who don’t meet those standards will be charged a more expensive rate and this results in the driver buying from a lower-cost company. The ads state “people that switch” not “everyone who quotes” save that kind of money. That is how companies can truthfully make those statements. Each company has different criteria, so you really should do a price quote comparison at every renewal. It’s just not possible to know which insurance company will fit your personal profile best.
Many factors are used when you get a price on insurance. Some are obvious like a motor vehicle report, but other criteria are more transparent such as your marital status or your vehicle rating.
The items below are some of the major factors used by companies to determine your prices.
Companies that sell car insurance do not list all disounts in an easy-to-find place, so we researched both well-publicized and the harder-to-find credits that may apply to you.
Don’t be shocked that most of the big mark downs will not be given the the whole policy. The majority will only reduce the price of certain insurance coverages like physical damage coverage or medical payments. Just because it seems like you could get a free auto insurance policy, company stockholders wouldn’t be very happy. But all discounts will definitely lower your policy cost.
The best auto insurance companies and a partial list of their discounts are:
When getting free auto insurance quotes, it’s a good idea to all companies you are considering which credits you are entitled to. Savings might not be offered on policies everywhere. To see insurance companies with the best discounts, click this link.
When choosing proper insurance coverage, there really is not a “perfect” insurance plan. Each situation is unique and your policy should reflect that. For instance, these questions can aid in determining if your situation would benefit from an agent’s advice.
If it’s difficult to answer those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, take a second and complete this form or you can go here for a list of companies in your area.
Learning about specific coverages of insurance can help you determine the right coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring. Listed below are typical coverage types offered by insurance companies.
This coverage covers damage to your Silverado 1500 resulting from colliding with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.
Collision coverage pays for things such as crashing into a ditch, hitting a parking meter, crashing into a building, driving through your garage door and rolling your car. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. Another option is to raise the deductible to save money on collision insurance.
Liability insurance protects you from damage or injury you incur to people or other property by causing an accident. It protects you from claims by other people. It does not cover damage sustained by your vehicle in an accident.
Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged propery.
Liability coverage pays for claims such as loss of income, structural damage, medical expenses, pain and suffering and court costs. How much liability coverage do you need? That is a personal decision, but buy as high a limit as you can afford.
Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. 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 a tornado or hurricane, theft and a broken windshield. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. Covered losses include injuries to you and your family and damage to your Chevy Silverado 1500.
Since a lot of drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family.
Coverage for medical payments and/or PIP kick in for immediate expenses for EMT expenses, hospital visits, ambulance fees and pain medications. They can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. They cover both the driver and occupants as well as getting struck while a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay
When shopping online for insurance coverage, do not reduce coverage to reduce premium. In too many instances, an insured cut liability limits or collision coverage to discover at claim time that they should have had better coverage. Your aim should be to get the best coverage possible for the lowest price, but don’t skip important coverages to save money.
Lower-priced insurance coverage can be bought online as well as from insurance agents, and you need to comparison shop both to get a complete price analysis. Some insurance providers may not have the ability to get a quote online and most of the time these regional carriers only sell through independent agents.
Additional detailed information is available in these articles: