Being forced to pay for overpriced car insurance premiums can drain your accounts and make it impossible to make ends meet. Doing a rate analysis can help to tighten up your finances.
Many auto insurance companies vie for your insurance dollar, so it’s not easy to compare every insurer to discover the definitive best rate
If you have a policy now or need a new policy, you can use these techniques to get lower rates while maximizing coverage. Finding affordable coverage is quite easy. Consumers just need to know the proper way to find the lowest price online.
When buying insurance it’s important to understand the factors that are used to determine your premiums. If you understand what controls the rates you pay, this empowers consumers to make smart changes that can help you get lower rates.
Listed below are some of the most rate-impacting factors companies use to determine rates.
Companies don’t necessarily list all possible discounts very well, so below is a list some of the best known and also the more inconspicuous discounts that you may qualify for.
Don’t be shocked that most of the big mark downs will not be given to the overall cost of the policy. Most only apply to the cost of specific coverages such as medical payments or collision. Despite the fact that it seems like you can get free auto insurance, it just doesn’t work that way.
Some of the larger companies that possibly offer many of the previously listed discounts include:
When getting a coverage quote, ask each insurance company which discounts you qualify for. Depending on the company, some discounts might not apply in your area. If you would like to see a list of insurers offering auto insurance discounts, click here.
When it comes to choosing the right insurance coverage for your personal vehicles, there is no “perfect” insurance plan. Every insured’s situation is different and your policy should reflect that. For example, these questions could help you determine if your situation may require specific advice.
If you don’t know the answers to these questions, then you may want to think about talking to an insurance agent. If you don’t have a local agent, fill out this quick form or go to this page to view a list of companies. It’s fast, free and you can get the answers you need.
Learning about specific coverages of your insurance policy can be of help when determining the right coverages and the correct deductibles and limits. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy. Below you’ll find the normal coverages found on most insurance policies.
Medical expense insurance – Med pay and PIP coverage pay for immediate expenses such as hospital visits, X-ray expenses, ambulance fees, chiropractic care and nursing services. The coverages can be used to fill the gap from your health insurance plan or if there is no health insurance coverage. Coverage applies to all vehicle occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage
Collision coverages – This covers damage to your S-10 caused by collision with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.
Collision insurance covers things like crashing into a building, driving through your garage door, backing into a parked car, hitting a mailbox and hitting a parking meter. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. Drivers also have the option to increase the deductible to get cheaper collision coverage.
Comprehensive (Other than Collision) – Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.
Comprehensive insurance covers claims such as fire damage, rock chips in glass, falling objects, theft and vandalism. The highest amount you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.
Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. It can pay for hospital bills for your injuries and also any damage incurred to your 2002 Chevy S-10.
Due to the fact that many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked.
Coverage for liability – Liability insurance can cover damages or injuries you inflict on people or other property. It protects YOU against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.
It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery.
Liability insurance covers things like repair bills for other people’s vehicles, medical services, bail bonds and funeral expenses. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase as much as you can afford.
As you shop your coverage around, it’s a bad idea to buy less coverage just to save a little money. There are a lot of situations where an insured cut collision coverage only to find out that saving that couple of dollars actually costed them tens of thousands. Your aim should be to buy enough coverage at the best price while still protecting your assets.
In this article, we covered a lot of tips how to save on 2002 Chevy S-10 insurance. The key thing to remember is the more companies you get rates for, the higher the chance of saving money. You may be surprised to find that the most savings is with the least-expected company. Regional companies can often insure niche markets at a lower cost than their larger competitors like Allstate or State Farm.
Lower-priced insurance is possible both online and also from your neighborhood agents, so you should be comparing quotes from both to have the best chance of lowering rates. Some insurance companies don’t offer the ability to get a quote online and most of the time these smaller companies only sell through local independent agencies.
For more information, take a look at the resources below: