Think you have high-priced insurance coverage? Don’t feel bad because many drivers feel the same as you.
Companies like Geico, Progressive and Allstate continually hit you with fancy advertisements and consumers find it hard to ignore the promise of big savings and do the work needed to find the best deal.
Insurance can cost an arm and a leg, but there may be some discounts that could drop your premiums quite a bit. Some discounts will apply when you get a quote, but a few need to be specially asked for before they will apply.
While discounts sound great, it’s important to understand that some of the credits will not apply to the overall cost of the policy. Most only cut the price of certain insurance coverages like comp or med pay. If you do the math and it seems like all those discounts means the company will pay you, nobody gets a free ride. But all discounts will definitely reduce the cost of coverage.
Large auto insurance companies and some of their more popular discounts are included below.
If you need lower rates, check with each company or agent which discounts you qualify for. Some discounts listed above might not be offered on policies in your area. To find auto insurance companies that offer multiple discounts, follow this link.
When choosing coverage for your personal vehicles, there really is not a perfect coverage plan. Coverage needs to be tailored to your specific needs so this has to be addressed. For example, these questions can aid in determining whether your personal situation might need an agent’s assistance.
If you’re not sure about those questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. To find lower rates from a local agent, complete this form or you can go here for a list of companies in your area.
Car insurance companies such as Progressive, Geico, Allstate and State Farm consistently run ads on TV and radio. All the companies try to convey promises that you can save if you just switch your car insurance coverage to their company. It sounds good, but how can they all charge lower premium rates?
Insurance companies require specific criteria for the type of customer that will generate a profit. A good example of a profitable insured could possibly be a married male, has had continuous coverage, and drives newer vehicles. Someone who meets those qualifications is entitled to the best price and is almost guaranteed to save if they switch.
Consumers who do not meet those criteria may receive higher prices and the driver buying from a lower-cost company. The trick is to say “customers who switch” not “everyone who quotes” save that much. That is how insurance companies can make those claims.
Each company has different criteria, so it’s extremely important to compare quotes as often as possible. Because without a comparison, you cannot know with any certainty which company will have the lowest prices for your situation.
Learning about specific coverages of your car insurance policy helps when choosing which coverages you need and the correct deductibles and limits. Policy terminology can be impossible to understand and coverage can change by endorsement. These are the normal coverages found on most car insurance policies.
Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. It can pay for hospital bills for your injuries as well as damage to your 2005 Mazda RX-8.
Because many people have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time these coverages do not exceed the liability coverage limits.
This will cover damage that occurs to other people or property by causing an accident. It protects YOU against other people’s claims, and does not provide coverage for damage to your own property or vehicle.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 100/300/100 that means you have $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000. Some companies may use one number which is a combined single limit which limits claims to one amount without having the split limit caps.
Liability coverage pays for claims like funeral expenses, attorney fees and repair costs for stationary objects. The amount of liability coverage you purchase is a personal decision, but it’s cheap coverage so purchase higher limits if possible.
Med pay and PIP coverage pay for bills such as prosthetic devices, chiropractic care and dental work. They can be utilized in addition to your health insurance plan or if you do not have health coverage. Coverage applies to you and your occupants in addition to if you are hit as a while walking down the street. PIP is not universally available but it provides additional coverages not offered by medical payments coverage
Collision insurance will pay to fix damage to your RX-8 resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things such as colliding with another moving vehicle, driving through your garage door, crashing into a building and backing into a parked car. Collision is rather expensive coverage, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible to get cheaper collision coverage.
Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive coverage protects against claims like theft, rock chips in glass and hitting a bird. The highest amount your car insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.
When trying to cut insurance costs, make sure you don’t skimp on coverage in order to save money. In many cases, drivers have reduced liability coverage limits and found out when filing a claim that it was a big mistake. The goal is to buy a smart amount of coverage at the best price, not the least amount of coverage.
We just showed you many ideas to lower your 2005 Mazda RX-8 insurance car insurance rates. The key thing to remember is the more times you quote, the better chance you’ll have of finding cheap insurance coverage. Consumers may even find the lowest car insurance rates are with a small local company. These companies can often provide lower premium rates in certain areas as compared to the big name companies such as Allstate and Progressive.
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