Have you fallen victim to an expensive car insurance policy? Say no more because many consumers are in the same pinch.
Because you have many different company options, it can be impossible to choose the lowest cost insurance company.
Companies that sell car insurance don’t always publicize their entire list of discounts in a way that’s easy to find, so the list below details a few of the more common as well as the least known savings tricks you should be using when you buy insurance online. If you aren’t receiving every discount possible, you are just wasting money.
Discounts reduce rates, but you should keep in mind that many deductions do not apply to the entire policy premium. Some only reduce the cost of specific coverages such as medical payments or collision. Despite the fact that it seems like adding up those discounts means a free policy, it just doesn’t work that way.
Companies and the discounts they provide can be read below.
It’s a good idea to ask each company or agent the best way to save money. Savings might not be offered on policies in your area. If you would like to choose from a list of insurance companies with the best insurance discounts, click here to view.
Most companies like 21st Century, Allstate and State Farm allow you to get coverage prices on their websites. Getting prices online is very simple as you simply type in the coverage amounts you desire as requested by the quote form. When the form is submitted, their system automatically orders reports for credit and driving violations and gives you a price quote based on the information you submitted. This makes it a lot easier to compare rates but the work required to visit each company’s website and repetitively complete many quote forms can get tiresome after awhile. But it’s necessary to have as many quotes as possible if you are searching for lower prices.
There is a better way!
The smarter way to lower your car insurance bill uses one form that analyzes rates from more than one company. It’s a real time-saver, helps eliminate reptitive entry, and makes quoting online much easier. Immediately after submitting the form, it is quoted and you can select any or none of the quotes that you receive.
If the quotes result in lower rates, you can simply submit the application and purchase the new policy. It just takes a couple of minutes and you’ll know if lower rates are available.
To quickly fill out one form to compare multiple rates now, click here to open in a new tab and submit the form. If you have a policy now, it’s recommended you enter the insurance coverages exactly as they are listed on your policy. This ensures you will have rate quotes based on similar coverages.
When it comes to buying proper insurance coverage, there really is not a cookie cutter policy. Your needs are not the same as everyone else’s and your policy should reflect that. For instance, these questions can help discover whether you will benefit from professional help.
If you can’t answer these questions but you know they apply to you, then you may want to think about talking to an agent. To find an agent in your area, fill out this quick form or click here for a list of insurance companies in your area.
Learning about specific coverages of insurance aids in choosing appropriate coverage and proper limits and deductibles. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording. Shown next are the normal coverages found on the average insurance policy.
Collision coverages – Collision insurance pays to fix your vehicle from damage caused by collision with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims such as rolling your car, crashing into a building, sustaining damage from a pot hole, damaging your car on a curb and scraping a guard rail. This coverage can be expensive, so you might think about dropping it from lower value vehicles. It’s also possible to bump up the deductible to bring the cost down.
Auto liability insurance – Liability insurance can cover damage or injury you incur to other’s property or people by causing an accident. 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. As an example, you may have limits of 100/300/100 which stand for a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery. Another option is a combined single limit or CSL which combines the three limits into one amount and claims can be made without the split limit restrictions.
Liability coverage protects against things like loss of income, medical services, attorney fees and repair bills for other people’s vehicles. The amount of liability coverage you purchase is your choice, but consider buying as large an amount as possible.
Medical expense insurance – Personal Injury Protection (PIP) and medical payments coverage provide coverage for bills for things like surgery, EMT expenses, ambulance fees and rehabilitation expenses. They are utilized in addition to your health insurance policy or if there is no health insurance coverage. Coverage applies to both the driver and occupants as well as any family member struck as a pedestrian. PIP coverage is not universally available but can be used in place of medical payments coverage
Comprehensive (Other than Collision) – Comprehensive insurance coverage covers damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive coverage protects against things like hail damage, vandalism and hitting a bird. The maximum payout a insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Protection from uninsured/underinsured drivers – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as your vehicle’s damage.
Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. For this reason, having high UM/UIM coverages should not be overlooked. Usually your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
More affordable insurance can be found both online in addition to local insurance agencies, and you should compare rates from both so you have a total pricing picture. Some insurance companies do not offer rates over the internet and many times these smaller companies prefer to sell through independent insurance agencies.
As you shop your coverage around, make sure you don’t skimp on coverage in order to save money. There are a lot of situations where an insured cut collision coverage to discover at claim time that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to buy the best coverage you can find at the best price while not skimping on critical coverages.
Even more information can be found at these sites: