Are you tired of paying out the nose each month for car insurance? You have the same problem as the majority of other consumers.
Multiple insurance companies compete for your business, so it’s not easy to compare every insurer and uncover the absolute lowest price
If you are paying for car insurance now, you will most likely be able to save some money using this information. Choosing the best insurance company for you is not rocket science. But consumers can benefit by having an understanding of how insurance companies determine prices and use this information to your advantage.
When comparison shopping, there are several ways to compare quotes from many different insurance companies. The best way to comparison shop is simply to get online rate quotes. This is quite simple and can be completed in several different ways.
Take whichever approach you prefer, but do your best to use the exact same coverage data with every price quote. If you use unequal deductibles or liability limits it’s impossible to truly determine the lowest rate. Slightly different insurance coverages or limits may result in a large different in cost. And when price shopping your coverage, having more price comparisons increases your odds of finding a lower rate than you’re paying now.
When buying the right insurance coverage, there is no cookie cutter policy. Your needs are not the same as everyone else’s so your insurance should reflect that Here are some questions about coverages that could help you determine whether you could use an agent’s help.
If it’s difficult to answer those questions but a few of them apply, you may need to chat with a licensed agent. To find an agent in your area, simply complete this short form or you can also visit this page to select a carrier
Understanding the coverages of your insurance policy aids in choosing appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be ambiguous and coverage can change by endorsement. Shown next are typical coverage types offered by insurance companies.
Uninsured/Underinsured Motorist (UM/UIM) – This coverage protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. This coverage pays for hospital bills for your injuries as well as damage to your 2013 Land Rover LR2.
Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Usually your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
Auto liability insurance – This coverage provides protection from injuries or damage you cause to a person or their property by causing an accident. It protects you against claims from other people, and doesn’t cover your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You might see values of 50/100/50 that translate to $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged propery. Alternatively, you may have a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.
Liability coverage pays for things like structural damage, repair bills for other people’s vehicles, loss of income, pain and suffering and emergency aid. How much liability coverage do you need? That is a personal decision, but you should buy as much as you can afford.
Med pay and Personal Injury Protection (PIP) – Coverage for medical payments and/or PIP kick in for expenses such as funeral costs, ambulance fees and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. It covers both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay
Collision – This will pay to fix damage to your LR2 from colliding with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.
Collision can pay for things like hitting a parking meter, crashing into a building, crashing into a ditch, sustaining damage from a pot hole and damaging your car on a curb. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to increase the deductible in order to get cheaper collision rates.
Comprehensive insurance – Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive coverage protects against things like theft, fire damage, rock chips in glass, damage from getting keyed and damage from flooding. The highest amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.