Finding low cost prices on car insurance is always a challenge for drivers who have little experience online rate comparisons. People have so many different companies and agents to choose from that it can be more work than you anticipated to lower your rates.
Part of the auto insurance buying process is learning the different types of things that go into determining auto insurance rates. When you understand what controls the rates you pay, this enables informed choices that may reward you with lower auto insurance prices.
The itemized list below are just a few of the factors used by companies to determine your premiums.
There are multiple methods to compare insurance coverage prices but one way is less time-consuming than others. You can spend your afternoon talking about coverages with local insurance agents in your area, or you can utilize online quoting to accomplish the same thing much quicker.
Many popular insurance companies enroll in a system where insurance shoppers submit their information once, and each participating company returns a competitive quote based on that data. This prevents consumers from doing quote forms for each company you want a rate for.
To get comparison pricing now click here to start a free quote.
The single downside to comparing rates this way is you don’t know exactly the companies to get pricing from. If you would rather choose individual companies to compare, we have assembled a list of the cheapest insurance coverage companies in your area. Click here to view list.
Compare rates however you want, just ensure you are comparing identical quote information for every quote you compare. If you have differing limits you will not be able to get a fair rate comparison. Just a small difference in coverage limits could skew the results. And when quoting insurance coverage, remember that comparing more quotes will increase your chances of finding a lower rate than you’re paying now.
Geico, State Farm and Progressive seem to constantly run television and radio advertisements. All the companies make the point about savings if you change your car insurance coverage to their company. How does every company give you a lower rate? This is the trick they use.
Most companies have a preferred profile for the type of insured they prefer to insure. An example of a profitable insured should be over the age of 35, has other policies, and does not commute to work. Any customer that fits those parameters will get a cheap rate quote and will also cut their rates if they switch.
Potential customers who are not a match for those standards must pay higher premiums which usually ends up with the prospect going elsewhere. If you pay close attention to the ads, they say “customers who switch” not “everyone who quotes” save the amount stated. That’s the way insurance companies can make claims that they all have the best prices.
Each company has different criteria, so you need to quote coverage with many companies. It is impossible to guess which company will give you the biggest savings.
Car insurance is not cheap, but there are discounts available to reduce the price significantly. Some trigger automatically at the time of quoting, but once in a while a discount must be asked for prior to receiving the credit.
A little note about advertised discounts, most credits do not apply to the entire cost. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. So when the math indicates all the discounts add up to a free policy, you’re out of luck. But any discount will reduce your policy cost.
A partial list of companies that may offer these benefits may include but are not limited to:
If you need lower rates, check with every prospective company to apply every possible discount. All car insurance discounts may not apply to policies everywhere. If you would like to choose from a list of providers with discount rates, click this link.
When it comes to buying the right insurance coverage for your personal vehicles, there isn’t really a “best” method to buy coverage. Every insured’s situation is different.
For example, these questions might point out whether or not you might need an agent’s assistance.
If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form.
Having a good grasp of your policy helps when choosing which coverages you need for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy.
Comprehensive (Other than Collision)
Comprehensive insurance coverage pays for damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.
Comprehensive insurance covers things such as damage from a tornado or hurricane, fire damage, falling objects and a tree branch falling on your vehicle. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Liability car insurance
This provides protection from injuries or damage you cause to other’s property or people in an accident. It protects YOU from claims by other people. It does not cover your injuries or vehicle damage.
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. Your policy might show policy limits of 50/100/50 which stand for a limit of $50,000 per injured person, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000. Alternatively, you may have a combined limit which limits claims to one amount rather than limiting it on a per person basis.
Liability coverage pays for things like bail bonds, attorney fees, funeral expenses, medical expenses and repair bills for other people’s vehicles. How much liability coverage do you need? That is a decision to put some thought into, but you should buy as large an amount as possible.
Collision coverage protection
Collision insurance covers damage to your MKT from colliding with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision insurance covers things like rolling your car, crashing into a ditch, hitting a mailbox, colliding with a tree and scraping a guard rail. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. You can also increase the deductible to save money on collision insurance.
Protection from uninsured/underinsured drivers
This coverage protects you and your vehicle from other drivers when they either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred to your Lincoln MKT.
Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Normally these coverages do not exceed the liability coverage limits.
Medical expense insurance
Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses such as rehabilitation expenses, doctor visits, X-ray expenses, funeral costs and pain medications. They are often used to fill the gap from your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage
Cheaper 2015 Lincoln MKT insurance is available online in addition to local insurance agencies, so you should be comparing quotes from both to get a complete price analysis. Some auto insurance companies do not offer online quoting and most of the time these regional carriers provide coverage only through local independent agencies.
Consumers change insurance companies for a number of reasons such as an unsatisfactory settlement offer, delays in paying claims, poor customer service or lack of trust in their agent. It doesn’t matter what your reason, choosing a new company is easier than you think.
When getting car insurance quotes online, don’t be tempted to reduce needed coverages to save money. There have been many situations where drivers have reduced uninsured motorist or liability limits and learned later that it was a big mistake. Your focus should be to purchase plenty of coverage at an affordable rate.