Expensive insurance coverage can bottom out your budget and put the squeeze on your family’s finances.
Consumers have multiple car insurance companies to purchase coverage from, and though it is a good thing to have a choice, more choices can make it harder to compare rates.
This article will help you learn how car insurance quotes work and some tricks to saving. If you have car insurance now, you will most likely be able to save some money using these tips. But drivers do need to understand how the larger insurance companies sell online and use this information to your advantage.
Insurance can be prohibitively expensive, but you might be missing out on some discounts that could help you make your next renewal payment. Many of these discounts will be applied automatically at the time of purchase, but a few must be specially asked for before you will receive the discount.
Keep in mind that most discounts do not apply to the entire cost. The majority will only reduce the price of certain insurance coverages like liability and collision coverage. So even though they make it sound like you would end up receiving a 100% discount, companies wouldn’t make money that way.
The best insurance companies and their possible discounts are detailed below.
Before buying, ask every insurance company the best way to save money. Some discounts listed above may not apply to policies in your area. For a list of insurance companies offering insurance discounts, follow this link.
To find affordable auto insurance quotes, there are several ways to get quotes from many different insurance companies. The quickest method to find the cheapest Chevy Malibu insurance rates is simply to get online rate quotes. It is quite easy and can be accomplished in a couple minutes as outlined below.
Take whichever approach you prefer, but double check that you are using nearly identical coverage limits and deductibles for each quote you get. If the quotes have different liability limits then you won’t be able to make a fair comparison for your Chevy Malibu. Just a small difference in insurance coverages may result in large price differences. It’s important to know that making a lot of price comparisons gives you a better chance of getting the best rates.
When choosing proper insurance coverage, there is no one size fits all plan. Every insured’s situation is different so your insurance should reflect that For instance, these questions might point out if your situation might need professional guidance.
If you don’t know the answers to these questions but a few of them apply, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies.
Learning about specific coverages of your policy aids in choosing the best coverages for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement. Shown next are the usual coverages found on the average insurance policy.
Protection from uninsured/underinsured drivers – This protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include injuries to you and your family and also any damage incurred to your Chevy Malibu.
Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. So UM/UIM coverage is very important. Normally the UM/UIM limits are similar to your liability insurance amounts.
Auto liability insurance – This provides protection from damages or injuries you inflict on other’s property or people by causing an accident. It protects you from claims by other people. Liability doesn’t cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. As an example, you may have values of 25/50/25 which means a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged propery. Occasionally you may see one limit called combined single limit (CSL) which limits claims to one amount without having the split limit caps.
Liability coverage protects against claims such as attorney fees, legal defense fees, emergency aid and repair costs for stationary objects. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.
Collision – This coverage pays for damage to your Malibu resulting from colliding with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision can pay for claims such as sideswiping another vehicle, hitting a parking meter, backing into a parked car, colliding with a tree and colliding with another moving vehicle. Collision is rather expensive coverage, so consider dropping it from older vehicles. It’s also possible to raise the deductible to bring the cost down.
Comprehensive (Other than Collision) – This coverage covers damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims such as a tree branch falling on your vehicle, damage from flooding, hitting a bird and falling objects. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.
Medical expense insurance – Med pay and PIP coverage provide coverage for immediate expenses such as pain medications, ambulance fees, funeral costs and prosthetic devices. They are often used to fill the gap from your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
As you go through the steps to switch your coverage, don’t be tempted to sacrifice coverage to reduce premiums. There are a lot of situations where an insured dropped comprehensive coverage or liability limits only to find out they didn’t have enough coverage. Your goal should be to buy the best coverage you can find at the best price, but do not sacrifice coverage to save money.
Cheaper car insurance can be sourced on the web as well as from independent agents, so you should be comparing quotes from both in order to have the best chance of saving money. A few companies may not provide online quoting and these smaller providers sell through independent agencies.