Are you burned out from not being able to scrape enough together to pay your auto insurance bill each month? Your situation is no different than the majority of other consumers. With so many choices, it is hard for the average consumer to pick a more affordable company.
The method we recommend to compare insurance rates in your area takes advantage of the fact almost all companies provide online access to compare rate quotes. To begin a comparison, all you need to do is spend a couple of minutes providing details like whether you drive to work or school, if you require a SR-22, the ages of drivers, and what your job is. The data is then submitted to multiple companies and they return rate quotes instantly.
Car insurance is not an enjoyable expense, but there’s a good chance there are discounts that many people don’t even know exist. Some of these disounts will be visible when you complete an application, but less common discounts must be inquired about before they will apply.
It’s important to understand that some of the credits will not apply to the entire cost. Some only apply to the cost of specific coverages such as comp or med pay. So even though it sounds like having all the discounts means you get insurance for free, companies don’t profit that way.
Larger car insurance companies and a summarized list of policyholder discounts are included below.
Before purchasing a policy, check with every prospective company the best way to save money. Some discounts listed above might not apply in your state. To locate insurance companies with the best car insurance discounts, click here.
It’s important that you understand the rating factors that aid in calculating your premiums. If you understand what impacts premium levels, this allows you to make educated decisions that could result in lower premium levels. Many different elements are part of the equation when pricing auto insurance. Some factors are common sense like a motor vehicle report, but others are not quite as obvious such as your credit history or your vehicle rating.
When buying adequate coverage, there really is no cookie cutter policy. Your needs are not the same as everyone else’s and a cookie cutter policy won’t apply. For instance, these questions can help discover if your insurance needs could use an agent’s help.
If you’re not sure about those questions but you know they apply to you, you might consider talking to an agent. To find lower rates from a local agent, simply complete this short form or click here for a list of car insurance companies in your area. It’s fast, doesn’t cost anything and can provide invaluable advice.
Learning about specific coverages of a auto insurance policy can be of help when determining which coverages you need and proper limits and deductibles. The terms used in a policy can be impossible to understand and coverage can change by endorsement. These are typical coverages offered by auto insurance companies.
This pays for damage to your 7 Series resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for things like crashing into a ditch, scraping a guard rail and crashing into a building. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to choose a higher deductible to get cheaper collision coverage.
Protection from uninsured/underinsured drivers
This gives you protection when other motorists are uninsured or don’t have enough coverage. It can pay for injuries to you and your family as well as your vehicle’s damage.
Since many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.
Comprehensive (Other than Collision)
This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive coverage pays for things like a tree branch falling on your vehicle, falling objects, hitting a bird and a broken windshield. The highest amount a auto insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
This can cover damage that occurs to people or other property that is your fault. It protects you against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.
It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see values of 25/50/25 which means $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property.
Liability coverage protects against claims like pain and suffering, repair costs for stationary objects, repair bills for other people’s vehicles and court costs. How much liability should you purchase? That is a decision to put some thought into, but consider buying higher limits if possible.
Medical expense insurance
Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses like funeral costs, pain medications, surgery and rehabilitation expenses. They are used to fill the gap from your health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay
We’ve covered some good ideas how to get a better price on 2003 BMW 7 Series insurance. The key concept to understand is the more you quote car insurance, the higher the chance of saving money. Consumers may even find the best car insurance rates are with a small local company. Smaller companies can often provide lower premium rates in certain areas compared to the large companies like Progressive and GEICO.
When trying to cut insurance costs, it’s not a good idea to reduce needed coverages to save money. Too many times, consumers will sacrifice liability limits or collision coverage only to regret at claim time that it was a big mistake. Your goal should be to buy a smart amount of coverage at the lowest possible cost while still protecting your assets.
More detailed insurance information can be found in these articles: