Are you a victim of an underperforming, overpriced insurance coverage policy? Don’t feel bad because you’re not the only one.
Consumers have so many auto insurance companies to buy insurance from, and though it is a good thing to have a choice, lots of choices makes it harder to compare company pricing.
You need to compare rates on a regular basis because rates are usually higher with each renewal. Just because you had the lowest premium rates for Magnum insurance two years ago you can probably find a better price now. Forget anything you know (or think you know) about insurance coverage because I’m going to teach you the fastest way to save money, get proper coverage and the best rates.
Finding affordable coverage is easy if you know what you’re doing. If you have car insurance now, you should be able to reduce your rates substantially using this strategy. But vehicle owners need to have an understanding of how companies price insurance differently.
There are several ways to compare car insurance quotes, and some are less time-consuming than others. You can spend your afternoon driving to insurance agencies in your area, or you could use the web to get rate comparisons in just a few minutes.
Many companies are enrolled in a marketplace where insurance shoppers submit their information once, and each company provides a quote based on that information. This saves time by eliminating repetitive form submissions for each company.
To compare rates now click here to start a free quote.
The only downside to using this type of form is that consumers can’t choose which insurance companies you will receive quotes from. If you wish to select individual companies to request quotes from, we have assembled a list of companies who write car insurance in your area. Click here for list of insurance companies.
It’s up to you which method you use, but compare the exact same coverages on every quote. If you compare unequal deductibles or liability limits it will be very difficult to truly determine the lowest rate. Having just a slight variation in coverages may result in a large different in cost. It’s important to know that comparing more rates from different companies helps increase your odds of locating a lower rate than you’re paying now. Not every company does rate quotes online, so you should also compare rates from those companies as well.
Companies don’t always publicize their entire list of discounts very well, so here is a list both the well known and the harder-to-find credits available to bring down your rates.
Don’t be shocked that many deductions do not apply to the entire policy premium. A few only apply to specific coverage prices like medical payments or collision. Despite the fact that it seems like all the discounts add up to a free policy, you won’t be that lucky.
A few popular companies and their offered discounts can be found below.
When quoting, ask all the companies which discounts can lower your rates. Some discounts listed above might not apply in every state. To choose insurance companies that offer multiple discounts, follow this link.
When it comes to buying the best insurance coverage coverage, there isn’t really a “perfect” insurance plan. Everyone’s needs are different so your insurance needs to address that. Here are some questions about coverages that might point out if you might need professional guidance.
If it’s difficult to answer those questions but you know they apply to you then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, simply complete this short form or you can go here for a list of companies in your area.
Understanding the coverages of your policy can help you determine the best coverages for your vehicles. Insurance terms can be difficult to understand and even agents have difficulty translating policy wording. These are the normal coverages offered by insurance companies.
Comprehensive coverage – This covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive can pay for things like fire damage, a broken windshield, a tree branch falling on your vehicle and hitting a bird. The maximum amount a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Liability coverage – This coverage will cover damages or injuries you inflict on other people or property by causing an accident. This insurance protects YOU against other people’s claims. It does not 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. As an example, you may have liability limits of 100/300/100 which stand for a $100,000 limit per person for injuries, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property.
Liability coverage pays for claims like loss of income, emergency aid, legal defense fees, repair costs for stationary objects and medical expenses. How much liability coverage do you need? That is your choice, but buy as high a limit as you can afford.
Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses for chiropractic care, X-ray expenses, hospital visits and nursing services. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. It covers you and your occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
Collision coverages – This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision can pay for things like backing into a parked car, colliding with a tree, crashing into a building, hitting a parking meter and scraping a guard rail. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. You can also choose a higher deductible to bring the cost down.
Uninsured/Underinsured Motorist coverage – This protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Dodge Magnum.
Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.