Do you think you bought an underperforming, overpriced insurance coverage policy? Believe me when I say you are not the only one feeling buyer’s remorse. Many insurers compete for your insurance dollar, and it can be difficult to compare rates and get the best coverage at the best rates possible.
If you have a policy now or are shopping for new coverage, you can learn to get lower rates while maximizing coverage. Finding the best rates is not that difficult. Consumers only need to know the best way to compare price quotes online.
Comparing auto insurance rates can be a daunting task if you don’t know the most efficient way. You can waste hours driving to local insurance agents in your area, or you could save time and use the web to maximize your effort.
Most of the best insurance companies participate in a marketplace where insurance shoppers enter their policy data once, and each participating company returns a rated price for coverage. This eliminates the need for quote requests for each company you want a rate for.
To find out how much you can save on auto insurance click here to start a free quote.
The only downside to doing it this way is that you can’t choose the companies to get pricing from. So if you prefer to choose specific providers to request quotes from, we have a listing of the cheapest auto insurance companies in your area. Click here for list of insurance companies.
Which method you use is up to you, but try to use the exact same coverages and limits for every company. If you compare different data you will not be able to truly determine the lowest rate.
Not too many consumers would say insurance coverage is affordable, but you may find discounts that could drop your premiums quite a bit. Some discounts apply automatically at the time of quoting, but a few need to be manually applied before you get the savings. If you are not receiving all the discounts available, it’s possible you qualify for a lower rate.
Just know that most credits do not apply to the entire policy premium. Some only reduce specific coverage prices like collision or personal injury protection. So despite the fact that it appears having all the discounts means you get insurance for free, you won’t be that lucky.
A list of insurance coverage companies and some of their more popular discounts can be found below.
If you need cheap insurance coverage quotes, ask all the companies to give you their best rates. Depending on the company, some discounts might not be available to policyholders in every state. For a list of providers that provide some of the discounts listed above, follow this link.
When buying coverage for your personal vehicles, there really is not a cookie cutter policy. Coverage needs to be tailored to your specific needs so your insurance needs to address that. For example, these questions may help you determine whether your personal situation would benefit from an agent’s advice.
If you don’t know the answers to these questions but one or more may apply to you then you might want to talk to an agent. If you don’t have a local agent, take a second and complete this form or click here for a list of insurance companies in your area. It’s fast, free and can provide invaluable advice.
Having a good grasp of a car insurance policy can be of help when determining the right coverages and the correct deductibles and limits. Car insurance terms can be confusing and even agents have difficulty translating policy wording. These are the usual coverages found on most car insurance policies.
Comprehensive coverages – Comprehensive insurance will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for things such as hitting a bird, damage from a tornado or hurricane, theft and fire damage. The maximum payout your car insurance company will pay is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.
Coverage for medical payments – Med pay and PIP coverage provide coverage for immediate expenses like chiropractic care, funeral costs and prosthetic devices. They are used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. They cover all vehicle occupants in addition to being hit by a car walking across the street. PIP coverage is not universally available and may carry a deductible
Collision – This will pay to fix damage to your X5 resulting from colliding with another car or object. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like driving through your garage door, colliding with another moving vehicle, hitting a parking meter and colliding with a tree. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to raise the deductible in order to get cheaper collision rates.
Uninsured and underinsured coverage – This provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered claims include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Usually these coverages are identical to your policy’s liability coverage.
Liability coverage – Liability coverage will cover damage that occurs to other’s property or people that is your fault. This coverage protects you against claims from other people. It does not cover your own vehicle damage or injuries.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show 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 a limit of $50,000 paid for damaged property. Alternatively, you may have a combined limit which combines the three limits into one amount rather than limiting it on a per person basis.
Liability insurance covers things such as pain and suffering, repair costs for stationary objects and repair bills for other people’s vehicles. How much liability should you purchase? That is your choice, but consider buying as much as you can afford.