Having to pay for overpriced insurance coverage can take a big chunk out of your funds and maybe even restrict other spending. Doing a rate analysis is a fast and free way to reduce premiums and put more money in your pocket.
Big-name insurance companies like Progressive, Geico and Farmers Insurance all claim big savings, bombarding you with TV and radio ads and it can be hard to see past the corporate glitz and do the work needed to find the best deal.
Car insurance is not cheap, but companies offer discounts that may help make it more affordable. Many discounts should be triggered at the time of quoting, but once in a while a discount must be specifically requested before you will receive the discount.
One last thing about discounts, some credits don’t apply the the whole policy. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. Even though the math looks like all the discounts add up to a free policy, it’s just not the way it works. Any qualifying discounts should help lower your overall premium however.
A few popular companies and their offered discounts include:
When quoting, ask every insurance company to give you their best rates. Discounts might not be offered on policies in your state. To choose insurers with significant discounts, follow this link.
When choosing the best insurance coverage coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Everyone’s situation is a little different so your insurance needs to address that. For example, these questions might help in determining if your insurance needs would benefit from professional advice.
If it’s difficult to answer those questions, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form or you can go here for a list of companies in your area.
Knowing the specifics of your insurance policy aids in choosing the best coverages and proper limits and deductibles. The terms used in a policy can be ambiguous and reading a policy is terribly boring. Below you’ll find the normal coverages available from insurance companies.
Coverage for medical expenses
Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses like hospital visits, rehabilitation expenses, dental work and chiropractic care. They 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 and will also cover any family member struck as a pedestrian. PIP coverage is only offered in select states and gives slightly broader coverage than med pay
Coverage for uninsured or underinsured drivers
This gives you protection when other motorists 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 Nissan Leaf.
Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family.
Auto liability insurance
This provides protection from damage or injury you incur to other’s property or people by causing an accident. This coverage protects you from claims by other people. It does not cover your own vehicle damage or injuries.
It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 100/300/100 that translate to a limit of $100,000 per injured person, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property.
Liability coverage pays for claims like court costs, emergency aid, medical expenses and repair costs for stationary objects. The amount of liability coverage you purchase is a decision to put some thought into, but buy as much as you can afford.
Collision insurance
Collision coverage pays for damage to your Leaf from colliding with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision insurance covers things like crashing into a building, driving through your garage door, scraping a guard rail and rolling your car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also raise the deductible to bring the cost down.
Comprehensive insurance
This will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for claims such as vandalism, fire damage, hitting a deer and damage from a tornado or hurricane. The most your insurance company will pay 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.
As you prepare to switch companies, don’t be tempted to buy lower coverage limits just to save a few bucks. Too many times, someone sacrificed comprehensive coverage or liability limits only to regret at claim time that a couple dollars of savings turned into a financial nightmare. The goal is to buy the best coverage you can find at the best cost, not the least amount of coverage.
More affordable auto insurance is available both online and with local insurance agents, and you should compare rates from both to have the best selection. There are still a few companies who do not provide rates over the internet and usually these regional insurance providers only sell coverage through independent insurance agencies.
To learn more, feel free to browse the following helpful articles:
Azalee Small
Does Progressive offer good discounts?
Rosy Farrell
Will Allstate be cheaper if I raise deductibles?
Ken Tyler
Lots of good stuff here. From northwest of Rapid City, SD. I quoted with 21st Century, AAA, Erie, and GMAC for my 2013 Nissan Leaf and I think I saved around $60 each month. LOL
Verdie Dennis
If you’re a decent driver and live near Albuquerque, NM, check out Allstate. I saved quite a bit. Left Liberty Mutual to switch. Hopefully won’t need it.
Mao Mueller
Lots of good stuff here. Checking in from Detroit, MI. I quoted with Travelers, American Family, The General, and Sentry for my Nissan and I’m now saving $23 a month. :)
Selena Odom
What does medical payments cover?
Lucinda Terrell
I can’t pay high rates. Lifelong resident of Colorado Springs, CO. I compared lots of rates. Saved right around $30 a month. Progressive was the best choice for me. I’m a pretty good driver though.
Adrian Wynn
Enjoyed the article. I’m in the east part of Kailua, HI. Quoted a bunch of companies. Saved darn near $60 a month. Progressive was the cheapest option for me. They have a lot of discounts available.
Nery Wong
I’m in the east part of Burlington, VT. Got prices from Western Auto Insurance, AIG Insurance, Liberty Mutual, and MetLife for my Leaf and I’m now saving $55 a month. I got a quote from their website.
Dylan Christensen
I drive uninsured.
Audie Castro
Too expensive. I ride a bike.
Qiana Jenkins
I’m in Atlanta, GA. Got rates from Auto-Owners, Safeco, and a few others for my 2013 Nissan Leaf and I’m now saving $25 a month. Teenage drivers are expensive!
Rebbeca Quinn
When do I drop full coverage?
Teodoro Hopkins
Any Progressive or Farmers customers near Spokane, Washington?
Renate Craig
Will State Farm be cheaper if I raise deductibles?
Yun Weeks
From northwest of Albuquerque, NM. Got car insurance quotes from AAA, MetLife, and Western Auto Insurance for my Nissan and I think I saved about $60 each month.