Pretty sure you bought overpriced insurance coverage? You’re preaching to the choir because you’re not the only one.
Companies like State Farm, Farmers Insurance, Geico and Allstate increase brand awareness with catchy ads and consumers find it hard to see past the corporate glitz and effectively compare rates to find the best deal.
There are several ways to shop for insurance, but one way is less time-consuming than others. You can spend your afternoon driving to agents in your area, or you can stay home and use online quoting for quick rates.
Many companies take part in a program where prospective buyers enter their policy data once, and each participating company then gives them pricing determined by their information. This saves time by eliminating repetitive form submissions for each company you want a rate for.
To access this free quoting program, click here (opens in new window).
The only drawback to getting quotes like this is you don’t know exactly which carriers you will receive quotes from. So if you want to choose specific insurance companies to request quotes from, we put together a list of companies who write insurance in your area. Click to view list.
It’s up to you which method you use, but ensure you are comparing apples-to-apples coverage limits and deductibles for each price quote. If you are comparing higher or lower deductibles you will not be able to determine the lowest rate for your Acura RLX. Quoting even small variations in coverage limits can mean a large discrepancy in price. It’s important to know that comparing all the rates in your area gives you a better chance of getting a lower rate than you’re paying now.
Companies that sell car insurance don’t always publicize all available discounts in an easy-to-find place, so the next list breaks down some of the best known and the harder-to-find ways to save on insurance.
A little note about advertised discounts, most of the big mark downs will not be given to all coverage premiums. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. Even though it appears you would end up receiving a 100% discount, you’re out of luck.
Some of the insurance companies that may offer policyholders these money-saving discounts are:
When comparing rates, check with every prospective company which discounts you qualify for. A few discounts might not be offered in your area. To view providers with significant discounts, click this link.
When it comes to buying coverage, there really is not a cookie cutter policy. Everyone’s needs are different so your insurance should reflect that Here are some questions about coverages that may help you determine whether your personal situation might need an agent’s assistance.
If you can’t answer these questions but you know they apply to you, you may need to chat with an agent. To find an agent in your area, take a second and complete this form or click here for a list of auto insurance companies in your area.
Learning about specific coverages of your policy helps when choosing appropriate coverage for your vehicles. The terms used in a policy can be confusing and reading a policy is terribly boring. These are typical coverages found on most insurance policies.
Collision – Collision insurance pays to fix your vehicle from damage resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things such as hitting a parking meter, driving through your garage door, scraping a guard rail and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. Drivers also have the option to choose a higher deductible to save money on collision insurance.
Medical payments and PIP coverage – Med pay and PIP coverage pay for bills for nursing services, pain medications, prosthetic devices and doctor visits. They can be utilized in addition to your health insurance program or if you are not covered by health insurance. It covers both the driver and occupants as well as being hit by a car walking across the street. PIP coverage is not an option in every state and gives slightly broader coverage than med pay
Comprehensive auto coverage – Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers claims such as hitting a bird, rock chips in glass, falling objects, damage from a tornado or hurricane and damage from getting keyed. The maximum payout you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.
Liability insurance – This coverage provides protection from injuries or damage you cause to a person or their property that is your fault. This coverage protects you against other people’s claims. Liability doesn’t cover damage to your own property or vehicle.
Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 25/50/25 which means a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and property damage coverage for $25,000. Another option is a combined limit which provides one coverage limit with no separate limits for injury or property damage.
Liability coverage pays for things like medical services, attorney fees and pain and suffering. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.
UM/UIM (Uninsured/Underinsured Motorist) coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family as well as your vehicle’s damage.
Due to the fact that many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked. Normally these limits are identical to your policy’s liability coverage.