Are You Getting The Best Value On Your Car Insurance?
October 10, 2020
Most people are spending far too much on their car insurance and may not even know it. If you’re already insured, it’s important to make sure you’re not overpaying – why spend more money than you need to?
If you think you might be paying too much for your car insurance but not sure what to do next, check out these next steps to take:
- Keep shopping. You’re not married to your insurance company – don’t be afraid to shop around. Check out several different insurance companies every couple of years. Every few years your situation may change (driving fewer miles, newer vehicle, a ticket has fallen off your record) and this can lower your premium. Or your carrier has adjusted its underwriting or rating in ways that could hurt or help you. The trust is, there’s little benefit from sticking with the same insurer. You’ll save more by comparing prices with different companies.
- Consider raising collision and comprehensive deductibles. Collision insurance covers damage to your car cause by impact with another car or object, regardless of who’s at fault. Comprehensive covers theft and damage from fire, flood, trees, etc. The higher your deductible—the amount you pay before insurance kicks in—the lower your premium, especially for collision, as shown at right.
- Don’t be afraid to get more coverage. It’s important that you get enough liability coverage. Recommended liability coverage is 100/300/100 – which is bodily injury up to $100,000/person, $300,000 per accident and property damage up to $100,000.
- Research the customer reviews of insurers. You’ll get the best idea whether or not you’ll be happy with an insurer by hearing the opinions of those who have firsthand experience with them. You’ll want to watch out for things like the ease of filing an insurance claim, how long it takes for the company to settle the claim and how easy it is to talk to an agent/customer service.
- Ask for the discounts. How will you know if you’re missing out on discounts to your premium if you’re not asking? If you’ve been with the same insurer for a few years now, talk to your agent to see if you qualify for any discounts. If you don’t, ask other insurers what discounts they offer – some insurers give bigger discounts on certain things like theft-protection or using daytime headlights, while others do not. It never hurts to ask.
- Use our auto insurance comparison quote tool below. Using our customizable comparison tool, you’ll be able to get instant quotes to ensure you’re saving money. Just choose your vehicle make and model and let us know a few other important pieces of information, and we’ll find you the cheapest rates that insurers will offer you.
- Be a good driver. This may seem like a no brainer – but let’s not make getting cheap car insurance more complicated than it needs to be. The better driver you are, the lower premium prices you’ll get. If you have some hits on your record (traffic violations) – don’t worry. Those will disappear between 3-5 years and you can start fresh. Pair being a good driver with other positives like being a good student or adding people to your policy and save even more.
Quick Money Savings Tip For Safe Drivers
There are dozens of auto insurers – Which one will give you the best rate?
Step 1) Choose your vehicle make below.
Step 2) On the next page, complete the 4 minute questionnaire, and you'll have the opportunity compare the best rates in your area.
Step 3) Keep more money and possibly save hundreds!
One Reply to “Are You Getting The Best Value On Your Car Insurance?”
Your point about asking for discounts is so important. I personally struggle with asking for discounts and deals, but I have been surprised how often asking gets me something.