If shopping for car insurance online is new to you, it’s easy to get confused due to the large number of companies vying for business.
It’s important that you understand some of the elements that go into determining the price you pay for insurance coverage. Having a good understanding of what influences your rates empowers consumers to make smart changes that will entitle you to lower insurance coverage prices.
Insuring your vehicles can cost a lot, but companies offer discounts that you may not know about. Certain discounts will be triggered automatically when you quote, but some may not be applied and must be specifically requested prior to getting the savings.
It’s important to understand that most credits do not apply to your bottom line cost. Most only reduce the price of certain insurance coverages like medical payments or collision. Just because you may think you would end up receiving a 100% discount, insurance companies aren’t that generous. But all discounts will cut your overall premium however.
To see a list of insurance companies offering insurance discounts, follow this link.
Insurance providers like Progressive, GEICO, Allstate and State Farm consistently run ads in print and on television. They all say the same thing that you’ll save big if you change your coverage to them. How do they all say the same thing? It’s all in the numbers.
All the different companies can use profiling for the driver that makes them money. For example, a preferred risk might be profiled as over the age of 40, has no tickets, and drives newer vehicles. A driver who fits that profile will get very good rates and as a result will probably save when they switch companies.
Potential insureds who don’t measure up to the requirements will be quoted a higher premium which usually ends up with the driver buying from a lower-cost company. The ads say “drivers who switch” not “everyone that quotes” save that much money. That’s why insurance companies can state the savings.
This emphasizes why you absolutely need to get a wide range of price quotes. You cannot predict which insurance company will provide you with the cheapest Chevy Camaro insurance rates.
When buying adequate coverage for your personal vehicles, there really is not a single plan that fits everyone. Everyone’s situation is unique.
For example, these questions may help you determine whether or not you could use an agent’s help.
If you’re not sure about those questions, you might consider talking to an agent. If you don’t have a local agent, simply complete this short form.
Understanding the coverages of a insurance policy helps when choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be ambiguous and reading a policy is terribly boring.
Collision insurance
This pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision can pay for things like sideswiping another vehicle, driving through your garage door, hitting a parking meter and crashing into a ditch. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to choose a higher deductible in order to get cheaper collision rates.
Uninsured Motorist or Underinsured Motorist insurance
Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Chevy Camaro.
Because many people have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages should not be overlooked. Usually your uninsured/underinsured motorist coverages are set the same as your liablity limits.
Insurance for medical payments
Med pay and PIP coverage pay for short-term medical expenses such as rehabilitation expenses, hospital visits and dental work. They are used in conjunction with a health insurance plan or if you are not covered by health insurance. It covers all vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage
Comprehensive coverage (or Other than Collision)
Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for things such as damage from a tornado or hurricane, hitting a deer and theft. The maximum amount your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Liability coverages
This can cover damages or injuries you inflict on a person or their property in an accident. This coverage protects you against other people’s claims. Liability doesn’t 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. Your policy might show liability limits of 100/300/100 that means you have a limit of $100,000 per injured person, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property. Occasionally you may see a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.
Liability coverage pays for things such as repair costs for stationary objects, loss of income, attorney fees and pain and suffering. How much liability should you purchase? That is a personal decision, but you should buy as large an amount as possible.
When you buy insurance online, it’s very important that you do not buy less coverage just to save a little money. Too many times, an insured cut uninsured motorist or liability limits and learned later that the savings was not a smart move. The proper strategy is to purchase a proper amount of coverage at a price you can afford while still protecting your assets.
Insureds switch companies for a number of reasons such as not issuing a premium refund, high prices, unfair underwriting practices or even poor customer service. Regardless of your reason, choosing a new company is pretty simple and you could end up saving a buck or two.
Throughout this article, we presented a lot of ways to get a better price on 1992 Chevy Camaro insurance. The key concept to understand is the more price quotes you have, the higher the chance of saving money. You may be surprised to find that the lowest premiums are with a lesser-known regional company.
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