Having to pay for overpriced auto insurance can take a big chunk out of your checking account and put a big crunch on your finances. Comparison shopping is free, only takes a few minutes, and is a good way to lower your monthly bill. Multiple car insurance companies compete for your hard-earned dollar, and because of this it can be hard to compare auto insurance companies and get the definite lowest cost out there.
It’s a great practice to compare prices before your policy renews because insurance rates change regularly. Just because you found the lowest rates on NSX coverage last year other companies may now be cheaper. So ignore everything you know about auto insurance because you’re going to get a crash course in the fastest way to lower your annual insurance bill.
Smart consumers have a good feel for the different types of things that come into play when calculating your insurance coverage rates. Knowing what influences your rates enables informed choices that can help you get much lower annual insurance costs.
The list below includes some of the factors insurance coverage companies consider when setting your rates.
Most companies like GEICO, State Farm and Progressive give prices for coverage on their websites. This process is fairly simple as you just enter your coverage information into the quote form. Upon sending the form, the system sends out for your credit score and driving record and returns a price quote based on these and other factors. Online quotes makes it a lot easier to compare rates but having to visit many different websites and type in the same information can be a bit tiresome and repetitive. But it’s very important to do this if you are searching for better prices.
A less time-consuming method to compare insurance coverage pricing uses one simple form that analyzes rates from multiple companies. This type of form saves time, eliminates form submissions, and makes online price comparison much easier. After sending the form, it is rated and you are able to buy any of the pricing results.
If a lower price is quoted, you simply finish the application and buy the new coverage. It takes 15 minutes at the most and you will know how your current rates stack up.
To quickly fill out one form to compare multiple rates now, simply click here to open in new window and enter your vehicle and coverage information. If you have coverage now, it’s recommended you input the coverages identical to your current policy. Using the same limits helps guarantee you will be getting a price comparison based on similar coverages.
Consumers get pounded daily by advertisements that promise big savings from the likes of GEICO, State Farm and Progressive. All the ads make the same claim about savings if you switch your coverage to them.
How can each company make the same claim? It’s all in the numbers.
All the different companies have a certain “appetite” for the right customer that makes them money. For example, a preferred risk might be profiled as over the age of 50, owns a home, and chooses high deductibles. Any driver who matches those parameters is entitled to the best price and is almost guaranteed to save when they switch companies.
Consumers who fall outside these standards will be charged higher prices and ends up with business going elsewhere. The ad wording is “drivers who switch” but not “drivers who get quotes” save that much. That is how insurance companies can claim big savings.
That is why you need to quote coverage with many companies. You cannot predict which insurance companies will provide you with the cheapest Acura NSX insurance rates.
Insuring your vehicles can cost a lot, but you may find discounts that you may not even be aware of. Some discounts apply automatically at the time of quoting, but some must be specially asked for prior to receiving the credit. If they aren’t giving you every credit possible, you are paying more than you should be.
Consumers should know that most discount credits are not given the the whole policy. The majority will only reduce specific coverage prices like comprehensive or collision. So even though they make it sound like all those discounts means the company will pay you, it just doesn’t work that way. Any amount of discount will bring down your overall premium however.
A partial list of companies that may have these discounts include:
Check with each company which discounts they offer. Some discounts might not apply in every state.
When it comes to choosing the right insurance coverage, there isn’t really a perfect coverage plan. Everyone’s situation is unique so your insurance needs to address that. Here are some questions about coverages that can aid in determining if you could use an agent’s help.
If it’s difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form or you can go here for a list of companies in your area. It is quick, free and may give you better protection.
Learning about specific coverages of car insurance aids in choosing the best coverages at the best deductibles and correct limits. Policy terminology can be difficult to understand and coverage can change by endorsement. These are the usual coverages found on the average car insurance policy.
Liability coverage
This coverage will cover damages or injuries you inflict on other’s property or people by causing an accident. It protects YOU against other people’s claims. It does not cover damage sustained by your vehicle in an accident.
Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 100/300/100 which stand for $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Some companies may use one number which is a combined single limit which limits claims to one amount and claims can be made without the split limit restrictions.
Liability can pay for things such as loss of income, bail bonds, court costs, repair costs for stationary objects and structural damage. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.
Collision coverage protection
This will pay to fix damage to your NSX resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for things such as damaging your car on a curb, hitting a mailbox, driving through your garage door, colliding with a tree and rolling your car. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. Another option is to raise the deductible to bring the cost down.
Coverage for uninsured or underinsured drivers
Your UM/UIM coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. Covered claims include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important. Most of the time your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
Comprehensive car insurance
Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against things such as hitting a bird, theft, fire damage and damage from getting keyed. The maximum payout you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Coverage for medical expenses
Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses such as dental work, nursing services and doctor visits. They are often used in conjunction with a health insurance plan or if you do not have health coverage. It covers both the driver and occupants as well as being hit by a car walking across the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay
We just covered a lot of ways to reduce 2004 Acura NSX insurance prices online. The most important thing to understand is the more price quotes you have, the better your comparison will be. Consumers may even find the best price on auto insurance is with the least-expected company. Smaller companies may have significantly lower rates on certain market segments compared to the large companies like Progressive and GEICO.
When shopping online for auto insurance, do not reduce coverage to reduce premium. In many cases, someone dropped comprehensive coverage or liability limits only to find out that it was a big error on their part. Your strategy should be to buy enough coverage at an affordable rate while still protecting your assets.
Much more information about auto insurance can be found at these links: