Did you fall for a flashy sales pitch and buy an underperforming, overpriced car insurance policy? Trust us when we tell you you are not the only one feeling buyer’s remorse. Big companies like Progressive, GEICO and Farmers Insurance promote their brand names with advertising and consumers find it hard to see through the deception and find the best price available.
It’s a good idea to compare rates on a regular basis because prices trend upward over time. Even if you got the best rates on GranTurismo insurance on your last policy there may be better deals available now. Ignore everything you know about car insurance because we’re going to demonstrate the best way to find the best coverage while lowering your premiums.
An important part of buying insurance is that you know the different types of things that play a part in calculating the rates you pay for auto insurance. Having a good understanding of what determines base rates empowers consumers to make smart changes that may reward you with big savings.
The cost of insuring your cars can be expensive, but there could be available discounts to cut the cost considerably. Some discounts apply automatically at the time of quoting, but less common discounts must be requested specifically in order for you to get them. If you aren’t receiving every discount available, you’re just leaving money on the table.
A little note about advertised discounts, most discounts do not apply to the entire policy premium. Most only apply to individual premiums such as collision or personal injury protection. Just because it seems like it’s possible to get free car insurance, companies wouldn’t make money that way. Any qualifying discounts will cut your overall premium however.
Companies that may offer these money-saving discounts are:
Check with all companies you are considering what discounts are available to you. Savings may not be available in your area.
Consumers can’t ignore all the ads that promise big savings from companies such as Progressive, GEICO, Allstate and State Farm. All the companies make an identical promise of big savings if you change your policy.
How does each company make the same claim? This is how they do it.
Different companies can use profiling for the type of customer that is profitable for them. For instance, a preferred risk might be profiled as between the ages of 40 and 55, a clean driving record, and chooses high deductibles. Any driver who fits that profile receives the best rates and therefore will save quite a bit of money when switching.
Potential customers who are not a match for the requirements will have to pay higher premiums and ends up with the customer not buying. The ads state “people who switch” not “everybody who quotes” save that much money. This is how insurance companies can confidently advertise the savings.
Because of the profiling, it is so important to compare as many rates as you can. Because you never know which auto insurance company will fit your personal profile best.
When it comes to choosing the right insurance coverage, there really is no best way to insure your cars. Every situation is different and your policy should reflect that. For instance, these questions may help highlight if your situation might need an agent’s assistance.
If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to an insurance agent. To find an agent in your area, simply complete this short form or go to this page to view a list of companies. It is quick, free and you can get the answers you need.
Understanding the coverages of your car insurance policy aids in choosing the best coverages at the best deductibles and correct limits. Car insurance terms can be impossible to understand and reading a policy is terribly boring. Below you’ll find the normal coverages offered by car insurance companies.
Collision coverage protection
Collision coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.
Collision can pay for things like hitting a mailbox, rolling your car and damaging your car on a curb. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. It’s also possible to increase the deductible in order to get cheaper collision rates.
Coverage for liability
Liability insurance will cover damage or injury you incur to other’s property or people by causing an accident. This insurance protects YOU against claims from other people, and does not provide coverage for damage to your own property or vehicle.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see limits of 25/50/25 that translate to a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $25,000. Another option is one number which is a combined single limit that pays claims from the same limit with no separate limits for injury or property damage.
Liability insurance covers claims like legal defense fees, funeral expenses, emergency aid, repair bills for other people’s vehicles and loss of income. How much coverage you buy is a decision to put some thought into, but consider buying higher limits if possible.
Comprehensive auto coverage
Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against things such as falling objects, hitting a deer, a tree branch falling on your vehicle, hitting a bird and a broken windshield. The maximum payout a car insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Your UM/UIM coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. Covered losses include medical payments for you and your occupants as well as your vehicle’s damage.
Due to the fact that many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.
Medical payments and PIP coverage
Coverage for medical payments and/or PIP provide coverage for immediate expenses for things like funeral costs, ambulance fees and dental work. The coverages can be used to fill the gap from your health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants and also covers getting struck while a pedestrian. PIP is not universally available but can be used in place of medical payments coverage
As you restructure your insurance plan, it’s a bad idea to skimp on coverage in order to save money. In too many instances, consumers will sacrifice physical damage coverage and found out when filing a claim that it was a big mistake. Your focus should be to find the BEST coverage at an affordable rate, not the least amount of coverage.
Budget-conscious 2010 Maserati GranTurismo insurance is attainable on the web in addition to many insurance agents, so compare prices from both to get a complete price analysis. Some companies do not provide the ability to get a quote online and usually these smaller companies provide coverage only through local independent agents.