You’re on the market for car insurance, where do you begin your search? There are important questions you need to answer when deciding which insurer to purchase from. Determining what type of coverage you need and how much of it is required is essential to know. If this is your first time buying auto insurance or if it’ been a while since you’ve been on the market for a policy, use the following tips to help you get the best deal possible.
Check the Rate Every Year
If you’ve been with the same insurer for more than a year, then you need to check the rate each year you’re with them. You don’t want to be stuck paying a higher rate than you have to. Insurance rates change every so often, which means you could get a lower monthly rate each year. All you have to do is get quotes from the same insurer and others to see if you’re missing out. These days, you can get multiple quotes at once using the web, so there’s no excuse.
Go with a High-Rated Insurance Company
The internet can also let you know which companies are the highest rated. Consumers are your best source of information, so read their reviews to identify which insurers are red flags and which are good to do business with. It may not be worth going with the cheaper guys if they’re known for lowballing loss estimates and making it difficult to obtain repairs at the shop. Do your research first, so you don’t get duped.
Put the Right Deductible
As you’re looking around for quotes, make sure you’re inserting the right deductible in the calculations. When you put a high deductible, it lowers your monthly rate and vice versa. By simply moving your deductible from $200 to $500 can reduce your premium on collision between 15 to 30 percent. If you increase it to $1000, you can save as much as 40 percent. Your rate is the best when you have a high deductible and a great driving record. Just make sure you’re able to forfeit that amount at the time of an accident if necessary.
Think Twice About State Minimums
It’s tempting to only pay for what the state requires. However, going with the state minimums could leave you with too little to pay for damages and injuries caused. If you are at fault in an accident, you could be stuck paying for whatever your insurance doesn’t. So don’t low ball on the liability limits. If you have a good health insurance plan, then you can likely lower your personal injury protection. You could also eliminate roadside assistance if you are already a member with an auto club.
Try to Get All the Discounts You Can
There are various discounts you can get from an insurer. You can get discounts when you take driver-training courses, get good grades in school, take defensive driving courses or have anti-theft equipment installed in your vehicle.
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