Whether your car was bought brand new or passed down to you, the one thing you absolutely need is car insurance. The purpose of car insurance is to contractually protect you against financial loss in the event of an accident, theft, or disaster. It covers everything from physical bodily harm and mechanical repairs of either you and your property and any other involved parties.
If You’re Shopping for a New Insurance Policy
Need a new car insurance policy? You need to keep several things in mind. It is very important that you choose a reputable company or companies from which you entertain quotes covering you and your new vehicle.
Here are some tips for getting a new insurance policy:
1. Start with top insurance providers
Top insurance providers are rated for their respective performances and nationally or regionally ranked. That information will make their contact information and ratings easy to compare and contrast between them all.
2. Compare Quotes
Once you have compiled car insurance information from several providers you can compare the benefits they offer, the cost of coverage, the types of coverage and much more. Remember that quotes should be added to certain types of added coverage that you may need or your particular state requires.
3. Discounts Are Available
You’re new to the insurance game. All insurance providers have a list of discounts available to sweeten your deal. They cover everything from the most obvious discounts to discounts that apply within a grey area. Some examples of discounts are: anti-theft device discounts, multiple policy discounts (maybe being added to your parents’ policy is best), driver’s ed discounts, college student discounts and others.
If You Already Have Insurance
You’ve had the same insurance policy for years. Maybe it’s time for a new policy. Why not? There are all kinds of reasons to refresh your insurance provision. Complacency is something you can’t afford. Complacency could be the difference between paying $100 more or less for the same coverage you have enjoyed for years and in some cases with added coverage you can come out on top.
Here are some tips for getting the most out of your insurance policy:
1. Shop Quotes and Compare
You’re an experienced driver with years under your belt. Surely you can get a better quote if you shop around right? As a matter of fact, you can. You have been growing a status as a reliable driver with an impeccable record. In the world of insurance that is as valuable as gold. Whether you know it or not years of being a safe driver counts. Your goal is to see how much more you can get for the same insurance premium price or pay a lower premium.
2. Policy Additions and Subtractions
When you first purchased your policy you were most likely required to get all the insurance bells and whistles. Fast forward to today, you don’t have to have all the bells and whistles on your trusty automobile anymore. There is a general industry rule that states that if the cost of comprehensive and collision coverage is more than 10% of your old vehicle’s coverage, you should drop everything and go with liability only. For example, if your car costs $2500 and your premiums are $250 (10% of $2500) or more, you should only have liability.
3. Discounts, Discounts and More Discounts
You already know about discounts. Chances are you have taken advantage of a number of discounts and still are today. Over time, more discounts become common place offerings for insurance providers. You may have anti-theft device, multiple policies, and long-time customer discounts, but you may be leaving new discounts like; no accidents in three years, No moving violations in three years, low annual mileage and other discounts.
A recent article published by Consumer Affairs, “Most Consumers Think They Pay Too Much for Car Insurance,”suggests that many people aren’t satisfied with their insurance. Are you one of these people? Another school of thought is the future will be a driverless one. If the latter is true we might see a complete restructuring of the car insurance industry. Until then do yourself a favor and shop for a better quote, shop for more discounts, shop for a lower premium and a host of other benefits.