No one in their right mind likes having to buy auto insurance, in particular when they are paying too much.
Drivers have so many auto insurance companies to insure vehicles with, and although it’s a good thing to have multiple companies, it can be more difficult to find the best rates.
It’s important to compare prices yearly because prices tend to go up over time. Even if you got the best price on Five Hundred coverage two years ago there may be better deals available now. So just block out anything you think you know about auto insurance because we’re going to show you the quickest way to reduce your cost while increasing coverage.
It’s important that you understand the factors that go into determining the price you pay for insurance. Understanding what controls the rates you pay empowers consumers to make smart changes that will entitle you to better insurance rates.
Listed below are a partial list of the pieces used by your company to calculate prices.
Car insurance can cost a lot, but there are discounts available that many people don’t even know exist. A few discounts will automatically apply when you get a quote, but some may not be applied and must be asked about before you will receive the discount.
Drivers should understand that most discounts do not apply to your bottom line cost. Most only apply to the cost of specific coverages such as comprehensive or collision. So even though they make it sound like all the discounts add up to a free policy, auto insurance companies aren’t that generous. But all discounts will bring down your premiums.
Insurance companies that possibly offer these money-saving discounts may include but are not limited to:
It’s a good idea to ask all companies you are considering what discounts are available to you. All car insurance discounts might not apply in every state.
Car insurance companies such as Allstate, GEICO and Progressive constantly bombard you with ads in print and on television. They all seem to make an identical promise that you can save if you switch your policy. How does each company make almost identical claims? It’s all in the numbers.
All the different companies are able to cherry pick for the right customer that makes them money. For instance, a profitable customer could possibly be between the ages of 30 and 50, a clean driving record, and drives less than 10,000 miles a year. A customer who matches those parameters is entitled to the best price and as a result will probably save when they switch companies.
Potential insureds who don’t qualify for the “perfect” profile will be quoted higher prices and this can result in the driver buying from a lower-cost company. The ads say “customers who switch” not “everybody who quotes” save that much money. That’s why companies can make those claims.
This emphasizes why it’s extremely important to get as many quotes as possible. It’s just too difficult to predict which car insurance company will have the lowest Ford Five Hundred insurance rates.
When it comes to choosing the best auto insurance coverage for your personal vehicles, there really is not a “perfect” insurance plan. Your needs are not the same as everyone else’s so your insurance should reflect that For example, these questions could help you determine if your insurance needs will benefit from professional help.
If you don’t know the answers to these questions but a few of them apply, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area.
Having a good grasp of your auto insurance policy aids in choosing appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be confusing and reading a policy is terribly boring. Listed below are typical coverage types available from auto insurance companies.
Protection from uninsured/underinsured drivers – Your UM/UIM coverage gives you protection from other motorists when they are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your Ford Five Hundred.
Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is very important. Most of the time these coverages are similar to your liability insurance amounts.
Comprehensive (Other than Collision) – Comprehensive insurance pays for damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against things like damage from flooding, hitting a bird, a tree branch falling on your vehicle and fire damage. The maximum amount a auto insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Auto liability insurance – Liability insurance provides protection from injuries or damage you cause to people or other property in an accident. It protects you from legal claims by others. It does not 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 limits of 50/100/50 that means you have $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.
Liability insurance covers claims such as legal defense fees, repair bills for other people’s vehicles, medical expenses and emergency aid. The amount of liability coverage you purchase is a personal decision, but you should buy as much as you can afford.
Medical expense insurance – Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses like EMT expenses, pain medications, hospital visits, nursing services and prosthetic devices. They can be used in conjunction with a health insurance plan or if you do not have health coverage. They cover you and your occupants and will also cover any family member struck as a pedestrian. PIP is not available in all states and may carry a deductible
Collision coverages – This pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things like rolling your car, sustaining damage from a pot hole, backing into a parked car, sideswiping another vehicle and crashing into a building. Collision is rather expensive coverage, so consider dropping it from vehicles that are 8 years or older. You can also bump up the deductible to bring the cost down.
In this article, we covered some good ideas how to compare 2000 Ford Five Hundred insurance prices online. The key thing to remember is the more companies you get rates for, the more likely it is that you will get a better rate. Drivers may discover the lowest priced insurance coverage comes from some of the smallest insurance companies. Some small companies often have lower prices on specific markets than their larger competitors like State Farm, GEICO and Nationwide.
Lower-priced insurance can be bought from both online companies as well as from independent agents, and you should be comparing both so you have a total pricing picture. There are still a few companies who don’t offer online price quotes and usually these small, regional companies provide coverage only through local independent agents.
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