Are you intimidated by the dozens of car insurance choices? Lot’s of other consumers are too. There are so many companies to choose from that it can easily become a big hassle to compare prices.
Locating affordable coverage is not that difficult. In a nutshell, every driver who shops for insurance coverage will most likely be able to find lower rates. But vehicle owners should learn the way insurance companies price insurance differently because it can help you find the best coverage.
Performing a rate comparison can be challenging if you don’t understand the most efficient way to do it. You could spend the better part of a day discussing policy coverages with insurance companies in your area, or you can utilize online quotes to achieve your goal.
Most of the larger companies enroll in a system where prospective buyers enter their policy data once, and each participating company provides a quote based on that data. This saves time by eliminating form submissions for each company you want a rate for.
To find out how much you’re overpaying now click here (opens in new window).
The single downside to comparing rates this way is you can’t choose the providers to get quotes from. So if you prefer to choose from a list of companies to compare prices, we have assembled a list of insurance companies in your area. Click here to view list.
It doesn’t matter which method you choose, just double check that you are using identical information for every quote you compare. If each company quotes higher or lower deductibles it will be very difficult to determine the lowest rate for your Toyota Corolla. Slightly different limits may cause a big price difference. Just remember that comparing a large number of companies gives you a better chance of getting a better price.
When it comes to buying coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Coverage needs to be tailored to your specific needs.
For example, these questions could help you determine if you may require specific advice.
If you don’t know the answers to these questions but you think they might apply to your situation, then you may want to think about talking to an agent. If you don’t have a local agent, fill out this quick form.
Knowing the specifics of insurance can be of help when determining the best coverages and proper limits and deductibles. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.
Comprehensive coverage (or Other than Collision) – This will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive can pay for claims such as theft, a broken windshield, a tree branch falling on your vehicle and damage from flooding. The maximum payout a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.
Insurance for medical payments – Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses such as funeral costs, surgery and EMT expenses. They can be used in conjunction with a health insurance policy or if you are not covered by health insurance. It covers you and your occupants in addition to being hit by a car walking across the street. PIP coverage is not available in all states and may carry a deductible
Uninsured Motorist or Underinsured Motorist insurance – This protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries 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. This is the reason having UM/UIM coverage is very important. Frequently the UM/UIM limits are identical to your policy’s liability coverage.
Liability insurance – This coverage will cover damage or injury you incur to people or other property in an accident. It protects YOU against claims from other people. Liability doesn’t cover your injuries or vehicle damage.
It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 25/50/25 which means a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery. Some companies may use 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 bail bonds, loss of income and medical expenses. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase as large an amount as possible.
Collision – Collision coverage pays for damage to your Corolla from colliding with another car or object. A deductible applies then your collision coverage will kick in.
Collision coverage protects against things like crashing into a ditch, hitting a parking meter, damaging your car on a curb, scraping a guard rail and hitting a mailbox. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. Drivers also have the option to increase the deductible to save money on collision insurance.