Cutting costs on auto insurance can be challenging for consumers new to buying insurance online. Drivers have so many choices that it can easily become a ton of work to compare prices.
Performing a rate comparison is a ton of work if you don’t know the easiest way. You can spend countless hours driving to insurance companies in your area, or you can stay home and use online quoting to get the quickest rates.
Many insurance companies participate in an industry program where insurance shoppers enter their policy data once, and each company returns a competitive quote. This system prevents you from having to do repetitive form submissions to every company.
To submit your quote information now, click here to start a free quote.
The only downside to getting quotes like this is you are unable to specify the providers you want to price. So if you want to choose specific providers for rate comparison, we have assembled a list of the cheapest auto insurance companies in your area. Click to view list.
Which method you use is up to you, but be sure to compare apples-to-apples coverage limits on every quote. If you use different values for each quote it’s not possible to determine which rate is truly the best. Having just a slight variation in coverage limits can mean a large discrepancy in price. And when comparison shopping, obtaining a wide range of quotes will enable you to find the best rates.
State Farm, Allstate and GEICO regularly use television and radio advertisements. All the companies have a common claim about savings if you move to their company. How can each company make the same claim? It’s all in the numbers.
Different companies can use profiling for the driver they prefer to insure. For instance, a desirable insured might be profiled as between the ages of 30 and 50, is a homeowner, and drives less than 7,500 miles a year. A propective insured that hits that “sweet spot” gets the lowest rates and as a result will probably save when switching.
Potential insureds who do not match the “perfect” profile will have to pay a more expensive rate and this can result in business going elsewhere. The ads state “customers who switch” not “people who quote” save that much money. That’s why companies can claim big savings. Because of the profiling, you need to get quotes from several different companies. You cannot predict which insurance company will have the lowest Chevy Equinox insurance rates.
Companies don’t always publicize every available discount in a way that’s easy to find, so the following is a list of some of the best known and the more hidden ways to save on auto insurance.
It’s important to understand that most discounts do not apply to your bottom line cost. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. So when the math indicates it’s possible to get free car insurance, auto insurance companies aren’t that generous.
To see a list of insurers offering auto insurance discounts, click this link.
When choosing adequate coverage for your vehicles, there is no cookie cutter policy. Everyone’s situation is a little different.
These are some specific questions can aid in determining whether or not you will benefit from professional help.
If it’s difficult to answer those questions, you may need to chat with a licensed insurance agent. To find an agent in your area, take a second and complete this form.
Knowing the specifics of a auto insurance policy helps when choosing which coverages you need and the correct deductibles and limits. Policy terminology can be confusing and nobody wants to actually read their policy.
Uninsured or underinsured coverage – This coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.
Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is a good idea.
Comprehensive protection – Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against things like fire damage, falling objects, theft and damage from flooding. The highest amount your auto insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Collision – This coverage pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.
Collision insurance covers claims such as hitting a parking meter, hitting a mailbox, colliding with another moving vehicle, driving through your garage door and crashing into a ditch. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. You can also raise the deductible to save money on collision insurance.
Coverage for liability – Liability insurance will cover damage or injury you incur to other’s property or people in an accident. It protects YOU against other people’s claims. It does not 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. Your policy might show limits of 50/100/50 which means $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000.
Liability coverage protects against claims like bail bonds, funeral expenses, court costs and legal defense fees. How much liability coverage do you need? That is your choice, but you should buy as much as you can afford.
Medical expense coverage – Med pay and PIP coverage kick in for expenses for things like funeral costs, EMT expenses, prosthetic devices, dental work and rehabilitation expenses. They can be used in conjunction with a health insurance policy or if you do not have health coverage. Medical payments and PIP cover you and your occupants as well as if you are hit as a while walking down the street. PIP coverage is not an option in every state and may carry a deductible
Consumers leave their current company for a variety of reasons including being labeled a high risk driver, extreme rates for teen drivers, not issuing a premium refund and high prices. It doesn’t matter why you want to switch choosing a new insurance company is less work than it seems.
When trying to cut insurance costs, it’s very important that you do not buy less coverage just to save a little money. Too many times, drivers have reduced comprehensive coverage or liability limits and discovered at claim time that it was a big error on their part. Your aim should be to get the best coverage possible at a price you can afford while still protecting your assets.
We just showed you quite a bit of information on how to lower your 2014 Chevy Equinox insurance rates. The key thing to remember is the more rate comparisons you have, the higher your chance of finding lower rates. You may even discover the lowest rates come from the least-expected company.
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