Having to pay for overpriced auto insurance can drain your personal savings and make it hard to pay other bills. Comparison shopping is a smart way to tighten up your finances.
Insurance companies such as State Farm and GEICO all promote huge savings with advertising and consumers find it hard to not get sucked in by the cute commercials and do the work needed to find the best deal.
It’s a great practice to price shop coverage periodically since insurance rates change frequently. Just because you found the best price for 500 coverage six months ago you will most likely find a better rate today. Starting now, ignore everything you know about auto insurance because you’re about to learn one of the quickest ways to properly buy coverages and cut your premium.
If you are paying for car insurance now, you stand a good chance to be able to save some money using this information. Buying car insurance is quite easy. Nevertheless, car owners can benefit from knowing how insurance companies price insurance differently because it can help you find the best coverage.
Companies that sell car insurance do not list every available discount very clearly, so we researched some of the best known and also the lesser-known discounts you could be receiving.
A little note about advertised discounts, some of the credits will not apply to the overall cost of the policy. Most only apply to specific coverage prices like comprehensive or collision. So when it seems like you could get a free insurance coverage policy, it just doesn’t work that way.
For a list of insurance companies with the best insurance coverage discounts, click here to view.
All the larger car insurance companies provide pricing on the web. Obtaining pricing doesn’t take much effort as you simply type in the coverage amounts you desire into a form. Behind the scenes, the company’s rating system obtains information on your driving record and credit history and generates a price based on many factors. Being able to quote online makes it a lot easier to compare rates but the time required to go to different websites and fill out multiple forms is monotonous and tiresome. But it’s very important to do this in order to get the lowest car insurance rates.
A quicker way to find better car insurance pricing uses one form that gets price quotes from several companies at one time. It’s a real time-saver, eliminates form submissions, and makes online shopping much easier. Once the form is submitted, it is quoted and you can select any or none of the resulting price quotes. If you find a better price it’s easy to complete the application and purchase coverage. This process just takes a couple of minutes and you will know how your current rates stack up.
To save time and compare rates now, simply click here to open in new window and enter your information. If you have coverage now, it’s recommended you enter the coverages identical to your current policy. This way, you will have rate quotes using the same coverage and limits.
When choosing adequate coverage for your vehicles, there is no perfect coverage plan. Every insured’s situation is different so this has to be addressed. These are some specific questions may help highlight whether you would benefit from professional advice.
If it’s difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, fill out this quick form or go to this page to view a list of companies.
Understanding the coverages of your policy can be of help when determining which coverages you need and the correct deductibles and limits. Insurance terms can be ambiguous and even agents have difficulty translating policy wording. These are the normal coverages found on most insurance policies.
Comprehensive insurance – This coverage pays for damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive can pay for things such as theft, hail damage, damage from a tornado or hurricane and hitting a bird. The maximum payout a insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
Liability coverages – This coverage provides protection from damages or injuries you inflict on a person or their property. It protects YOU against claims from other people, and does not provide coverage for damage to your own property or vehicle.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see values of 100/300/100 that means you have a $100,000 limit per person for injuries, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery.
Liability coverage protects against things such as medical expenses, pain and suffering, bail bonds, structural damage and emergency aid. How much liability coverage do you need? That is a decision to put some thought into, but consider buying higher limits if possible.
Collision – Collision insurance covers damage to your 500 resulting from a collision with an object or car. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things such as hitting a mailbox, crashing into a ditch, rolling your car and hitting a parking meter. This coverage can be expensive, so consider dropping it from vehicles that are older. Drivers also have the option to raise the deductible to bring the cost down.
Med pay and Personal Injury Protection (PIP) – Coverage for medical payments and/or PIP reimburse you for bills for things like X-ray expenses, prosthetic devices, nursing services, hospital visits and chiropractic care. The coverages can be used in conjunction with a health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is only offered in select states but can be used in place of medical payments coverage
Uninsured/Underinsured Motorist (UM/UIM) – Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. It can pay 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 limits can quickly be used up. So UM/UIM coverage is a good idea.
We’ve covered quite a bit of information on how to lower your 2014 FIAT 500 insurance rates. The most important thing to understand is the more companies you get rates for, the better your chances of lowering your rates. Drivers may discover the biggest savings come from the smaller companies. They may have significantly lower rates on certain market segments than the large multi-state companies such as State Farm, GEICO and Nationwide.
As you restructure your insurance plan, it’s very important that you do not buy poor coverage just to save money. There are a lot of situations where consumers will sacrifice uninsured motorist or liability limits only to discover later that it was a big error on their part. Your aim should be to purchase a proper amount of coverage for the lowest price while not skimping on critical coverages.
Cost effective insurance is attainable from both online companies as well as from independent agents, and you should be comparing both in order to have the best chance of saving money. A few companies don’t offer you the ability to get quotes online and most of the time these smaller companies sell through independent agents.
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