Did you fall for a flashy sales pitch and buy an underperforming, overpriced auto insurance policy? Believe me when I say many consumers feel financially strained by their auto insurance policy.
Many auto insurance companies compete to insure your vehicles, and because of this it can be hard to compare auto insurance companies and get the best coverage at the lowest cost out there.
If you currently have car insurance, you stand a good chance to be able to lower your premiums substantially using these techniques. Choosing the best insurance company for you is not that difficult. But vehicle owners must learn the methods companies use to market insurance on the web and apply this information to your search.
It’s important that you understand the rating factors that play a part in calculating the price you pay for auto insurance. Understanding what influences your rates empowers consumers to make smart changes that could result in better auto insurance rates.
Insurance can be prohibitively expensive, but there could be available discounts to help bring down the price. Some discounts apply automatically at the time you complete a quote, but a few need to be inquired about before you will receive the discount.
Keep in mind that some of the credits will not apply to all coverage premiums. Some only apply to the price of certain insurance coverages like comprehensive or collision. So even though they make it sound like adding up those discounts means a free policy, companies don’t profit that way. But any discount will reduce your premiums.
For a list of insurers with discount insurance coverage rates, click here.
When choosing adequate coverage, there isn’t really a one size fits all plan. Everyone’s needs are different and a cookie cutter policy won’t apply. Here are some questions about coverages that can aid in determining whether you would benefit from professional advice.
If it’s difficult to answer those questions then you might want to talk to a licensed insurance agent. To find an agent in your area, fill out this quick form or you can go here for a list of companies in your area.
Knowing the specifics of your policy helps when choosing which coverages you need at the best deductibles and correct limits. Car insurance terms can be confusing and nobody wants to actually read their policy. Listed below are typical coverages offered by car insurance companies.
Comprehensive auto coverage
Comprehensive insurance coverage covers damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for claims such as hitting a bird, hail damage, theft and a broken windshield. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.
Medical payments and PIP coverage
Coverage for medical payments and/or PIP provide coverage for short-term medical expenses such as nursing services, hospital visits and prosthetic devices. The coverages can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers you and your occupants in addition to getting struck while a pedestrian. PIP is not available in all states but can be used in place of medical payments coverage
UM/UIM (Uninsured/Underinsured Motorist) coverage
This coverage gives you protection from other drivers when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries and also any damage incurred to your 2014 Lexus IS 250.
Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family. Normally these coverages do not exceed the liability coverage limits.
Collision coverage protection
Collision insurance covers damage to your IS 250 caused by collision with an object or car. You first must pay a deductible and then insurance will cover the remainder.
Collision coverage pays for claims like sideswiping another vehicle, damaging your car on a curb and backing into a parked car. Paying for collision coverage can be pricey, so consider removing coverage from lower value vehicles. Another option is to choose a higher deductible to save money on collision insurance.
Liability auto insurance
Liability insurance provides protection from damage that occurs to other’s property or people by causing an accident. It protects YOU from legal claims by others. It does not cover your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have 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. Some companies may use a combined single limit or CSL which provides one coverage limit without having the split limit caps.
Liability can pay for things like repair bills for other people’s vehicles, repair costs for stationary objects, medical services and loss of income. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase as much as you can afford.
Cheaper 2014 Lexus IS 250 insurance is possible online as well as from independent agents, and you need to price shop both in order to have the best price selection to choose from. Some insurance companies don’t offer online quoting and many times these small insurance companies only sell through independent insurance agents.
In this article, we covered some good ideas how to save on insurance. The key thing to remember is the more you quote, the better likelihood of reducing your rate. Consumers could even find that the lowest rates come from a small local company. These companies may have significantly lower rates on certain market segments as compared to the big name companies such as State Farm, GEICO and Nationwide.
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