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Online Auto Insurance Highlights the Importance of Comparison Shopping
Completing a comparison of various car insurance carriers is a vital step to finding affordable rates.
Online PR News – 10-May-2010 – Comparing quotations from multiple companies is one of the most effective ways to find the best deal on automobile coverage and taking the time to compare rates from various insurers can lead to big savings. With so many providers that are licensed in a given area, completing quote comparisons is an important step to finding the most affordable premiums.
OnlineAutoInsurance.com strongly encourages motorists to complete an auto insurance quotes comparison in order to help ensure that the lowest rate is found from a reputable company. Consumers should be aware that each carrier has different pricing and each applicant will pay a different amount for the same coverage based on various factors. Therefore, no single insurer can be cheapest for all drivers and the consumer must take the time to seek out the best price for them particularly; a recent study showed that premiums can differ up to 200% for the same product.
Comparing rates is also advised by government consumer guides. A consumer’s guide provided by the Maine Bureau of Insurance states, “Comparison shopping takes time but it will save you money. The only way you can make sure you are not paying too much is to shop around and find out what different companies charge for the same products and services.”
Source: http://www.maine.gov/pfr/insurance/consumer/auto.htm
Although it does take some time to complete an effective comparison it is well worth it and may be done quicker online; many insurers offer rate quotes on their websites and a comparison website can offer quotations from several companies to compare from.
Lowest and cheapest car insurance comparison from Geico, Allstate, Progressive, and Nationwide.
Which company has the best price on auto insurance?
An easy way to save money without much effort is by changing your car insurance provider. It is always a good idea to shop around for the best coverage at the best price with it is time to renew your car insurance policy
. For most people, this means every six months.
Shopping around for auto insurance does not have to be as difficult as you may imagine. There are a few primary factors that you should consider while shopping for car insurance. These factors are type of coverage, coverage amounts, premiums, and deductibles. Here is a brief description of these terms:
Coverage: Liability or Liability and collision? Liability covers the expenses of the other vehicle(s) involved in an accident if you are at fault. Liability does not cover damage expense to your vehicle.
Coverage amounts: This is usually presented as three numbers such as 30/60/30. The numbers represent bodily injury per person, per incident, and property damage respectively.
Premiums: Simply how much you are to pay each month or every six months
Deductibles: Your out-of-pocket expense if you are ever involved in an accident.
Compare these factors with insurance companies such as Geico, Allstate, Progressive, and Nationwide to get the bet price on auto insurance.
Car insurance premiums fluctuate daily between car insurance companies. This is why it is always a good idea to check back every time your policy is up for renewal because you will find that the insurance company with the lowest rates will most likely differ every time that you call.
For more great tips on how to save money on common every day expenses such as car insurance, check back with Healthy Financial Habits. Our team is dedicated to helping you save money.
Author: Mike Smitt
Source: www.healthyfinancialhabits.com
10 Tips: Ways to save on car insurance
10 Tips: Ways to save on car insurance
Like many people, you may have established the nitty-gritty details of your auto insurance policy years ago. If you were to be given a pop quiz about, say, the amount of your deductible or the particulars of your collision coverage, would you pass it? If you’re not sure, it may be high time to refresh your memory about your policy. Devoting about an hour or so to such a review could save you money in the long term.
1Your credit score is important. Insurers care about your bill-paying history, and most will review your credit report. If anything looks dicey, you almost certainly will pay more on premiums. To review your credit report for any errors, or to get a glimpse of what insurers will see, order free annual reports from the three major credit bureaus (Equifax, Experian and TransUnion) by visiting AnnualCreditReport.com or calling toll-free 1-877-322-8228. Hold off on buying auto insurance for a month or so if you have any unusual credit activity pending.
2Ask for higher deductibles. The deductible is the money you have to pay before your insurance policy comes to the rescue. By bumping your deductible up from $200 to $500, you could lower the cost of your collision and comprehensive coverage by 15 to 30 percent. By increasing it to $1,000, you could decrease that cost by at least 40 percent.
3Don’t pay for coverage that won’t help. If you have an older car or a car with low market value, consider dropping collision and/or comprehensive coverage. These cover the vehicle’s replacement value and they can total 40 percent of your premium. They often are not worth it for older cars because any claim payment you’d get likely wouldn’t exceed the cost of your insurance premiums and deductible. To check your car’s value, visit Kelley Blue Book (www.kbb.com) and Edmunds.com (www.edmunds.com).
4Opt for a low-profile car. It costs more to insure a vehicle that’s popular with thieves, expensive to repair or doesn’t have a great safety record. For vehicles’ risk levels, visit this section of the Insurance Institute for Highway Safety’s website: www.iihs.org/brochures/ictl/ictl.html#older. Near the bottom of that page, click on the “insurance losses by make and model” link; then click on “latest results” for data about 2006-08 models, or select a year span to research older models.
5Don’t duplicate medical coverage. If you have good health, life and disability insurance, buy only the minimum personal injury protection (PIP) required by the state. (In Florida, you must carry a minimum of $10,000 of PIP.)
6Are you driving less? If you’re no longer driving to work or if you have started carpooling, pay attention to your average mileage. Many insurers offer “low-mileage discounts” to policyholders who carpool to work or drive a lower-than-average number of miles each year.
7Safety gear can make a difference. It’s often possible to qualify for discounts if you have air bags, automatic seat belts, antilock brakes and daytime running lights. An approved alarm system or other antitheft device can give you additional savings. So can evidence that you’ve made yourself a safer driver by taking a defensive-driving class.
8Pursue discounts for teens. Insure teenagers on the parents’ policy rather than a separate policy. Teens who maintain good grades and pass an approved drivers’ education course usually can qualify for reduced rates. Another discount may be available if your child goes to college more than 100 miles from home and doesn’t take a car along.
9Use one carrier for all your policies. You often will save money if you insure all your vehicles, including recreational vehicles and trailers, with one carrier. Your car premium also may go down if you buy homeowners or life insurance from the same company. And if you’re a longtime customer, call and find out if there are “loyalty discounts.”
10Inquire about other discounts. You may be able to pay less if you’re older than 50 or 55; if you’ve had no accidents or moving violations in three years; or if you pay your premiums in full up front to avoid installment fees. While checking on possible discounts, call other insurers to compare rates.
Laura T. Coffey can be reached at laura@ tentips.org.
Sources: Insurance Information Institute; Insurance Institute for Highway Safety; MSN Money; SmartMoney.com