Wish you could get a refund on high-priced insurance coverage? You’re preaching to the choir because there are lots of residents who feel the same.
Numerous insurers battle for your insurance dollar, so it’s not easy to compare every company and get the best coverage at the lowest price
It’s a good habit to compare premium rates on a regular basis because prices are usually higher with each renewal. If you had the lowest price on F-150 coverage a year ago you can probably find a better rate now. There is too much inaccurate information about insurance coverage online, but we’re going to give you a lot of great tips on how to quit paying high insurance coverage rates.
The price of auto insurance can be rather high, but you can get discounts that may help make it more affordable. Larger premium reductions will be automatically applied at the time of quoting, but less common discounts must be manually applied before being credited.
You can save money using discounts, but most discounts do not apply to the overall cost of the policy. Some only apply to specific coverage prices like comp or med pay. Despite the fact that it seems like you can get free auto insurance, you won’t be that lucky.
To see a list of insurance companies who offer insurance discounts, click here.
When choosing coverage, there isn’t really a best way to insure your cars. Your needs are not the same as everyone else’s so this has to be addressed. Here are some questions about coverages that may help highlight whether your personal situation might need an agent’s assistance.
If you don’t know the answers to these questions but you think they might apply to your situation, you may need to chat with an agent. To find lower rates from a local agent, take a second and complete this form or click here for a list of insurance companies in your area.
Insurance coverage providers like Progressive, Allstate and GEICO regularly use television and radio advertisements. All the ads tend to make the same promise that you’ll save big just by moving your coverage. How can each company say the same thing? This is the trick they use.
Companies quote the lowest rates for the type of driver that makes them money. For example, a desirable insured could be between the ages of 30 and 50, has had continuous coverage, and drives less than 10,000 miles a year. A customer getting a price quote who matches that profile will probably get the lowest prices and will most likely save when they switch companies.
Insureds who may not quite match this ideal profile will be quoted more expensive rates which usually ends up with the prospect going elsewhere. If you pay attention, the ads say “customers that switch” not “everyone that quotes” save that much. That’s why insurance companies can advertise the way they do. This emphasizes why you really should get price quotes at each policy renewal. You cannot predict which company will have the best rates for your profile.
Learning about specific coverages of your auto insurance policy aids in choosing the right coverages and the correct deductibles and limits. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. Below you’ll find the normal coverages available from auto insurance companies.
Auto liability insurance
This coverage will cover damage that occurs to other people or property in an accident. This coverage protects you from claims by other people. It does not cover your injuries or vehicle damage.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 50/100/50 which means a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery.
Liability coverage pays for claims such as medical expenses, structural damage, funeral expenses and bail bonds. How much liability should you purchase? That is a decision to put some thought into, but buy as high a limit as you can afford.
Uninsured/Underinsured Motorist (UM/UIM)
This coverage protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.
Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea.
This coverage pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims like damage from a tornado or hurricane, hitting a deer and vandalism. The maximum amount your auto insurance company will pay is the market value of your vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.
Med pay and Personal Injury Protection (PIP)
Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for pain medications, X-ray expenses, rehabilitation expenses, prosthetic devices and surgery. They can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants and will also cover getting struck while a pedestrian. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Collision coverage protection
This will pay to fix damage to your F-150 resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.
Collision insurance covers claims like crashing into a building, backing into a parked car and driving through your garage door. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. You can also bump up the deductible in order to get cheaper collision rates.
When getting insurance coverage quotes online, it’s very important that you do not buy poor coverage just to save money. There have been many cases where someone dropped physical damage coverage only to regret that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to buy enough coverage at the lowest possible cost, but do not skimp to save money.
Throughout this article, we presented quite a bit of information on how to get a better price on 2002 Ford F-150 insurance. The key concept to understand is the more rate quotes you have, the more likely it is that you will get a better rate. You may even discover the best premium rates are with a small mutual company. They can often insure niche markets at a lower cost than their larger competitors like Progressive and GEICO.
Much more information about auto insurance is located at the links below