Have you fallen victim to overpriced car insurance? It’s quite common and many consumers are in the same pinch. There are many auto insurance companies to choose from, and although it’s a good thing to have multiple companies, too many choices makes it more difficult to compare rates and find the lowest cost car insurance.
It’s a great practice to get comparison quotes as often as possible since rates trend upward over time. Despite the fact that you may have had the best premium rates for Equinox coverage last year you may be paying too much now. Forget anything you know (or think you know) about car insurance because I’m going to let you in on the secrets to the best methods to lower your rates without sacrificing coverage.
Locating more affordable coverage is simple if you know the tricks. If you have a current car insurance policy or are shopping for new coverage, you can use these techniques to find the best rates and still get good coverage. Vehicle owners just need to learn the tricks to shop their coverage around over the internet.
Many different elements are used in the calculation when premium rates are determined. Some are obvious such as traffic violations, but others are more transparent like your continuous coverage or your commute time.It’s important that you understand the different types of things that help determine your auto insurance rates. If you know what determines base rates, this allows you to make educated decisions that could help you find much lower annual insurance costs.
Shown below are most of the major factors auto insurance companies consider when setting your prices.
Buying insurance is not cheap, but you can get discounts that could drop your premiums quite a bit. A few discounts will be applied when you get a quote, but a few must be inquired about in order for you to get them.
Discounts reduce rates, but you should keep in mind that some credits don’t apply to all coverage premiums. Most cut the cost of specific coverages such as medical payments or collision. Just because you may think you would end up receiving a 100% discount, it’s just not the way it works. Any amount of discount will positively reduce your policy premium.
Car insurance companies that may have many of the previously listed discounts include:
Before you buy a policy, ask all companies you are considering which discounts you qualify for. Some of the earlier mentioned discounts might not be available to policyholders in your area. To find companies with the best insurance discounts, click this link.
When buying proper insurance coverage for your vehicles, there is no single plan that fits everyone. Every situation is different and a cookie cutter policy won’t apply. These are some specific questions may help highlight if you might need an agent’s assistance.
If you don’t know the answers to these questions but a few of them apply, you might consider talking to a licensed insurance agent. If you don’t have a local agent, take a second and complete this form or you can go here for a list of companies in your area. It’s fast, free and can help protect your family.
Understanding the coverages of a auto insurance policy can help you determine which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. These are the usual coverages available from auto insurance companies.
Med pay and Personal Injury Protection (PIP)
Personal Injury Protection (PIP) and medical payments coverage pay for bills for rehabilitation expenses, prosthetic devices, hospital visits and funeral costs. They are often used to fill the gap from your health insurance program or if you are not covered by health insurance. They cover you and your occupants and also covers being hit by a car walking across the street. Personal injury protection coverage is only offered in select states and may carry a deductible
Auto liability insurance
This coverage provides protection from injuries or damage you cause to people or other property. It protects you from claims by other people, and doesn’t cover your injuries or vehicle damage.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 25/50/25 which means a limit of $25,000 per injured person, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Another option is a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.
Liability coverage pays for things like pain and suffering, loss of income, funeral expenses, emergency aid and legal defense fees. The amount of liability coverage you purchase is up to you, but buy as much as you can afford.
Uninsured/Underinsured Motorist (UM/UIM)
This coverage gives you protection from other drivers when they either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.
Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage is a good idea. Normally these limits do not exceed the liability coverage limits.
Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims like damage from a tornado or hurricane, hitting a bird, hitting a deer, hail damage and damage from getting keyed. The maximum amount a auto insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.
Collision coverage pays for damage to your Equinox caused by collision with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.
Collision coverage pays for claims such as driving through your garage door, colliding with a tree and scraping a guard rail. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. It’s also possible to increase the deductible to bring the cost down.
Some insurance providers do not provide online price quotes and these regional carriers provide coverage only through local independent agents. Lower-priced 2008 Chevy Equinox insurance can be found from both online companies in addition to many insurance agents, and you should be comparing both to get a complete price analysis.
As you shop your coverage around, make sure you don’t buy lower coverage limits just to save a few bucks. In many instances, drivers have reduced physical damage coverage and learned later that a couple dollars of savings turned into a financial nightmare. Your objective should be to get the best coverage possible at a price you can afford, but do not skimp to save money.
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