Did you make the mistake of buying an overpriced insurance coverage policy? Don’t feel bad because many consumers are feeling buyer’s remorse and feel like there’s no way out. Insurance companies such as GEICO and Progressive continually hit you with ads and it is challenging if not impossible to see past the geckos and flying pigs and take the time to shop coverage around.
You should take the time to shop coverage around before your next renewal because prices change regularly. If you had the best price for 200 insurance six months ago you can probably find a lower rate today. Forget anything you know (or think you know) about insurance coverage because I’m going to let you in on the secrets to the tricks you need to know to find better coverage at a better price.
Finding a better price on insurance coverage is actually easier than you may think. Consumers just need to take the time to compare rate quotes to find out which insurance company has cheap insurance quotes. This is very easy and can be done by using one of the methods below.
How you compare quotes is your choice, just try to use equivalent quote information for each quote you get. If you compare different limits and deductibles on each one then you won’t be able to get a fair rate comparison.
Companies don’t always list every discount very well, so the list below details a few of the more common and the more hidden discounts that you can inquire about if you buy insurance online.
A quick disclaimer, most discounts do not apply the the whole policy. Most only apply to specific coverage prices like comp or med pay. Even though it may seem like all the discounts add up to a free policy, companies wouldn’t make money that way.
Some of the larger companies that possibly offer some of the above discounts include:
When comparing rates, check with all the companies which discounts you may be entitled to. Some of the discounts discussed earlier may not be offered in your area.
When choosing proper insurance coverage for your personal vehicles, there is no one size fits all plan. Coverage needs to be tailored to your specific needs so your insurance needs to address that. For example, these questions can aid in determining whether you may require specific advice.
If you can’t answer these questions but you know they apply to you then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form or you can go here for a list of companies in your area. It is quick, free and can provide invaluable advice.
Learning about specific coverages of insurance can help you determine the right coverages for your vehicles. Policy terminology can be ambiguous and even agents have difficulty translating policy wording. Shown next are the usual coverages offered by insurance companies.
Comprehensive or Other Than Collision – Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for claims like a broken windshield, fire damage, hail damage and rock chips in glass. The most a insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
UM/UIM Coverage – 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 damage to your 2013 Chrysler 200.
Since many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family. Usually the UM/UIM limits are set the same as your liablity limits.
Liability car insurance – This coverage protects you from injuries or damage you cause to a person or their property that is your fault. It protects YOU against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 25/50/25 that translate to a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged propery. Another option is one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.
Liability insurance covers claims such as medical expenses, court costs, funeral expenses, structural damage and bail bonds. The amount of liability coverage you purchase is a decision to put some thought into, but buy higher limits if possible.
Medical costs insurance – Coverage for medical payments and/or PIP provide coverage for expenses like ambulance fees, nursing services, prosthetic devices, X-ray expenses and funeral costs. They are used in conjunction with a health insurance policy or if you are not covered by health insurance. They cover all vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is only offered in select states and may carry a deductible
Collision coverage – This coverage will pay to fix damage to your 200 resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.
Collision insurance covers claims such as crashing into a ditch, crashing into a building, sideswiping another vehicle, driving through your garage door and scraping a guard rail. This coverage can be expensive, so consider dropping it from lower value vehicles. You can also raise the deductible to get cheaper collision coverage.