What to look for when you’re shopping for coverage

After understanding your driving habits and what’s important to you, shopping for car insurance is easy. You’ll want to compare policies from at least three different insurers, and here are some questions to ask your agent to get started.

When looking for an insurance company, it’s important to consider a variety of factors such as price and coverage. But don’t forget to also look at the company itself – here are the most important things to keep in mind.

Types and amount of coverage

When comparing insurance policies, try to compare apples to apples. This will ensure that you are looking at policies with the same type and amount of coverage. It can be difficult to compare policies if they have different coverages, so make sure to consider the following:

• Primary liability—including bodily injury and property damage coverage
• Medical payment coverage
• Uninsured motorist coverage
• Collision
• Comprehensive

Before you choose a policy, be sure to check for secondary options that could prove beneficial, such as glass coverage—which often comes without a deductible—or reimbursement for a rental car.

Price and deductibles

When you compare insurance policies, it’s important to consider the cost. Prices can vary a lot, so you’ll want to get several quotes. In addition to the price of the premium, look at the payment schedule and whether you’ll incur an extra fee for paying monthly. Also, be aware of the deductible amount—how much you’ll have to pay out of pocket before your insurance policy kicks in. Generally, you can lower your premium if you choose a higher deductible.

Evaluating insurance companies

When you’re looking for auto insurance, don’t just consider the price and coverage. Also, think about the reputation and financial stability of the insurer. To be sure an insurer is licensed in your state, check the website of your state’s insurance division. There, you can also review information about consumer complaints filed against insurance companies.

There are many ways to research an insurance company before selecting one. Checking review websites, talking to friends, and looking at financial ratings are all great ways to get information. Make sure the insurer you choose is in good financial standing by looking at ratings from financial rating agencies.

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Care insurance can be one of the most expensive items on your budget. It can also feel like you’re throwing money down the drain. Because, as a responsible driver, you may only use it occasionally. Especially when you choose the wrong company. Luckily for you, money-saving tips are easy to follow and help to make our care insurance coverage a little more affordable.

1. Provide Your VIN When Getting Quotes

Some cars are equipped with safety features that may reduce the likelihood of them being stolen or damaged. These features may not necessarily be standard on all models and may be found only in new cars. This means you can save some serious cash by having the features of a newer car on your older model.

Don’t forget to ask your insurance company if there are any discounts you can apply for. Older vehicles are less expensive to insure, which means you will save money on your car insurance premiums.

2. Go Paperless

Going paperless is good for the environment, your wallet, and your insurer. It helps the planet by saving a lot of trees that would have to be cut down and reduces toxic emissions. Rather than sending you a statement several times a month, your insurer can send it all at one time. This saves them money because there are no paper bills to print and mail out.

They forward that cost savings on to you, so it’s a win-win for everyone. Besides, would you rather get even more paper junk mail to sift through and clutter your countertop, or get a smartphone app notification or email instead? Get rid of those unwanted and unnecessary paper bills and save money in the long run with our fast, convenient, and environmentally-friendly direct mail alternative.

3. Drive Safely

The way you drive can affect your car insurance rates. If you are a risky or aggressive driver, consider taking defensive driving courses and safe driving courses. Make sure your insurance company knows about these courses!

You’re probably paying too much on your auto insurance. The risk you pose as a driver is reflected in your rates. If you speed, recklessly drive, and run into trouble, you’ll pay through the nose for it down the road. The bottom line is the safer you drive, the less you’ll pay.  Be a responsible driver and avoid tickets and other accidents that raise your insurance premiums.

4. Buy an Older Car

Some insurance companies base their premiums on the average cost to fix a car. Older cars tend to have lower repair costs, and so are less expensive to fix. If you price identical policies for cars of the same model, one being five years older than the other, the older car would likely be about 13 percent cheaper to insure.

Brand new cars are more expensive to insure for three reasons: They cost more to buy, they cost more to replace, and they depreciate faster than older cars. To save money on insurance and on your car too, you can shop for a used vehicle or a certified pre-owned (CPO) car.

5. College Graduate? Tell Your Insurer

Some auto insurance companies offer discounts to drivers who have completed college, so tell them about your education if you want to save money on your car insurance.

When valuing liability insurance, the risk is the driving factor. Insurers assume that people who graduate from college have a better understanding of driving safety than those who don’t. College graduates are generally safer drivers and so they should be considered lower-risk drivers for a liability policy.

6. Learn the Lingo of the Insurance Industry

Insurance is one of the great benefits of being a driver, but setting up coverage and obtaining the right insurance for your needs is an important step. If you buy the wrong policy, you may pay more in premiums or be forced to file a claim after an accident that was not covered. If you purchase a policy that does not fully cover all your needs, it may be difficult to make a claim.

When buying a new insurance policy, it’s important to be clear about what you’re getting in return. Understanding the smallest details and what your policy covers can be essential when filing a claim for a failed appliance or something that was shipped to you.

7. Pay Annually or Semi-Annually

If you pay for your premium upfront, you could save an average of $62. If you pay for your premium annually or semi-annually, there are also discounts for paying that lump sum. You’ll see your premium go up slightly when you click the button to sign up for a monthly installment plan.

These are called premium finance charges, or premium installment rates. Companies want to make sure you get their money in advance and don’t choose another policy. They also like to sell their products to consumers who expect not to get in trouble for being late on payments or canceling policies.

8. Buy 10 Days Early

If you need car insurance ten days before your car is due to be insured, you’ll likely wind up paying more. Yet most of us fail to take time to review our auto policy policies and renew them. While this will require that you pay a late fee, you may actually be saving money every year. Take some time to review the costs of your automobile insurance and decide if there are ways to save money.

9. Set Up Auto-pay

Some insurance companies offer discounts for auto-pay. They know their customers will make payments on time, and they don’t want to have to worry about the bill being paid late either. Because auto-pay reduces the likelihood of a payment being late, these insurance companies offer similar discounts for auto-pay.

Automatically paying an insurance premium is like forgetting to pay your rent or phone bill on time — there is a greater chance of it being late, so your insurance provider wants to reduce their risk.

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