Are you a victim of an overpriced car insurance policy? Believe me when I say many consumers feel financially strained by their car insurance policy. Many car insurance companies compete for your business, and because of this it can be hard to compare auto insurance companies to get the lowest cost out there.
Car insurance companies don’t always publicize every available discount very well, so we break down some of the best known and also the lesser-known insurance savings. If you don’t get every credit you deserve, you’re just leaving money on the table.
It’s important to note that most credits do not apply to the entire cost. The majority will only reduce the cost of specific coverages such as liability and collision coverage. So when the math indicates you could get a free insurance policy, insurance companies aren’t that generous.
To see a list of companies offering insurance discounts, click here to view.
When it comes to choosing proper insurance coverage, there isn’t really a perfect coverage plan. Everyone’s situation is a little different so this has to be addressed. For instance, these questions may help you determine if your insurance needs may require specific advice.
If you can’t answer these questions but you know they apply to you, you might consider talking to a licensed insurance agent. To find an agent in your area, fill out this quick form or you can go here for a list of companies in your area. It is quick, free and can provide invaluable advice.
Consumers can’t ignore all the ads for car insurance savings by Geico, State Farm and Progressive. All the companies make an identical promise about savings if you move to their company.
How does each company make the same claim?
All the different companies can use profiling for the right customer that is profitable for them. An example of a profitable customer might be profiled as a mature driver, is a homeowner, and drives less than 7,500 miles a year. A driver that hits that “sweet spot” will get the preferred rates and is almost guaranteed to save a lot of money.
Potential insureds who don’t meet the “perfect” profile must pay a higher premium and ends up with the customer not buying. Company advertisements say “customers who switch” not “everyone that quotes” save that much. That’s why companies can truthfully make those claims. This illustrates why it’s extremely important to compare many company’s rates. It’s not possible to predict which insurance companies will have the lowest Ford Ranger insurance rates.
Having a good grasp of insurance aids in choosing the best coverages and proper limits and deductibles. Insurance terms can be confusing and nobody wants to actually read their policy. Listed below are typical coverage types found on the average insurance policy.
This can cover damage or injury you incur to a person or their property in an accident. This insurance protects YOU from claims by other people. Liability doesn’t cover your own vehicle damage or injuries.
It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 25/50/25 that translate to a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property.
Liability coverage pays for claims like emergency aid, medical expenses, legal defense fees, funeral expenses and medical services. How much coverage you buy is a personal decision, but consider buying as large an amount as possible.
This pays for damage OTHER than collision with another vehicle or object. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive insurance covers things like damage from a tornado or hurricane, fire damage and a tree branch falling on your vehicle. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Med pay and PIP coverage reimburse you for bills for ambulance fees, doctor visits and prosthetic devices. They can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and may carry a deductible
Collision insurance covers damage to your Ranger resulting from a collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against claims like hitting a mailbox, driving through your garage door, backing into a parked car and sideswiping another vehicle. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. Drivers also have the option to choose a higher deductible to bring the cost down.
Uninsured or Underinsured Motorist coverage provides protection when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family as well as your vehicle’s damage.
Since a lot of drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.
As you go through the steps to switch your coverage, make sure you don’t buy lower coverage limits just to save a few bucks. There are many occasions where drivers have reduced full coverage only to discover later that the few dollars in savings costed them thousands. Your aim should be to buy enough coverage at a price you can afford, not the least amount of coverage.
Throughout this article, we presented a lot of ways to get a better price on 1995 Ford Ranger insurance. It’s most important to understand that the more you quote, the better your chances of lowering your rates. Drivers may discover the best price on insurance is with a smaller regional carrier. Regional companies may often insure only within specific states and give getter rates than the large multi-state companies such as Allstate or State Farm.