Are you intimidated by the crazy number of car insurance options? You’re not the only one! You have so many options available that it can be more work than you anticipated to compare prices.
It’s important that you understand some of the elements that play a part in calculating the rates you pay for auto insurance. Having a good understanding of what determines base rates enables informed choices that can help you get big savings.
Insurance can be prohibitively expensive, but you may find discounts to help bring down the price. Some trigger automatically when you quote, but lesser-known reductions have to be asked for in order for you to get them.
Consumers should know that most discount credits are not given to all coverage premiums. Most cut the cost of specific coverages such as collision or personal injury protection. So despite the fact that it appears all the discounts add up to a free policy, companies don’t profit that way. Any qualifying discounts will bring down the amount you have to pay.
Insurance companies that possibly offer these discounts are:
It’s a good idea to ask all companies you are considering which discounts they offer. Savings may not be available in every state.
Companies like Progressive, Allstate and GEICO consistently run ads in print and on television. All the ads make the same claim that you’ll save big if you change your policy. How do they all make the same claim?
Insurance companies have a certain “appetite” for the type of customer that makes them money. A good example of a profitable customer might be profiled as over the age of 40, has no prior claims, and has a short commute. A propective insured who fits that profile receives the best rates and most likely will save when they switch companies.
Consumers who don’t qualify for the requirements will be charged a higher premium which usually ends up with the customer not buying. The ads state “people who switch” not “everybody who quotes” save that much. That is how insurance companies can confidently state the savings.
That is why you need to get as many quotes as possible. You cannot predict which insurance companies will fit your personal profile best.
When it comes to buying the right insurance coverage, there really is no best way to insure your cars. Coverage needs to be tailored to your specific needs.
For instance, these questions might point out if you would benefit from an agent’s advice.
If you can’t answer these questions but a few of them apply, you might consider talking to a licensed agent. To find lower rates from a local agent, take a second and complete this form.
Having a good grasp of your insurance policy aids in choosing the right coverages and proper limits and deductibles. Insurance terms can be confusing and even agents have difficulty translating policy wording.
This pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things such as damaging your car on a curb, driving through your garage door and hitting a mailbox. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. You can also bump up the deductible in order to get cheaper collision rates.
Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants and also any damage incurred to your Oldsmobile LSS.
Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive insurance covers claims like fire damage, hail damage and damage from flooding. The maximum amount you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses for dental work, pain medications and prosthetic devices. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. Coverage applies to you and your occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not universally available but can be used in place of medical payments coverage
This protects you from damage that occurs to other people or property that is your fault. It protects you against other people’s claims, and doesn’t cover your own vehicle damage or injuries.
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 liability limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have one limit called combined single limit (CSL) which provides one coverage limit and claims can be made without the split limit restrictions.
Liability coverage protects against things like funeral expenses, legal defense fees, repair costs for stationary objects and pain and suffering. The amount of liability coverage you purchase is a personal decision, but buy as high a limit as you can afford.
Cheaper 1997 Oldsmobile LSS insurance can be bought from both online companies and with local insurance agents, so you should compare both in order to have the best price selection to choose from. There are still a few companies who do not offer the ability to get a quote online and many times these regional insurance providers only sell through independent insurance agents.
As you go through the steps to switch your coverage, it’s not a good idea to skimp on coverage in order to save money. Too many times, an accident victim reduced full coverage and discovered at claim time that it was a big mistake. Your goal should be to buy the best coverage you can find at the best price, not the least amount of coverage.
We just covered some good ideas how you can compare insurance prices online. The most important thing to understand is the more rate comparisons you have, the better likelihood of reducing your rate. Consumers could even find that the best prices are with the smaller companies.
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