Having to pay for overpriced insurance coverage can take a big chunk out of your personal savings, especially in this economy. Comparison shopping is a smart way to lower your monthly bill.
Insurance companies such as Progressive, State Farm and GEICO constantly blast consumers with advertising and it is challenging if not impossible to ignore the flying pigs and cute green geckos and effectively compare rates to find the best deal.
It’s a great practice to compare prices quite often because prices are adjusted regularly by insurance companies. Even if you think you had the best price on Accord coverage a year ago the chances are good that you can find a lower rate today. There is too much inaccurate information about insurance coverage online, so we’re going to give you the best ways to find affordable insurance coverage.
There are a lot of ways you can shop for insurance but some are less labor-intensive and much quicker. You could waste a few hours driving to insurance companies in your area, or you could save time and use the internet to get rate comparisons in just a few minutes.
Most car insurance companies belong to an insurance system that enables customers to submit their information once, and each company then gives them pricing for coverage. This system prevents you from having to do quotation requests to every company. To compare pricing click here to open in new window.
The only drawback to doing it this way is you don’t know exactly which providers you want to price. So if you want to choose individual companies to receive pricing from, we put together a list of the cheapest insurance companies in your area. Click to view list.
It’s up to you which method you use, but make sure you use exactly the same coverage limits for every company. If the quotes have unequal deductibles or liability limits it’s impossible to decipher which rate is best. Having just a slight variation in limits can result in a big premium difference. Just remember that more quotes will enable you to find the best rates.
An important part of buying insurance is that you know the rating factors that help determine the price you pay for auto insurance. Having a good understanding of what influences your rates allows you to make educated decisions that will entitle you to big savings.
The following are a few of the “ingredients” companies use to determine prices.
Car insurance is not cheap, but discounts can save money and there are some available to help bring down the price. A few discounts will automatically apply at the time you complete a quote, but some may not be applied and must be asked about prior to receiving the credit.
It’s important to understand that most of the big mark downs will not be given the the whole policy. Most only apply to individual premiums such as comp or med pay. So when it seems like adding up those discounts means a free policy, it doesn’t quite work that way. But any discount will cut the cost of coverage.
To see a list of companies with the best insurance discounts, follow this link.
When it comes to buying the right insurance coverage for your vehicles, there really is no cookie cutter policy. Everyone’s situation is a little different so your insurance should reflect that These are some specific questions might point out whether or not you could use an agent’s help.
If you can’t answer these questions but you know they apply to you, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, take a second and complete this form or you can also visit this page to select a carrier
Knowing the specifics of a auto insurance policy aids in choosing the best coverages and proper limits and deductibles. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy. These are typical coverages found on most auto insurance policies.
Collision – This coverage will pay to fix damage to your Accord resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then your collision coverage will kick in.
Collision coverage pays for claims such as driving through your garage door, sustaining damage from a pot hole and crashing into a ditch. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Another option is to choose a higher deductible to save money on collision insurance.
Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance kick in for immediate expenses for chiropractic care, doctor visits, X-ray expenses, surgery and hospital visits. The coverages can be utilized in addition to your health insurance plan or if you are not covered by health insurance. Coverage applies to all vehicle occupants as well as any family member struck as a pedestrian. PIP coverage is not universally available but can be used in place of medical payments coverage
Comprehensive insurance – Comprehensive insurance coverage covers 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 coverage protects against things such as damage from a tornado or hurricane, damage from getting keyed and vandalism. The maximum amount your auto insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
Liability coverages – This coverage provides protection from damage that occurs to people or other property by causing an accident. It protects YOU against other people’s claims. It does not cover your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 25/50/25 which means $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged propery. Some companies may use a combined single limit or CSL which provides one coverage limit and claims can be made without the split limit restrictions.
Liability insurance covers things like emergency aid, repair costs for stationary objects, pain and suffering and funeral expenses. How much liability coverage do you need? That is your choice, but buy as much as you can afford.
Uninsured/Underinsured Motorist (UM/UIM) – This coverage protects you and your vehicle’s occupants when other motorists are uninsured or don’t have enough coverage. This coverage pays for hospital bills for your injuries and damage to your Honda Accord.
Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked. Normally the UM/UIM limits are similar to your liability insurance amounts.
In this article, we presented many ideas to lower your 2011 Honda Accord insurance rates. The key concept to understand is the more you quote, the better your comparison will be. You may even find the lowest premiums are with a small local company. These smaller insurers may have significantly lower rates on certain market segments compared to the large companies like Allstate and Progressive.
When buying insurance coverage, do not buy less coverage just to save a little money. In too many instances, an accident victim reduced full coverage to discover at claim time that the small savings ended up costing them much more. The aim is to purchase plenty of coverage for the lowest price while still protecting your assets.
More tips and info about insurance coverage is located at these sites: