You have lots of choices when attempting to insure your vehicle. You can get prices from a local agent or go online to compare rates from multiple companies. Shopping for auto insurance online can be fast and easy and at the same time you might just save a little.

If shopping for auto insurance online is new to you, it's easy to be confused by the hoards of online companies vying for your business. Getting cheaper insurance rates is not rocket science. The only requirement is to invest a few minutes to get quotes provided by online insurance companies. This is very easy and can be done by comparing rates here.

Which factors influence the rate you pay?

Auto insurance rates paid to insure a 2001 will vary greatly depending on several factors. Taken into consideration are:

  • Higher performance 2001 vehicles cost more
  • Your accident history
  • Whether you insure your home with the same company
  • How you use your vehicle
  • Special coverage such as replacement cost
  • Claims drive up premiums
  • Maintaining coverage lowers rates
  • Whether you rent or own your home

A final factor that will help determine is the model year. Newer models have a higher replacement value in comparison to later models so the cost to replace them will push premiums up. But new models may have a trim level with safety features including lane departure warning system, traction control, and autonomous braking so those may lower rates.

Liability coverage

This coverage provides protection from damages or injuries you inflict on a person or their property by causing an accident. Liability insurance covers things such as emergency aid, pain and suffering, and medical services. Coverage is generally pretty cheap so consider buying as much as you can afford.

Auto collision coverage

Collision coverage pays to fix your vehicle from damage from colliding with an object or car. You have to pay a deductible then your collision coverage will kick in. This coverage can be expensive, so you might think about dropping it from vehicles that are older. You can also bump up the deductible to save money on collision insurance.

Comprehensive coverage

This pays for damage that is not covered by collision coverage. A deductible will apply and the remainder of the damage will be paid by your comprehensive insurance. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it's not worth much more than your deductible consider removing comprehensive coverage.

UM/UIM (Uninsured/Underinsured Motorist) coverage

This protects you and your vehicle's occupants when the "other guys" either have no liability insurance or not enough. Due to the fact that many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is important protection for you and your family.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance pay for expenses (i.e. doctor visits, EMT expenses, and X-ray expenses). They are often used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay.