Feel like you’re a prisoner to an overpriced insurance policy? Trust us when we tell you there are many consumers feeling the pinch from expensive insurance.
Companies like State Farm, Allstate, Geico and Progressive continually hit you with ad campaigns and it is difficult to ignore the flashy ads and find the best price available.
Smart consumers have a good feel for the rating factors that go into determining the rates you pay for insurance coverage. When you know what positively or negatively impacts premium levels empowers consumers to make smart changes that could result in lower insurance coverage prices.
Listed below are some of the items used by your company to calculate premiums.
Insuring your fleet can be pricey, buy you may qualify for discounts that you may not even be aware of. Certain discounts will be applied at quote time, but less common discounts must be specially asked for in order for you to get them.
Keep in mind that some of the credits will not apply to all coverage premiums. Some only apply to the cost of specific coverages such as collision or personal injury protection. So when it seems like adding up those discounts means a free policy, companies don’t profit that way. But any discount will reduce your premiums.
A partial list of companies that possibly offer these money-saving discounts are:
Check with every prospective company which discounts you may be entitled to. All car insurance discounts may not apply in your state.
When choosing the right insurance coverage, there really is not a best way to insure your cars. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that can help discover whether your personal situation will benefit from professional help.
If you’re not sure about those questions but one or more may apply to you, you might consider talking to an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies.
Knowing the specifics of your insurance policy aids in choosing the best coverages for your vehicles. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording. Shown next are typical coverages offered by insurance companies.
Collision coverages – This pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.
Collision coverage protects against claims like hitting a parking meter, sideswiping another vehicle, scraping a guard rail and crashing into a building. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from lower value vehicles. Drivers also have the option to choose a higher deductible in order to get cheaper collision rates.
Coverage for uninsured or underinsured drivers – This protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW ActiveHybrid 7.
Because many people only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is important protection for you and your family. Frequently the UM/UIM limits do not exceed the liability coverage limits.
Comprehensive insurance – This will pay to fix damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against claims like damage from getting keyed, falling objects, hitting a deer, theft and rock chips in glass. The maximum amount you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Auto liability insurance – Liability coverage can cover injuries or damage you cause to other’s property or people by causing an accident. It protects you from claims by other people. It does not cover your own vehicle damage or injuries.
Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 50/100/50 which stand for $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined limit which combines the three limits into one amount rather than limiting it on a per person basis.
Liability coverage pays for claims such as loss of income, medical services, medical expenses, attorney fees and funeral expenses. The amount of liability coverage you purchase is a personal decision, but consider buying as much as you can afford.
Coverage for medical expenses – Medical payments and Personal Injury Protection insurance kick in for expenses such as chiropractic care, dental work, pain medications and hospital visits. They are often used to fill the gap from your health insurance plan or if you lack health insurance entirely. It covers you and your occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state and gives slightly broader coverage than med pay
Budget-conscious 2013 BMW ActiveHybrid 7 insurance is available on the web and with local insurance agents, and you need to comparison shop both to have the best chance of lowering rates. There are still a few companies who do not offer you the ability to get quotes online and these small, regional companies work with independent agents.
We just covered a lot of tips how to shop for insurance online. It’s most important to understand that the more quotes you get, the higher your chance of finding lower rates. Consumers may even find the most savings is with some of the lesser-known companies. They may cover specific market segments cheaper than their larger competitors like Progressive or Geico.
As you restructure your insurance plan, you should never reduce needed coverages to save money. Too many times, an insured dropped liability coverage limits and discovered at claim time that it was a big mistake. Your goal should be to buy the best coverage you can find for the lowest price, not the least amount of coverage.