Pretty sure you bought an underperforming, overpriced insurance coverage policy? Trust us, there are many drivers thinking the same thing.
With so many insurance companies to choose from, it’s nearly impossible to locate the cheapest insurance coverage provider.
You should make it a habit to do price comparisons on a regular basis since insurance prices are adjusted regularly by insurance companies. If you had the lowest price on Model 3 coverage last year the chances are good that you can find a lower rate today. Ignore everything you know about insurance coverage because you’re going to learn the tricks you need to know to reduce your cost while increasing coverage.
Lots of factors are used in the calculation when quoting car insurance. Some factors are common sense like an MVR report, but other factors are not as apparent such as whether you are married or your financial responsibility.It’s important that you understand the rating factors that aid in calculating the level of your policy premiums. If you have some idea of what controls the rates you pay, this empowers consumers to make smart changes that can help you get cheaper rates.
The itemized list below are just a few of the factors companies use to determine your rates.
Some providers don’t always advertise every disount available in a way that’s easy to find, so we researched both well-publicized and the harder-to-find discounts that you may qualify for.
It’s important to understand that some of the credits will not apply to the entire cost. A few only apply to specific coverage prices like comp or med pay. Even though the math looks like adding up those discounts means a free policy, it just doesn’t work that way.
Companies that may offer quotes with these money-saving discounts include:
Before you buy a policy, ask every insurance company to apply every possible discount. Some credits might not apply in your area. To locate insurance companies who offer discounts, click here to view.
Insurance coverage providers like State Farm and Allstate seem to constantly run ads in print and on television. All the companies have a common claim that people will save if you get a free car insurance quote and switch your coverage. Is it even possible that every company can give you a lower rate? It’s all in how they say it.
Many companies have a certain “appetite” for the type of driver that earns them the most money. For example, a profitable customer might be over the age of 45, insures multiple vehicles, and insures a new vehicle. Any driver that matches those criteria will probably get the lowest rates as well as save a lot if they switch.
Potential customers who do not match this ideal profile must pay higher rates and ends up with business not being written. The trick companies use is to say “customers who switch” but not “all drivers who get quotes” save that much when switching. That’s why companies can truthfully make claims like that.
This really drives home the point why you need to get car insurance quotes from several different companies. Because without a comparison, you cannot know which insurance companies will have the best prices.
When buying coverage, there isn’t really a “best” method to buy coverage. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that could help you determine if your insurance needs might need an agent’s assistance.
If you’re not sure about those questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area.
Having a good grasp of your policy helps when choosing which coverages you need at the best deductibles and correct limits. Auto insurance terms can be impossible to understand and reading a policy is terribly boring. Listed below are the normal coverages available from auto insurance companies.
Protection from uninsured/underinsured drivers
This coverage protects you and your vehicle’s occupants when other motorists are uninsured or don’t have enough coverage. It can pay for injuries to you and your family and damage to your 2018 Tesla Model 3.
Due to the fact that many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Usually these limits are set the same as your liablity limits.
Comprehensive (Other than Collision)
This coverage pays to fix your vehicle from 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 pays for claims like vandalism, damage from getting keyed, hitting a deer and a tree branch falling on your vehicle. The most your auto insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.
Auto liability
This coverage provides protection from damage or injury you incur to people or other property. This insurance protects YOU from claims by other people, and doesn’t cover damage to your own property or vehicle.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see values of 25/50/25 which stand for a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Another option is one limit called combined single limit (CSL) which limits claims to one amount with no separate limits for injury or property damage.
Liability insurance covers things such as emergency aid, structural damage, medical services and attorney fees. The amount of liability coverage you purchase is your choice, but you should buy as high a limit as you can afford.
Medical expense insurance
Med pay and PIP coverage provide coverage for bills like doctor visits, chiropractic care and EMT expenses. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. They cover you and your occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
Collision protection
Collision insurance pays for damage to your Model 3 resulting from a collision with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.
Collision can pay for claims like backing into a parked car, driving through your garage door, sideswiping another vehicle and damaging your car on a curb. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to increase the deductible to get cheaper collision coverage.
More affordable auto insurance can be purchased both online and from local insurance agents, and you should compare rates from both to have the best chance of lowering rates. Some insurance providers may not provide rate quotes online and many times these smaller companies work with independent agents.
As you prepare to switch companies, it’s very important that you do not reduce coverage to reduce premium. There are many occasions where consumers will sacrifice uninsured motorist or liability limits and found out when filing a claim that it was a big mistake. The aim is to purchase a proper amount of coverage at the lowest possible cost, but do not sacrifice coverage to save money.
For more information, link through to these articles: