Shopping for auto insurance involves more than calling up the first company that comes to mind and buying the coverage they recommend. You can save hundreds or thousands of dollars a year by shopping around, choosing the right amount of coverage for your situation, and asking about discounts.
Auto insurance companies determine rates differently, so gather quotes from several sources before making a decision. An online comparison website can help by doing some of the legwork for you. By typing in some basic information, you can have free instant access to quotes from several companies with minimal effort on your part. Quotes can differ by hundreds of dollars even with the same basic variables, making this stage of the process one of the best ways to save.
Keep good records about quotes and discounts offered from each company to help you make your final decision. It’s important to give each company the same information so that the quotes you receive are comparable.
It’s important to know how much auto insurance coverage you’re required to maintain by law before you purchase a policy. Coverage requirements vary from state to state, but most require some sort of bodily injury liability and property damage liability coverage. You may also need to purchase uninsured/under insured motorist coverage to protect yourself if the other driver does not have coverage.
Although not required, you may want to purchase auto insurance coverage beyond what your state requires. Collision insurance pays for damage to your car when it hits or is hit by another vehicle or object. Comprehensive insurance takes care of damage caused by events other than collisions, such as theft, fire, or water damage.
Choosing a high deductible can save you hundreds of dollars in premiums if you’re willing to pay a greater amount out of pocket in the event of an accident. Lower deductibles mean higher premiums, but you’ll have less out of pocket expense to cover any damage to your car if you need to file a claim.
Most auto insurance companies offer discounts for having a good driving record, taking a defensive driving course, or purchasing multiple policies from the same company. Ask each company you’re considering what discounts they offer and factor the savings into your overall premium rates in order to find the company that can give you the best deal.
Choosing an auto insurance company with a good reputation can be just as important as finding a great premium rate. Check online or with people you know who have worked with company to determine whether they offer good customer service and always give the company a call before making a final decision.
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