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Insider Advice for Saving on Your Auto Insurance Policy
Affordable Car Insurance Tips
Car insurance is just a fact of life. If you’re feeling the pinch and thinking about dropping your coverage, think twice. Dropping your auto insurance coverage completely can lead to huge problems for you down the road, even if you don’t have an accident.
Insurance companies will probably charge you a higher rate if you have not been continuously insured, as you present more of a risk for them. Instead of cancelling your auto insurance completely look for ways to bring your costs down to a more affordable level.
Some strategies are easier than others but most likely there are savings dollars to be found in your auto insurance premiums. Consider these ideas when trying to find low cost auto insurance.
Bringing Down the Rates
Auto Insurance companies use many factors to determine your rate. Unfortunately, some of those factors are completely out of your control. However, if you are in a higher rate category because of your age or gender, you can mitigate some of the expense by working with the more controllable factors.
Factors you don’t have control over:
- Your age
- Your gender
Factors you have control over:
- Your vehicle – Certain years, makes and models will increase your insurance rates. If you want a shiny new sports car, or even an older sports car, you will pay more than if you go for the family sedan.
- Where you live – Location, location, location. Big city drivers pay more than their country counterparts. It may not be feasible, or smart, to move in order to save on insurance but it is something to consider.
- Your driving history – Good drivers get better rates. Even if you have had tickets recently start now. If you are incident free in a short three years you should see your rates begin to go down.
- Your coverage amounts – Take a good hard look at your policy. Know your coverage amounts, your deductibles and your premiums. If you have an older vehicle, consider dropping collision and comprehensive. If you can afford the risk, increase your deductibles. Be careful though to not underinsure yourself. You’ll regret it should you have an accident.
- Grab your discounts – Don’t overlook anything when applying discounts to your auto insurance rates. Homeowners, student, elderly, good driving, multiple vehicle, club memberships, employer benefits and a host of other discounts can help offset your rates without bringing down your coverage. When in doubt, ask!
The little things add up. If you truly want to save money without taking the drastic and ill-advised step of cancelling your coverage, take some time to perform a car insurance review. A few small changes may lead to big savings.
Helpful Information About Car Insurance
How Do I Switch Car Insurance Companies?
Life is always changing so it’s a good practice to review your insurance coverage at least every year. If you have bought a new vehicle or sold an old one, if you have moved to a new city or state or if you just want to shop around it is wise to know how to properly cancel your current auto insurance coverage so you do not end up paying unexpected fees.
Do’s
- Do know your current auto insurance company’s cancellation rules. Find out whether or not you can cancel at any time during the policy period or if you have to wait for the end of the term to avoid cancellation fees.
- Do send written notice of cancellation by calling to request a form or using your company’s online link if they have one.
- Do set up new insurance right away. A gap in coverage can adversely affect your auto insurance rates down the road. If you are able, be sure to start your new policy on the day after the current policy ends.
Don’ts
- Don’t assume your policy will cancel at the policy expiration date. Car insurance policies automatically renew for the next period, they do not end on the policy expiration date.
- Don’t stop paying without notifying your company. You will automatically be billed and if you don’t pay you will be hit with a cancellation notice as well as a bad mark on your credit report.
- Don’t leave a gap in coverage. There are many good reasons to maintain continuous coverage including lower rates and continuous protection. Insurance companies lose confidence in you when there is a gap in coverage so be sure your new policy starts as soon as the old one ends. In this way you will also be sure to be protected should anything happen during that period.
It sometimes pays to switch car insurance companies. By shopping around you may be able to find comparable coverage at a lower rate than you are currently paying. The insurance market is competitive and good values can be found. However, be sure to follow your insurance company’s rules and be careful to avoid situations that will make it harder for you in the future.
Fact or Fiction – Auto Insurance Basics
Because most of us don’t have to think about our auto insurance every day, when it is time to renew the policy or handle the effects of an accident, it can all seem quite complicated. In addition, there can be ideas about personal auto insurance that we have learned or heard of over the years that are simply not true.
Here are a few common ideas about car insurance and the truth behind them.
Fact or Fiction:
I Chose the “Full Coverage” Option and Everything is Covered
Fiction: While “full coverage” generally means “very good” coverage, including collision and comprehensive, it’s best to sit down and look at your policy to be sure your coverage matches your individual situation.
If I Let My Friend Borrow My Car I’m Still Covered
Fact: Generally this is true, to a point. However, use caution. If limits are too low, the drivers insurance may be used and you may also be held responsible for excessive damages. Your insurance does extend to the driver of your car if you only let them borrow it for a short time and not on a regular basis.
I Will Pay More Insurance for a Red Car
Fiction: While it may be true that law enforcement can more readily spot speeding red cars than other colors, insurance companies do not ask what color your car is and do not take this into consideration when quoting rates.
A Speeding Ticket Will Raise My Rates
Fiction: This may have been true in the past but times have changed. Many factors are used to determine the best car insurance rate for you. If you have a clean driving record and you get a speeding ticket, many companies will forgive this ticket.
Comprehensive Cover is Full Coverage
Fiction: Comprehensive coverage may have a misleading name. It does not cover collision damages from an accident. It is used in conjunction with collision coverage to handle losses due to fire, theft, vandalism, or weather events.
I Bought a New Car so I Have 30 Days to Get Insurance
Fact: This is generally true but does vary by insurance company and state. Some only extend coverage for 14 days so be sure to check with your company or get new insurance right away.
My License Won’t Be Affected if I Lose My Insurance
Fiction: Not true anymore! Most states now have direct, electronic reporting between car insurance companies and the DMV in your state. Auto insurance is the law and it is much harder these days to not follow it. If you don’t you may lose your license.
My Car Accident Will Raise My Rates
Fiction: If you are less than 51% at-fault for the accident, your rates may not be affected at all. Some companies also have accident forgiveness. Be sure to check your policy if you are involved in an accident.
The Accident Was Not My Fault So I Don’t Have to Pay My Deductible
Fiction: Sometimes, if you have collision insurance you may have to pay your deductible and then wait for the other parties’ insurance company to reimburse you when the claim is paid. If you are in an accident, be prepared.
To keep up with changes in insurance law and trends and with your own changing insurance needs, it’s important to perform and annual car insurance review to be sure your policies are up to date.
Don’t rely on past knowledge or hearsay, get the facts and be sure your auto insurance coverage is right for you.
Auto Insurance 411 – All You Need To Know
Many people find the nitty-gritty of auto insurance to be at least boring and at best confusing. Here we’ll give you a quick car insurance review and try to clear up some of the basic terms you’ll see when shopping for an auto insurance policy.
When you buy an auto insurance policy, you are actually purchasing several different types of coverage within the policy. These can include liability, comprehensive and collision, among others.
First, let’s talk about why you need auto insurance.
Why You Need Car Insurance
The most important reason is that it’s the law! Every state requires either an auto insurance liability policy or proof of financial responsibility. This can get complicated as each state’s laws are different and unique and change each year.
The other reason to have auto insurance is for your own protection. If you cause an accident you must ensure you can cover the costs of the damage you caused. Insurance will help keep you from going bankrupt should something happen.
Lastly, insurance can help you to replace or repair your vehicle in the event of an accident. Depending on the value of your vehicle, this can save you lots of money.
Basic Types of Car Insurance
Most car insurance policies will include property damage liability and bodily injury liability coverage at a minimum. Other coverages fall under the optional category.
Mandatory Coverage:
Liability – This is your basic coverage if you are involved in an accident. It covers the damage caused to the other person’s property or body. This type of coverage does not cover your own vehicle.
Optional Coverages:
Collision – Collision covers the cost of damage to your vehicle whether or not you are at fault for the accident. If you are in an accident, your deductible will be taken out of the payments made.
Comprehensive – Comprehensive auto insurance essentially covers any other type of damage that occurs and is not covered under collision. This can include theft or vandalism, fire or weather damage.
Other optional coverages include roadside assistance or towing, rental car reimbursement and glass replacement.
Deductibles
A deductible is your contribution towards the cost of repairing or replacing your vehicle should you have an accident. If you agree to pay more of the share by way of having a higher deductible, you can lower the cost of your insurance policy.
Here is where you take a little calculated risk for yourself. With a higher deductible, you are saving money but will be paid less should something happen.
Deductibles generally range in increments from $250 to over $1000.
Shopping for Car Insurance
Shopping for car insurance is easier than ever with the help of the internet. Internet sites such as autoinsurance-rates.com allow you to enter your information in one place and receive quotes from all the best auto insurance companies.
Remember, whether you are choosing state minimum coverage or full coverage auto insurance, understanding your options will allow you to choose the best car insurance for you and your family.
Start comparing and saving today with InsuranceWay.com!
Accidents and Your Auto Insurance Rates
Every auto insurance company has their own unique policy regarding accidents and how they affect your car insurance rate. Generally though, the criteria for a rate hike include:
- Whether or not you were at fault
- If you were at fault, if negligence on your part was a factor
- Whether you received a ticket related to the accident such as speeding or running a red light
Insurance companies use what is known as a surcharge schedule to determine how much your rate will increase. Each company has their own schedule and includes their own factors for determining the rate surcharge but generally you may see a 20% to 40% increase after an at-fault accident. If your premium is $1000 you may see it increase to as much as $1200-$1400 per year.
Previously Filed Claims
If you have filed previous claims, especially in a short period of time, your insurance company may decide that you are a high risk driver and increase your rate, or worse, drop you completely. They believe their future losses will be greater with you because of your history of filing claims.
The type of claim you file can also make a difference. If you file a comprehensive insurance claim your rates may not see a jump. For instance, if you file for hail damage or some other natural disaster your rate may not be affected. However, if you file under collision you may see a rate increase.
Accident Forgiveness
Some companies are now offering what is known as Accident Forgiveness to some of their customers. If you have a lengthy and clean driving history the company may well let the first one slide. This is a great marketing tactic and can be a great money saver if you are a good driver who just had a fluke accident.
How Long Do Accidents Stay On My Record?
Car insurance companies differ on the amount of time they will factor an accident into your premium. Anywhere from 6 to 48 months is possible. Check with your insurance company to find out their policy.
Also, beware that if you have 3 or more at-fault accidents in a relatively short time period, generally 24 to 36 months, you may be dropped by your car insurance company. A cancellation of this sort can be devastating to your finances as you will be charged higher rates for having a policy cancelled by another company.
The bottom line? Drive responsibly and safely and avoid accidents as best as possible to avoid paying high insurance premiums.