Are you a victim of overpriced auto insurance? Believe me when I say many Raleigh consumers feel financially strained by their auto insurance policy. Lots of auto insurance companies contend for your hard-earned dollar, so it can be very hard to choose a provider to discover the definitive lowest rate
Consumers should take time to get comparison quotes quite often since insurance rates change regularly. If you had the lowest price on your last policy there is a good chance you can find better rates now. Forget anything you know (or think you know) about auto insurance because we’re going to demonstrate one of the quickest ways to find great coverage at a great price.
These 5 discounts can slash auto insurance rates
Companies offering auto insurance don’t always list every available discount in an easy-to-find place, so the following is a list of both well-publicized and the more hidden savings tricks you should be using. If they aren’t giving you every credit available, you’re paying more than you need to.
- Clubs and Organizations – Participating in certain professional organizations could trigger savings on your policy.
- Distant Student – Children living away from home attending college and do not have access to a covered vehicle can be insured at a reduced rate.
- Discount for New Cars – Putting insurance coverage on a new car can save up to 30% due to better safety requirements for new cars.
- Safety Course Discount – Successfully completing a course in driver safety could save 5% or more if you qualify.
- Safe Driver Discount – Drivers who avoid accidents may save up to 50% more than their less cautious counterparts.
A little note about advertised discounts, most discount credits are not given the the whole policy. Most cut individual premiums such as physical damage coverage or medical payments. Even though it may seem like you would end up receiving a 100% discount, it doesn’t quite work that way.
When might I need the advice of an agent?
When it comes to buying adequate coverage for your vehicles, there really is not a one size fits all plan. Every insured’s situation is different so your insurance needs to address that. These are some specific questions could help you determine if your insurance needs would benefit from professional advice.
- Are split liability limits better than a combined single limit?
- Do I need special endorsements for business use of my vehicle?
- Am I covered when driving on a suspended license?
- Does my policy cover me when driving someone else’s vehicle?
- How much liability do I need to cover my assets?
- Am I covered by my spouse’s policy after a separation?
- Does my liability insurance cover pulling a trailer or camper?
If you can’t answer these questions but you think they might apply to your situation then you might want to talk to an insurance agent. If you don’t have a local agent, complete this form or go to this page to view a list of companies. It only takes a few minutes and can help protect your family.
Car insurance coverage information
Learning about specific coverages of your auto insurance policy can be of help when determining which coverages you need and the correct deductibles and limits. Policy terminology can be difficult to understand and nobody wants to actually read their policy. These are the usual coverages found on the average auto insurance policy.
Coverage for liability – Liability insurance will cover damage or injury you incur to people or other property in an accident. It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have limits of 100/300/100 which means $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000.
Liability insurance covers claims like structural damage, loss of income, emergency aid, attorney fees and funeral expenses. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as much as you can afford. North Carolina requires drivers to carry at least 30,000/60,000/25,000 but you should think about purchasing more coverage.
Protection from uninsured/underinsured drivers – This protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family as well as your vehicle’s damage.
Due to the fact that many North Carolina drivers have only the minimum liability required by law (30/60/25 in North Carolina), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.
Collision – Collision coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for things such as crashing into a building, hitting a parking meter, driving through your garage door and crashing into a ditch. This coverage can be expensive, so consider removing coverage from lower value vehicles. Another option is to raise the deductible to save money on collision insurance.
Medical expense insurance – Personal Injury Protection (PIP) and medical payments coverage kick in for expenses like pain medications, X-ray expenses, surgery and rehabilitation expenses. They can be used in conjunction with a health insurance policy or if you do not have health coverage. They cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is not an option in every state and may carry a deductible
Comprehensive (Other than Collision) – This coverage pays for damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims like rock chips in glass, damage from a tornado or hurricane and damage from flooding. The maximum amount a auto insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.
More North Carolina auto insurance resources
Additional detailed information can be read at the North Carolina Department of Insurance website. North Carolina consumers can file complaints about an insurance agent or broker, report car insurance fraud, and view agent and company licensing information.
Also read more on this page for auto insurance prices in North Carolina and this page of insurance agents in Raleigh.
Smart consumers save more
When shopping online for auto insurance, it’s a bad idea to reduce coverage to reduce premium. There are a lot of situations where someone sacrificed liability limits or collision coverage and learned later that their decision to reduce coverage ended up costing them more. Your goal should be to buy a smart amount of coverage at an affordable rate, not the least amount of coverage.
The cheapest auto insurance can be bought on the web and also from your neighborhood Raleigh agents, and you should compare price quotes from both to have the best rate selection. There are still a few companies who may not provide the ability to get a quote online and usually these regional insurance providers provide coverage only through local independent agents.
We covered many tips how you can reduce auto insurance prices online. It’s most important to understand that the more rate comparisons you have, the better your chances of lowering your rates. You may even find the best price on auto insurance is with a lesser-known regional company. Regional companies often have lower prices on specific markets than the large multi-state companies such as State Farm or Progressive.