I can’t think of anyone who likes paying for auto insurance, particularly when they are paying too much.
Having so many auto insurance companies to choose from, it can be challenging to locate the lowest price insurance company.
Smart consumers take time to do rate comparisons yearly since insurance rates trend upward over time. Despite the fact that you may have had the lowest rates a year ago the chances are good that you can find a lower rate today. Forget all the misinformation about auto insurance because we’re going to demonstrate the tricks you need to know to find better coverage at a better price.
Vehicle Insurance Comparison
When shopping for auto insurance there are multiple ways of comparing rate quotes from different in Sunrise, FLinsurance companies. The recommended way to find the cheapest insurance rates is simply to get online rate quotes. This is very easy and can be done using a couple different methods.
- The single most time-saving way to get quotes for comparison is an all-inclusive rate comparison click here to open form in new window. This method saves time by eliminating repetitive form entry for each company. A single form will return quotes from several companies.
- A less efficient way to compare rate quotes requires visiting each individual company website to request a price quote. For examples sake, let’s say you want comparison quotes from Liberty Mutual, Esurance and American Family. To get each rate you have to go to every website to enter your coverage information, which is why most consumers use the first method.
For a handy list of car insurance company links in Sunrise, click here.
It’s your choice how you get your quotes, but compare the exact same deductibles and coverage limits on every quote. If your comparisons have unequal deductibles or liability limits it will be very difficult to find the best deal in Sunrise. Just a small difference in insurance coverages could mean much higher rates. And when comparison shopping, obtaining a wide range of quotes will improve the odds of getting the best offered rates.
Policy discounts you shouldn’t miss
Companies that sell car insurance don’t necessarily list every discount very clearly, so here is a list both the well known as well as the least known ways to save on auto insurance.
- Homeowners Pay Less – Being a homeowner can save you money because of the fact that having a home is proof that your finances are in order.
- Low Mileage Discounts – Keeping the miles down could qualify for a substantially lower rate.
- New Vehicle Savings – Adding a new car to your policy can be considerably cheaper compared to insuring an older model.
- Anti-theft System – Vehicles equipped with anti-theft or alarm systems can help prevent theft and earn discounts up to 10%.
- Multi-policy Discount – If you have multiple policies with one company you may earn up to 20% off your total premium.
A little note about advertised discounts, some of the credits will not apply to the overall cost of the policy. A few only apply to the cost of specific coverages such as liability and collision coverage. So despite the fact that it appears all those discounts means the company will pay you, you’re out of luck.
For a list of insurers offering auto insurance discounts in Florida, click this link.
Auto insurance coverage breakdown
Learning about specific coverages of auto insurance can help you determine which coverages you need at the best deductibles and correct limits. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy. Below you’ll find the usual coverages found on most auto insurance policies.
Auto liability
Liability insurance provides protection from damage or injury you incur to other people or 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. You commonly see limits of 100/300/100 which stand for a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and property damage coverage for $100,000.
Liability can pay for claims like pain and suffering, funeral expenses, legal defense fees and court costs. How much liability should you purchase? That is a personal decision, but consider buying as large an amount as possible. Florida state law requires minimum liability limits of 10,000/20,000/10,000 but it’s recommended drivers buy higher limits.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include injuries to you and your family as well as your vehicle’s damage.
Since a lot of drivers only carry the minimum required liability limits (which is 10/20/10), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.
Comprehensive auto coverage
Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against things such as fire damage, hitting a deer, vandalism and a broken windshield. The maximum payout a auto insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Medical payments and PIP coverage
Personal Injury Protection (PIP) and medical payments coverage pay for bills such as surgery, ambulance fees, nursing services, EMT expenses and hospital visits. They are used to fill the gap from your health insurance program or if you are not covered by health insurance. It covers both the driver and occupants as well as being hit by a car walking across the street. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage
Collision coverage
This coverage pays for damage to your vehicle caused by collision with another car or object. A deductible applies then your collision coverage will kick in.
Collision coverage pays for claims like colliding with another moving vehicle, colliding with a tree, driving through your garage door, rolling your car and scraping a guard rail. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. Another option is to increase the deductible to bring the cost down.
More comparisons equals lower rates
While you’re price shopping online, don’t be tempted to sacrifice coverage to reduce premiums. In many cases, an insured dropped liability coverage limits only to regret at claim time that they should have had better coverage. Your strategy should be to get the best coverage possible at the best price while still protecting your assets.
We covered some good ideas how you can lower your auto insurance rates. The most important thing to understand is the more rate comparisons you have, the better your chances of lowering your rates. Drivers may discover the biggest savings come from some of the lesser-known companies. Smaller companies may cover specific market segments cheaper as compared to the big name companies such as State Farm and Allstate.
Read more about Florida auto insurance
More tips and info about auto insurance is located at the Florida Office of Insurance Regulation website. Consumers can file complaints about a company, download brochures, and find out industry alerts.
Other informative sites include this online resource for free quotes in Florida and this page where you can research Sunrise insurance agents.