Finding cheaper prices for Monticello car insurance is always kind of frustrating for drivers not familiar with comparison shopping online. You have so many companies to choose from that it can easily turn into a difficult challenge to find the lowest price.
You should make it a habit to compare prices yearly because rates are adjusted regularly by insurance companies. Just because you found the best deal at your last renewal the chances are good that you can find a lower price today. Ignore everything you know about car insurance because we’re going to show you the things you must know in order to properly buy coverages and cut your premium.
This article will familiarize you with how car insurance quotes work. If you have car insurance now, you should be able to save some money using these tips. Minnesota consumers only need to know the most efficient way to compare company rates over the internet.
Take these five policy discounts and save
Insuring your fleet can be pricey, but companies offer discounts that may help make it more affordable. Most are applied at quote time, but a few must be manually applied in order for you to get them. If you don’t get every credit you deserve, you are not getting the best rate possible.
- Passive Restraint Discount – Cars that have air bags may qualify for discounts of 20% or more.
- Driving Data Discount – Insureds that choose to allow data collection to study driving manner by using a telematics device such as In-Drive from State Farm or Allstate’s Drivewise system may see discounts if they show good driving skills.
- Early Signing – Some larger companies provide a discount for signing up before your current expiration date. It can save you around 10%.
- Own a Home and Save – Being a homeowner can earn you a little savings because owning a home requires personal responsibility.
- Discounts for Responsible Drivers – Drivers who avoid accidents can save as much as half off their rates than drivers with accidents.
A little note about advertised discounts, most credits do not apply to all coverage premiums. Most cut the cost of specific coverages such as collision or personal injury protection. Despite the fact that it seems like having all the discounts means you get insurance for free, you aren’t that lucky. Any amount of discount will positively reduce your policy cost.
For a list of insurers with significant discounts in Minnesota, click this link.
Car insurance buyers beware
Consumers in Minnesota can’t avoid all the ads that promise big savings from the likes of Progressive, Allstate and Geico. All the companies tend to make the same promise that you can save if you change your car insurance policy to them.
How does every company offer you a better deal? You have to listen carefully.
Different companies quote the lowest rates for the type of driver that will add to their bottom line. One example of a profitable customer might be described as over the age of 40, has no claims, and drives newer vehicles. Anyone that hits that “sweet spot” will probably get cheap prices and will also save when they switch companies.
Potential customers who don’t measure up to those standards will be charged a higher premium which usually ends up with the customer buying from a different company. If you listen closely, the ads state “drivers that switch” not “everybody who quotes” save that kind of money. That’s why companies can make the claims of big savings.
Because each company has a different risk profile, it’s extremely important to compare quotes as often as possible. It is impossible to guess which company will fit you best based on your risk profile.
Which policy gives me the best coverage?
When choosing the best car insurance coverage for your personal vehicles, there really is not a best way to insure your cars. Everyone’s situation is a little different.
For example, these questions can help discover whether you will benefit from professional help.
- Do I need PIP coverage since I have good health insurance?
- Does my vehicle qualify for pleasure use?
- What discounts do I qualify for?
- How much liability coverage do I need in Minnesota?
- Am I covered when delivering products for my home-based business?
- Is there coverage for injuries to my pets?
- Does my medical payments coverage pay my health insurance deductible?
- How much liability do I need to cover my assets?
- When do I need to add a new car to my policy?
If you don’t know the answers to these questions, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, free and may give you better protection.
Car insurance coverage information
Knowing the specifics of your car insurance policy helps when choosing the right coverages at the best deductibles and correct limits. The terms used in a policy can be confusing and nobody wants to actually read their policy.
Insurance for medical payments – Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses for chiropractic care, prosthetic devices, rehabilitation expenses, pain medications and ambulance fees. They are often used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Coverage for liability – Liability coverage can cover damage or injury you incur to people or other property. This coverage protects you from claims by other people. It does not cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see values of 50/100/50 which means a limit of $50,000 per injured person, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined limit which limits claims to one amount with no separate limits for injury or property damage.
Liability can pay for claims such as repair costs for stationary objects, legal defense fees, medical expenses, structural damage and emergency aid. How much liability should you purchase? That is up to you, but consider buying as much as you can afford. Minnesota requires drivers to carry at least 30,000/60,000/10,000 but you should think about purchasing more liability than the minimum.
Comprehensive coverage (or Other than Collision) – This coverage covers damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.
Comprehensive insurance covers claims like fire damage, rock chips in glass, a broken windshield, a tree branch falling on your vehicle and hitting a bird. The highest amount a car insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Uninsured Motorist or Underinsured Motorist insurance – This protects you and your vehicle’s occupants when the “other guys” do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and damage to your vehicle.
Since many Minnesota drivers have only the minimum liability required by law (which is 30/60/10), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea. Most of the time these limits do not exceed the liability coverage limits.
Collision – This will pay to fix damage to your vehicle resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision can pay for claims such as driving through your garage door, sustaining damage from a pot hole and crashing into a ditch. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Another option is to raise the deductible in order to get cheaper collision rates.
Additional car insurance information can be read on the website for the Minnesota Department of Commerce through this link. Visitors are able to learn about specific coverages, get help finding coverage, download brochures, and find a variety of consumer forms.
Other informative sites include Auto Insurance 101 and CarInsuranceDIY.com.
Don’t give up on cheaper rates
While you’re price shopping online, it’s very important that you do not skimp on critical coverages to save a buck or two. There have been many cases where an accident victim reduced comprehensive coverage or liability limits and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. The aim is to buy enough coverage at the best price while not skimping on critical coverages.
We just presented many ways to shop for car insurance online. The key concept to understand is the more times you quote, the more likely it is that you will get a better rate. Drivers may discover the most savings is with some of the smallest insurance companies.
Insureds who switch companies do it for a number of reasons such as unfair underwriting practices, an unsatisfactory settlement offer, poor customer service or even high rates after DUI convictions. Whatever your reason, finding a new car insurance company can be easier than you think.