Buying the lowest cost Binghamton auto insurance over the internet may be difficult for consumers new to buying insurance online. Since there are so many insurers available, how can anyone effectively compare them all to find the best price?
Buying car insurance in Binghamton is not that difficult. If you have a policy now or need new coverage, you can use this information to find the best rates while maintaining coverages. New York drivers only need an understanding of the proper way to get comparison quotes on the web.
Discounts are basically free money
Companies that sell car insurance don’t always publicize every discount very clearly, so we break down some of the more common and the harder-to-find discounts you could be receiving. If you’re not getting every credit you deserve, you’re paying more than you need to.
- New Vehicle Savings – Insuring a new car can be considerably cheaper compared to insuring an older model.
- 55 and Retired – Older drivers may be able to get a discount up to 10%.
- Passive Restraint Discount – Vehicles equipped with air bags may earn rate discounts of 20% or more.
- Homeowners Discount – Owning a home in Binghamton may trigger a auto insurance policy discount due to the fact that maintaining a home is proof that your finances are in order.
- Clubs and Organizations – Belonging to a civic or occupational organization may earn a discount on your policy.
- Pay Now and Pay Less – By paying your policy upfront instead of monthly or quarterly installments you could save 5% or more.
- Claim Free – Drivers who don’t have accidents can save substantially as compared to bad drivers.
- Federal Employees – Employees or retirees of the government could cut as much as 10% off with select insurance companies.
- Accident Waiver – A few companies permit an accident before raising your premiums if you are claim-free for a particular time prior to the accident.
It’s important to note that many deductions do not apply to all coverage premiums. Some only apply to the cost of specific coverages such as comp or med pay. So even though they make it sound like you can get free auto insurance, you won’t be that lucky.
What about using a local agent?
A small number of people prefer to talk to a local agent and that is a personal choice. Educated insurance agents are trained to spot inefficiencies and give you peace of mind. The best thing about comparing insurance prices online is you can get better rates but still work with a licensed agent.
By using this simple form, your coverage information is transmitted to insurance agents in Binghamton who will compete for your business. You won’t need to drive around because quoted prices will be sent straight to your inbox.
Picking an insurer needs to be determined by more than just the price. Some important questions to ask are:
- If you have an accident, will your rates go up?
- Who are their largest clients?
- What will you get paid if your car is a total loss? How is that amount determined?
- How long has their agency been open in Binghamton?
- Do they feel the quoted coverages are adequate?
- Is working in the agency their full-time job?
Two types of Binghamton insurance agencies
When looking for a good Binghamton insurance agent, there are two types of insurance agents that differ in how they can insure your vehicles. Insurance agencies in Binghamton are categorized either independent or captive. While both can properly insure your vehicles, but it’s worth mentioning how they differ because it can influence the type of agent you choose
Captive Insurance Agents
This type of agents can only place business with one company and some examples include Allstate, Farmers Insurance or State Farm. Captives cannot compare other company’s rates so it’s a take it or leave it situation. They are very knowledgeable on the products they sell which helps them sell insurance even at higher premiums. Some people will only choose to use a captive agent mostly because of the brand legacy and solid financial strength.
Below is a list of captive insurance agencies in Binghamton willing to provide comparison quotes.
- Allstate Insurance Co – 117 Hawley St – Binghamton, NY 13901 – (607) 722-2305
- Liberty Mutual Insurance – 1139 Upper Front St # 4 – Binghamton, NY 13905 – (607) 724-7252
- State Farm Insurance – 138 Front St – Binghamton, NY 13905 – (607) 723-3840
Independent Agents (or Brokers)
Independent insurance agents do not work for one specific company so they have the ability to put coverage with many different companies depending on which coverage is best. If your agent finds better pricing, the business is moved internally without you having to go to a different agency. When comparison shopping, you should always include price quotes from at least one independent agent to get the best comparison. They also have the ability to place coverage with smaller companies which may provide better rates.
Shown below is a short list of independent agents in Binghamton who can help you get rate quotes.
- Kriner and Furlong Agency Inc – 484 Chenango St – Binghamton, NY 13901 – (607) 723-9484
- Barry Scott Agency – 32 W State St – Binghamton, NY 13901 – (607) 771-0725
- Liberty Mutual Insurance – 1139 Upper Front St # 4 – Binghamton, NY 13905 – (607) 724-7252
- Autoinsure Agency Inc – 263 Main St – Binghamton, NY 13905 – (607) 722-2232
- WYAK Insurance – 7 Jarvis St – Binghamton, NY 13905 – (607) 723-2332
To view a full list of insurance agents in Binghamton, go to this page.
After getting positive feedback for all questions you ask and a low price estimate, most likely you have located an insurance agency that will properly service your auto insurance policy. Just keep in mind once you purchase a policy you can cancel a policy at any time so never assume that you are obligated to the auto insurance policy with no way out.
Do auto insurance companies bend the truth?
Consumers can’t ignore all the ads for cheaper car insurance by State Farm, Geico and Progressive. All the companies make an identical promise that you can save after switching to their company.
But how can every company make the same claim?
All companies have a certain “appetite” for the type of customer that earns them a profit. For instance, a preferred risk could be between 30 and 50, insures multiple vehicles, and drives less than 10,000 miles a year. A customer getting a price quote who fits that profile will qualify for the lowest rates and most likely will save when they switch companies.
Consumers who fall outside the “perfect” profile will have to pay a higher premium and ends up with business going elsewhere. Company advertisements say “customers that switch” not “everyone that quotes” save money. That is how companies can truthfully advertise the savings. Because of the profiling, you should compare many company’s rates. Because you never know which company will give you the biggest savings.
More detailed New York auto insurance information can be read at the New York Department of Financial Services website. New York drivers can view a list of available companies, read enforcement actions against agents and companies, and get help finding coverage.
Specific coverage details
Learning about specific coverages of a auto insurance policy aids in choosing appropriate coverage for your vehicles. The terms used in a policy can be impossible to understand and reading a policy is terribly boring.
Uninsured/Underinsured Motorist coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries and damage to your vehicle.
Since a lot of drivers only carry the minimum required liability limits (which is 25/50/10), their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family.
Liability insurance
This coverage can cover damages or injuries you inflict on a person or their property in an accident. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 25/50/25 that translate to $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged propery.
Liability can pay for things such as attorney fees, pain and suffering, legal defense fees and repair costs for stationary objects. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy as much as you can afford. New York state minimum liability requirements are 25,000/50,000/10,000 but drivers should carry more liability than the minimum.
Collision protection
Collision insurance pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision insurance covers claims like driving through your garage door, damaging your car on a curb and colliding with a tree. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. You can also choose a higher deductible in order to get cheaper collision rates.
Medical payments coverage and PIP
Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses like dental work, X-ray expenses, rehabilitation expenses, nursing services and chiropractic care. They can be utilized in addition to your health insurance program or if you do not have health coverage. They cover all vehicle occupants as well as being hit by a car walking across the street. PIP is not available in all states and may carry a deductible
Comprehensive coverage
This pays for damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive insurance covers things such as a broken windshield, theft and hail damage. The highest amount 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 consider dropping full coverage.
Buy online or local, you save
As you prepare to switch companies, do not reduce needed coverages to save money. There are a lot of situations where an insured cut liability coverage limits only to regret they didn’t have enough coverage. The aim is to buy the best coverage you can find for the lowest price while still protecting your assets.
The cheapest auto insurance is possible online as well as from independent agents in Binghamton, and you should compare price quotes from both in order to have the best chance of saving money. Some insurance providers don’t offer you the ability to get quotes online and these regional insurance providers work with independent agents.
Insureds switch companies for a number of reasons such as unfair underwriting practices, lack of trust in their agent, extreme rates for teen drivers and even high prices. Regardless of your reason, switching auto insurance companies is pretty easy and you might even save some money in the process.