Consumers should take time to get comparison quotes quite often since insurance rates tend to go up over time. Even if you think you had the best price on your last policy the chances are good that you can find a lower rate today. So just block out anything you think you know about auto insurance because we’re going to show you the best methods to save on auto insurance.
If you currently have car insurance, you should be able to reduce your rates substantially using these techniques. Buying more affordable auto insurance coverage in Portland is not that difficult. Although Maine drivers should learn how the larger insurance companies price insurance differently.
These discounts can lower your rates
Car insurance companies don’t necessarily list all their discounts very clearly, so we took the time to find some of the best known and also the lesser-known auto insurance savings.
- Organization Discounts – Affiliation with a professional or civic organization may earn a discount on your policy.
- Driver’s Ed – Cut your cost by having your teen driver enroll in driver’s education in high school.
- Auto/Home Discount – If you have multiple policies with the same insurance company you could get a discount of approximately 10% to 15%.
- Fewer Miles Equal More Savings – Low mileage vehicles could qualify for a substantially lower rate.
- Homeowners Savings – Being a homeowner can save you money because of the fact that having a home demonstrates responsibility.
- Braking Control Discount – Vehicles with anti-lock braking systems prevent accidents and will save you 10% or more.
Keep in mind that some credits don’t apply to the entire cost. Some only reduce the price of certain insurance coverages like comp or med pay. So even though it sounds like you could get a free auto insurance policy, companies don’t profit that way.
To see a list of companies offering auto insurance discounts in Portland, click this link.
What impacts Portland insurance rates?
Smart consumers have a good feel for the factors that play a part in calculating the price you pay for auto insurance. Understanding what impacts premium levels enables informed choices that will entitle you to much lower annual insurance costs.
- Rates may be lower depending on your job – Did you know that where you work can have an impact on rates? Careers like lawyers, social workers and dentists tend to have the highest average rates due to stressful work requirements and lots of time spent at work. Other professions such as farmers, historians and performers receive lower rates.
- Don’t skimp on liability – Liability coverage is the protection when you are found liable for damages from an accident. It provides legal defense coverage up to the limits shown on your policy. Liability insurance is quite affordable when compared with rates for comp and collision, so do not cut corners here.
- Drive less and save money – The more miles you rack up on your car in a year’s time the more you will pay for auto insurance. Most companies price each vehicle’s coverage based on their usage. Autos that are left in the garage qualify for better rates than those used for commuting. Verify your auto insurance policy properly reflects how each vehicle is driven.
- Higher deductibles cost less – Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your car. A few examples of covered claims would be colliding with a building, collision with an animal, and windstorm damage. Your deductibles are how much you are willing to pay out-of-pocket before a claim is paid by your company. The higher the amount you have to pay, the bigger discount you will receive.
- Performance level impacts rates – The performance level of the car you are buying insurance for makes a big difference in your rates. Lower performance four cylinder passenger models receive the most favorable rates, but the cost you end up paying is determined by many additional factors.
- Pay less if you’re married – Having a wife or husband actually saves money on your auto insurance policy. Having a significant other translates into being more mature and responsible it has been statistically shown that married drivers get in fewer accidents.
- Clean credit earns discounts – A driver’s credit history is a large factor in your rate calculation. Therefore, if your credit rating is not that good, you could be paying less to insure your by repairing your credit. People with excellent credit tend to be more responsible than drivers with lower credit scores.
- Don’t get talked into coverage you don’t need – There are a ton of add-on coverages that you can buy when buying auto insurance. Coverages like rental car reimbursement, towing coverage and additional equipment coverage are some examples. They may seem like a good idea when you first buy your policy, but now you might not need them so get rid of them and save.
Additional detailed information can be found at the Maine Bureau of Insurance website. Maine consumers can view a list of available companies, find out which companies have the most complaints, file complaints about a company, and read consumer alerts.
In the end, you save
Insureds switch companies for any number of reasons including lack of trust in their agent, delays in paying claims, policy non-renewal or unfair underwriting practices. Regardless of your reason for switching companies, finding a new auto insurance company is not as hard as you think.
Cheap auto insurance can be found on the web as well as from independent agents in Portland, and you should compare price quotes from both in order to have the best chance of saving money. Some insurance companies don’t offer online quoting and many times these small insurance companies only sell through independent insurance agents.
While you’re price shopping online, don’t be tempted to reduce coverage to reduce premium. There are too many instances where an insured dropped full coverage to discover at claim time that it was a big mistake. The ultimate goal is to purchase a proper amount of coverage at a price you can afford while still protecting your assets.