Tired of trying to scrape together enough money to pay your car insurance bill each month? You are in the same boat as many other drivers in Vermont.
With so many different company options, it’s nearly impossible to choose the cheapest insurer.
Consumers need to check auto insurance prices yearly because insurance rates are variable and change quite frequently. Even if you think you had the lowest rates last year you can probably find a better price now. So just block out anything you think you know about auto insurance because it’s time to teach you the quickest way to remove unneeded coverages and save money.
Finding affordable coverage in Waterbury is quite easy. If you have car insurance now, you stand a good chance to be able to cut costs considerably using these tips. Although Vermont vehicle owners must know how insurance companies price insurance differently.
Do you qualify for discounts?
Companies offering auto insurance don’t necessarily list every available discount in an easy-to-find place, so we break down both the well known and the more hidden auto insurance savings.
- Braking Control Discount – Vehicles equipped with ABS or steering control are safer to drive and will save you 10% or more.
- Early Switch Discount – Select companies give a discount for buying a policy before your current expiration date. It’s a savings of about 10%.
- Fewer Miles Equal More Savings – Low mileage vehicles could be rewarded with discounted rates on garaged vehicles.
- Resident Student – Kids in college living away from home attending college and don’t have a car may qualify for this discount.
- Driver Safety – Taking part in a course teaching defensive driving skills could cut 5% off your bill if your company offers it.
- Sign Online – A handful of insurance companies give back up to $50 for buying your policy over the internet.
- Military Rewards – Having a family member in the military could be rewarded with lower premiums.
Consumers should know that most credits do not apply the the whole policy. Most only apply to the price of certain insurance coverages like physical damage coverage or medical payments. Just because it seems like having all the discounts means you get insurance for free, it just doesn’t work that way.<img class="alignright" style="padding-top:15px;" src="https://www.carinsurancediy.com/wp-content/uploads/ci175-103.jpg" alt="Waterbury Vermont car insurance quote”/>
For a list of insurers who offer auto insurance discounts in Waterbury, follow this link.
Components of your insurance rates
It’s important that you understand the factors that play a part in calculating your auto insurance rates. Knowing what impacts premium levels helps enable you to make changes that can help you get lower auto insurance prices.
Shown below are a few of the “ingredients” that factor into your rates.
- How your age affects price – Mature drivers are more cautious drivers, tend to file fewer claims and receive fewer citations. Teenage drivers are statistically proven to be more careless in a vehicle therefore auto insurance rates are much higher.
- Lower deductibles cost more – Physical damage coverage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. A few examples of covered claims are collision with another vehicle, vandalism, or theft. Physical damage deductibles are how much you are willing to pay in the event of a claim. The more you have to pay, the less your auto insurance will be.
- Car features impact rates – Owning a car with anti-theft technology or alarm system can get you a discount on your auto insurance. Anti-theft features like GM’s OnStar, tamper alarm systems and vehicle immobilizers can help prevent car theft.
- Multiple policies with one company can save – Some companies provide better rates to policyholders who consolidate policies with them, otherwise known as a multi-policy discount. If you currently are using one company, it’s in your best interest to compare rates to verify if the discount is saving money. Drivers may still find better rates by buying auto insurance from a different company.
- Liability coverage is peace of mind – Your policy’s liability coverage is the coverage that protects you if a jury decides you are liable for damages from an accident. Liability insurance provides you with a defense in court starting from day one. Carrying liability coverage is mandatory and cheap as compared to coverage for physical damage, so do not cut corners here.
- A clean driving record saves money – Even one speeding ticket can boost insurance rates by as much as thirty percent. Careful drivers receive lower rates than their less careful counterparts. If you have dangerous violations such as reckless driving, hit and run or driving under the influence may find they need to file a SR-22 with their state DMV in order to prevent a license revocation.
- Your spouse saves you money – Being married can get you a discount on your auto insurance policy. Having a spouse translates into being more mature and responsible and it’s proven that married couples file fewer claims.
- Your location is important – Living in a rural area has it’s advantages when buying auto insurance. Urban drivers have to deal with congested traffic and longer commutes to work. Lower population means a lower chance of having an accident.
How can State Farm and Allstate save drivers who switch?
Auto insurance providers like State Farm and Allstate regularly use television and radio advertisements. They all have a common claim that you’ll save big if you move to them. How do they all make the same claim?
Different companies can use profiling for the driver that makes them money. An example of a desirable insured might be profiled as between the ages of 40 and 55, has no driving citations, and drives less than 7,500 miles a year. A customer who meets those qualifications gets the lowest rates and as a result will probably save a lot of money.
Drivers who don’t qualify for these standards will be charged a more expensive rate and this can result in business going elsewhere. The ads state “customers that switch” not “people who quote” save that kind of money. That’s the way companies can truthfully make the claims of big savings. That is why you need to quote coverage with many companies. It’s impossible to know the company that will give you the biggest savings.
Additional detailed information is available at the Vermont Department of Financial Regulation website. Vermont drivers can find a variety of consumer forms, file complaints about an insurance agent or broker, and view a list of available companies.
The articles below may also help you learn more about auto insurance in Waterbury
- Waterbury, CT Car Insurance Buying Tips You Arent Supposed to Know
- Things You Must Know Before Shopping for Waterbury Car Insurance Online
- Free Guide to Spending Less for Waterbury, CT Auto Insurance Online
Smart consumers save more
As you prepare to switch companies, don’t be tempted to reduce coverage to reduce premium. Too many times, drivers have reduced uninsured motorist or liability limits only to find out that it was a big error on their part. The proper strategy is to purchase a proper amount of coverage at an affordable rate, not the least amount of coverage.
You just read a lot of techniques to get a better price on auto insurance. The key thing to remember is the more price quotes you have, the higher the chance of saving money. Drivers may discover the best prices are with a company that doesn’t do a lot of advertising. Regional companies may cover specific market segments cheaper than their larger competitors like State Farm or Progressive.