Did you make the mistake of buying an expensive auto insurance policy? Trust us, there are many people just like you. Lots of insurance companies contend for your insurance dollar, so it can be very hard to choose a insurance company and uncover the absolute lowest cost out there.
It’s important to compare premium rates quite often because insurance prices are variable and change quite frequently. Despite the fact that you may have had the lowest price last year you may be paying too much now. Block out anything you think you know about auto insurance because you’re about to learn the tricks you need to know to buy cheaper auto insurance.
If you have a current auto insurance policy or need new coverage, you can use these techniques to get lower rates and still get good coverage. Finding affordable coverage in Elmhurst is easy if you know what you’re doing. Illinois drivers just need to learn the best way to buy auto insurance on the web.
These discounts can lower your auto insurance quotes
Car insurance companies do not advertise every discount very clearly, so the following is a list of both the well known and also the more inconspicuous credits available to you.
- Government Employees – Active or former government employment could provide a small rate reduction with some auto insurance companies.
- Discounts for Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle up before driving can save 10% or more on the medical payments or PIP coverage costs.
- Safety Course Discount – Taking time to complete a course in defensive driving can save you 5% or more and make you a better driver.
- Switch and Save Discount – A few companies give discounts for switching to them before your current coverage expires. You may see this discount when you get .
- Anti-lock Brake System – Cars and trucks that have steering control and anti-lock brakes are much safer to drive so companies give up to a 10% discount.
- Savings for New Vehicles – Insuring a vehicle that is new is cheaper since newer vehicles have better safety ratings.
- Senior Citizen Discount – If you’re over the age of 55, you may qualify for better auto insurance rates.
- Distant Student Discount – Children who live away from home at college without a vehicle on campus can receive lower rates.
- Onboard Data Collection – Policyholders that allow data collection to track driving manner by using a small device installed in their vehicle such as Progressive’s Snapshot and State Farm’s In-Drive might get better premium rates if they have good driving habits.
Keep in mind that most credits do not apply to the entire cost. Most only reduce the price of certain insurance coverages like medical payments or collision. So despite the fact that it appears it’s possible to get free car insurance, companies don’t profit that way. Any qualifying discounts will definitely lower the amount you pay for coverage.
Insurance companies that may offer quotes with these discounts include:
Before buying, ask all companies you are considering which discounts they offer. Savings might not be available to policyholders in Elmhurst. If you would like to see a list of auto insurance companies that offer multiple discounts in Illinois, follow this link.
Why your premium might be higher
Many different elements are used in the calculation when premium rates are determined. Some factors are common sense like a motor vehicle report, but other factors are less obvious such as your marital status or your vehicle rating. Smart consumers have a good feel for some of the things that aid in calculating your policy premiums. If you have some idea of what influences your rates, this empowers consumers to make smart changes that could result in big savings.
Listed below are a few of the “ingredients” that factor into rates.
- Influences performance influences rates – The type of car, truck or SUV you are insuring makes a significant difference in your rates. The cheapest insurance rates are generally reserved for lower performance four cylinder passenger cars, but that’s not the only thing that factors into the final price.
- Tickets cost more than a fine – Even a single moving violation can bump up the cost to the point where it’s not affordable. Drivers who don’t get tickets pay less for auto insurance as compared to careless drivers. Drivers who have received severe tickets like hit and run, DWI or reckless driving convictions may be required to submit a SR-22 form with their state DMV in order to keep their license.
- Discounts for auto and home policies – Most larger auto insurance companies will award a discount to policyholders that have more than one policy. It’s known as a multi-policy discount. Even with this discount, you still need to get quotes from other companies to ensure the best deal.
- Gender and insurance coverage costs – Statistics demonstrate that men are more aggressive behind the wheel. It does not mean males are worse at driving than females. Females and males get in at-fault accidents in similar percentages, but men have costlier accidents. They also have more aggressive citations such as DWI and reckless driving. Teenage male drivers are the most expensive to insure so it costs more to insure them.
- Bump up physical damage deductibles to lower rates – Physical damage protection, termed comprehensive and collision coverage on your policy, covers your vehicle from damage. Some examples of covered claims are a broken windshield, damage from fire, and damage from a fallen tree branch. Your deductibles are how much you are willing to pay if a claim is determined to be covered. The more expense you pay before a claim is paid (deductible), the bigger discount you will receive.
Auto insurance myths debunked
Consumers in Illinois constantly see and hear ads for the lowest price auto insurance by State Farm, Allstate and GEICO. They all seem to seem to make the promise that you can save if you switch your policy.
How does every company save you money? This is the way they can do it.
Auto insurance companies quote their best rates for the type of driver that earns them the most money. A good example of this type of risk profile may need to be a female over age 40, has no tickets, and insures a new vehicle. A propective insured that hits that “sweet spot” may get the lowest premium rates in Elmhurst and will most likely save when switching.
Potential insureds who cannot meet the “perfect” profile will get higher rates and this can result in business not being written. If you listen closely, the ads state “people who switch” but not “everyone who gets a quote” save money. This is how companies can make the claims of big savings. This really drives home the point why it is so important to do a rate comparison at every renewal. You cannot predict which company will fit your personal profile best.
More detailed Illinois auto insurance information can be read at the Illinois Department of Insurance website. Consumers can read industry bulletins, read enforcement actions against agents and companies, find out which companies have the most complaints, and find disaster information.
Leave no stone unturned
Low-cost auto insurance can be found from both online companies and with local Elmhurst insurance agents, and you should be comparing both to have the best selection. Some insurance companies may not have rates over the internet and usually these small, regional companies prefer to sell through independent insurance agents.
As you prepare to switch companies, it’s not a good idea to skimp on coverage in order to save money. In many instances, someone dropped full coverage and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your aim should be to get the best coverage possible at the best price, not the least amount of coverage.