Are you regretting the purchase of an expensive car insurance policy? You’re preaching to the choir because many Coral Gables drivers have buyer’s remorse. Companies like Allstate, Liberty Mutual and State Farm promote their brand names with ad campaigns and consumers find it hard to separate fact from fiction and effectively compare rates to find the best deal.
It’s a great practice to get comparison quotes yearly since insurance prices change regularly. Just because you had the best rates last year other companies may now be cheaper. Forget anything you know (or think you know) about car insurance because it’s time to teach you the things you must know in order to lower your annual insurance bill.
The most recommended method to compare car insurance rates utilizes the fact most of the bigger providers pay for the opportunity to compare rate quotes. The one thing you need to do is spend a couple of minutes providing details like if your license is active, how much education you have, your general credit rating, and if it has an alarm system. Your rating data is then submitted to insurance companies and you will get price comparisons with very little delay.
Lower rate quotes with these car insurance discounts
Car insurance is not an enjoyable expense, but you can get discounts that you may not even be aware of. Larger premium reductions will be automatically applied when you complete an application, but some need to be manually applied prior to receiving the credit.
- 55 and Retired – Drivers that qualify as senior citizens may qualify for a small discount on rates.
- Accident Forgiveness – Not really a discount, but certain companies permit an accident before raising your premiums if your claims history is clear before the accident.
- Professional Memberships – Belonging to a civic or occupational organization in Coral Gables could trigger savings on car insurance.
- College Student Discount – living away from home attending college and do not have a car can receive lower rates.
- Passive Restraint Discount – Factory air bags may qualify for discounts of more than 20%.
- Savings for New Vehicles – Buying coverage on a new vehicle can save you some money compared to insuring an older model.
- Sign Early and Save – Some companies give discounts for buying a policy prior to the expiration date on your current policy. It could save around 10% when you .
- Seat Belts Save – Requiring all passengers to buckle up before driving can save up to 10 percent (depending on the company) off PIP or medical payments premium.
- Sign Online – A few car insurance companies will give you a small discount for buying your policy digitally online.
As a sidenote, many deductions do not apply to your bottom line cost. Most cut specific coverage prices like liability, collision or medical payments. Even though it appears you would end up receiving a 100% discount, nobody gets a free ride.
Larger car insurance companies and some of their more popular discounts are outlined below.
- Farmers Insurance has discounts for business and professional, early shopping, youthful driver, homeowner, and teen driver.
- Esurance offers premium reductions for good student, homeowner, online shopper, Switch & Save, and renters.
- State Farm discounts include defensive driving training, Steer Clear safe driver discount, good student, multiple policy, multiple autos, and anti-theft.
- GEICO may offer discounts for emergency military deployment, multi-vehicle, military active duty, air bags, and anti-lock brakes.
- Allstate has savings for new car, good payer, early signing, economy car, farm vehicle, and anti-theft.
If you are trying to find , ask all the companies how you can save money. Some of the discounts discussed earlier might not be offered in Coral Gables. To see car insurance companies that can offer you the previously mentioned discounts in Coral Gables, click here.
How insurance providers determine costs
It’s important that you understand a few of the rating criteria that are used to determine the price you pay for car insurance. If you have a feel for what determines premiums, this helps enable you to make changes that may result in big savings. Lots of factors are used when premium rates are determined. Some are pretty understandable such as traffic violations, although some other factors are less apparent like where you live or your commute time.
- Pay more if you have a long commute – Choosing to live in less populated areas can be a good thing when trying to find low car insurance rates. People who live in big cities regularly have congested traffic and much longer commute distances. Lower population means a lower chance of having an accident and lower theft and vandalism rates.
- Responsible credit scores equal low rates – Having a bad credit rating can be an important factor in determining what you pay for car insurance. So if your credit history is lower than you’d like, you could be paying less to insure your vehicle by improving your rating. Consumers who have good credit tend to file fewer claims than those with poor credit scores.
- Raise your physical damage deductibles for better prices – The deductibles you choose are how much you are required to spend if a covered claim is submitted. Physical damage coverage, termed comprehensive and collision coverage on your policy, is used to repair damage to your car. Some examples of covered claims are a windshield broken by a bird, damage from fire, and damage caused by road hazards. The more expense you pay before a claim is paid (deductible), the less your company will charge you for insurance.
- Youthful drivers cost more – Drivers with little experience tend to be more careless in a vehicle so they pay higher car insurance rates. Older people are shown to be more cautious, tend to file fewer claims and get fewer tickets.
- Lower rates for married couples – Walking down the aisle may save some money when buying car insurance. Having a spouse is viewed as being more stable financially and it’s proven that married drivers tend to have fewer serious accidents.
- No car insurance policy gaps is important – Not having insurance is a big no-no and any future policy may cost more because you let your insurance lapse. And not only will insurance be more expensive, getting caught without coverage could result in a hefty fine and possibly a revoked license. You may then be required to prove you have insurance by filing a SR-22 with the Florida motor vehicle department.
- Cars with good safety ratings cost less to insure – Safer cars are cheaper to insure. Safe vehicles reduce occupant injuries and reduced instances of injuries means less money paid by your insurance company which can mean better rates for you.
- Stay claim-free and save money – Companies in Florida generally give lower rates to people who are claim-free. If you tend to file frequent claims, you can look forward to higher rates. Auto insurance is intended for more catestrophic claims.
Car insurance can get complicated
When choosing proper insurance coverage for your vehicles, there is no single plan that fits everyone. Everyone’s situation is unique so your insurance should reflect that These are some specific questions may help highlight whether you will benefit from professional help.
- Should I put collision coverage on all my vehicles?
- Is a new car covered when I drive it off the dealer lot?
- When would I need rental car insurance?
- Why am I be forced to buy a membership to get insurance from some companies?
- Is my vehicle covered for flood damage?
- Should I buy additional glass protection?
- Does my policy pay for OEM or aftermarket parts?
- Can I afford to pay high deductible claims out of pocket?
- Do I qualify for additional discounts?
If you’re not sure about those questions then you might want to talk to an agent. If you want to speak to an agent in your area, take a second and complete this form or click here for a list of car insurance companies in your area.
More information can be read on the Florida Office of Insurance Regulation website located here. Florida consumers can discover disciplinary actions, read enforcement actions against agents and companies, find disaster information, and read consumer alerts.
Well-known car insurance companies like Allstate and Progressive regularly use ads in print and on television. They all make the point that drivers can save some big amount just by switching your car insurance policy to them. Is it even possible that every company can charge you less for auto insurance? It’s all in how they say it.
Insurance providers quote the lowest rates for a prospective insured that is profitable for them. An example of a profitable customer might be described as a mature driver, has other policies, and has a high credit rating. Any person that fits those parameters receives the best rates and as a result will probably cut their rates if they switch.
Consumers who do not meet these standards will get higher premium rates and the customer buying from a different company. If you pay close attention to the ads, they say “drivers who switch” not “all people who quote” will save that much if they switch. That’s why companies can truthfully make the claims of big savings.
Because of this risk profiling, you absolutely need to do a price quote comparison at every renewal. It’s not possible to predict the company that will fit you best based on your risk profile.
Cheaper car insurance is a realistic goal
As you shop your coverage around, don’t be tempted to buy lower coverage limits just to save a few bucks. In many instances, consumers will sacrifice liability coverage limits only to discover later that it was a big error on their part. The ultimate goal is to find the BEST coverage at the best cost but still have enough coverage for asset protection.
We just presented a lot of tips how to shop for car insurance online. The key thing to remember is the more you , the better likelihood of getting . You may even find the lowest premium rates come from a smaller regional carrier. These smaller insurers may often insure only within specific states and give getter rates as compared to the big name companies such as State Farm or Progressive.