Even if you’re driving the latest and greatest in luxury, you still want the necessary and essential coverage without overpaying, right? No one wants to overpay and everyone wants a great deal. Not only will I show you have a get a great deal on your insurance, I’ll show you have to ensure you’re getting the cheapest insurance possible on your ride.
- DEDUCTIBLES, DEDUCTIBLES, DEDUCTIBLES
The higher the deductible you choose the cheaper your insurance will be. Deductibles are usually $250.00, $500.00, $1,000.00 and sometimes higher. By opting for a higher deductible you are telling the insurance company “if I am at fault in an accident, I am willing to take on a little more of the cost of repairs in exchange for a lower premium”. You should look at your own accident or claim history and your bank account. If you have or could come up with $1,000 come claim time, and you don’t have a claim but every few years or more, consider asking your agent to run a quote at each deductible level and see how the savings stack up.
- DISCOUNTS, DISCOUNTS, DISCOUNTS
Every company I work with (over 40 auto insurance companies) offers dump truck loads of discounts. Discounts like telematics discounts (a discount for sticking a device in your car that tracks your mileage and in some cases your driving behaviors), good driving discounts, claim free discounts, good student (for young drivers that maintain an A/B GPA), Drivers Ed discounts (for your drivers that take a drivers ed class instead of being parent taught), pay in full discounts, paperless discounts, etc. Be sure to ask your agent if you have qualified for all the discounts possible and then follow-up with “how can I earn more discounts in the future).
- BE THOUGHTFUL ABOUT WHAT YOU REALLY NEED
In a household that has two drivers and three cars, do you really need to have rental car coverage? If one car goes out of commission would you really need to have a rental car. Having that rental car coverage on all three cars is going to cost you about $150.00, which you may not need to spend. How about roadside assistance? What does this coverage really cover- many insurance companies outsource this service and frankly they struggle keeping service levels high. After asking your agent some questions, it might make sense to call for a flat tire repair yourself from a quick google search then to wait for your company to dispatch a local repair show to deliver you some fuel. Being thoughtful isn’t always about skimping. Be thoughtful about the coverages you need in terms of liability and un-insured motorist. Bumping these coverages up by even double have little impact on your overall premium. Be thoughtful, not cheap.
- USE AN INDEPENDENT INSURANCE AGENT
By shopping and using a local independent insurance agent instead of captive agent you likely will get a much better deal on your insurance rates. A captive agent (State Farm, Allstate, Farmers, etc.) can only tell you what their respective company rates are and they will move mountains to convince you that their product is the best on the planet. However, calling a local independent insurance agent can open the windows of the insurance word to you. They will be able to tell you what the rates and coverages are for multiple companies, large companies like Nationwide, Safeco, Travelers and even smaller companies that you may of not heard of. If you really want to see if you are getting the cheapest insurance possible, you should be working with an independent insurance agent.
When you are shopping for car insurance, be sure to consider taking advantage of higher deductibles, leveraging all the potential discounts, and be thoughtful about the “other coverages” these things coupled with working with a capable local Independent Insurance Agent will help you get the best deal possible on your insurance rates.
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