Buying Car Insurance Without Going Broke
Buying Car Insurance Without Going Broke
Buying Car Insurance Without Going BrokeThe rise of the internet has completely transformed the way we do our business. We shop, we buy stuff, and it magically appears on our doorstep in a day or so. We pay our bills without becoming bogged down by a pile of paperwork. We take care of our finances, network with old friends, and conduct our work all while in front of a computer screen (preferably at Starbucks). The web has been a revolutionary force on almost every level one can imagine.
It has certainly made the art of shopping easier. With the wonderful invention known as the online coupon, you can easily find the best deal out there on any product in no time. One of the areas where it is extremely important to find the most return on your investment is with auto insurance.
Obviously, the main purpose for buying insurance is to make sure you are adequately covered in case you have a fender bender in the local Walgreens parking lot or do a header off Lover's Leap. Then again, you also don't want to pay out a lot of money for something that may never happen. So where do you draw the line?
My most recent journey into the world of buying car insurance yielded some interesting results. Progressive, which advertises themselves as the affordable alternative, was actually the most expensive option for me. The insurance I had kept for years was somewhere in the middle, and Geico (famous for the gecko spokesman and the cavemen that people love or hate) was the most affordable choice. Obviously, I went with the cavemen.
My suggestions for auto insurance are simple:
Go for the best rate. At the end of the day, it's pretty much all about the money, and money you don't sink into insurance can be used elsewhere. Insurance companies will do their best to earn your business, but they don't have to know what their competition offered. Shop four or five companies and go with whoever gives you the most for what you are budgeted to pay.
Know how much coverage you need. Laws vary from state to state on how much coverage you should keep, so familiarize yourself with the law in your area. Knowing what is required will prevent you from spending too much.
Some people base their decisions around the worst possible scenario. Believe me these folks get their insurance companies Christmas card business, because they are going to buy a LOT of coverage. This makes the company bean counters very happy.
So basically, you should always get enough coverage to take care of you but don't go off the deep end. Make sure all of your assets are covered. This will prevent lawyers from going after your property in the event of an accident that you were responsible for. If you only have $50,000 in liability insurance and the other party's medical bills top $100,000, they will come after you if you are not properly covered.
Always check your driving record before getting quotes. If you have a speeding ticket (or if you're like me, tickets) on your record and they are close to coming off, wait until your record is clean (or at least cleaner) before shopping for quotes. Tickets and accidents can send rates through the roof. So contact your local DMV and make sure you know where you stand on all past violations.
Make the companies fight over you. Competition is always good for business and even better for the consumer. You can get online quotes from most companies within a matter of minutes. Most companies can give you a quote online, although some still prefer to do so by phone. If you get a phone quote, have them e-mail or fax a copy of the quote to you.
Know what the different companies offer. Check out annual and monthly rates for the different types of coverage. Make sure they have an 800 number, that is actually answered by a real person, so that you can get your questions answered at any time. Know when your payment is due and what penalties may be imposed if you are late.
Always ask for the discounts. Remember, you have not because you ask not. Many companies offer discounts based on your good driving record, whether or not you are a homeowner, how many vehicles you will be insuring with them, safety features found on the cars (such as anti-lock brakes) etc. They may also offer discounts if you obtain your homeowners or renters insurance from them. Your credit score may also affect what you end up paying.
Once you have made your decision, review the policy thoroughly before signing. Make sure there are no hidden surprises that could come back to haunt you later. Some companies will include a clause that requires you to abdicate your right to sue or otherwise arbitrate with the company. I cannot stress enough.do not give up this right. If the company insists on it, take your business elsewhere.
Don't forget to cancel your old policy, but only do this after the new one is in place and coverage is confirmed. You do not want to interrupt coverage on your car for any length of time, because we all know that it is during those ten minutes you're not covered that another car will appear out of thin air and nail it. Trust me.
Congratulations, you are now an insured motorist. Happy motoring.
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