The Consumer's Guide To Comparing Auto Insurance Companies
The Consumer's Guide To Comparing Auto Insurance Companies
Each year, as your car insurance policy is about to expire, take the opportunity to look elsewhere for a better deal. Most consumers mistakenly believe auto insurance companies are alike. They renew their policies each year without realizing they can enjoy more value for their money with other insurers.
One of the worst-kept secrets in the auto insurance industry is that insurers vary, often dramatically. Comparing them side by side usually reveals key differences that prompt many consumers to switch companies. In this article, we'll explain how to comparison shop auto insurers to see whether switching is the right choice for you given your circumstances.
The Importance Of Customer Service
Have you ever called your car insurance company, and been less than impressed with their response? For example, their representatives might have been unable to answer simple questions; their professionalism might have been lacking; or your insurer's claims office may have hours that are inconvenient for you. Whatever the reason, lackluster customer service is noteworthy.
When you're shopping for auto insurance coverage, call each company and "test" their level of service. If it fails to meet your expectations prior to buying coverage, it will likely be disappointing down the road.
Which Insurer Offers The Most Generous Discounts?
Not all insurance companies extend the same discounts to their policyholders. Some offer a longer list than others. Some offer larger discounts than others. Here again, it pays to shop around.
Most insurers will agree to lower your rates if you have a clean driving record, or insure multiple vehicles with them. Some companies will reduce your rates if you are a senior citizen, a student with good grades, or have an alarm system installed in your vehicle. Ask your broker or insurance representative to provide details regarding the discounts they offer.
Is The Auto Insurer Financially Stable?
The purpose of buying car insurance coverage is to protect yourself financially from unanticipated costs that result from loss or accidents. Sometimes, this involves the insurer paying to replace a vehicle that has been stolen. Other times, it involves their paying medical and rehabilitation expenses for injuries sustained during an accident.
Before you purchase coverage, check whether the insurer has the financial strength to pay out claims. If you are involved in a major collision, you'll want the peace of mind that comes with knowing your insurer has the means to fulfill their coverage obligations.
Be Prepared With The Right Information
In order to compare auto insurers - whether you do so online or via the phone - you'll need to provide them with certain information. Most insurance companies will want to know your living address, social security number, and other personal details. A lot of consumers are understandably loathe to provide their social security numbers. While you can get a preliminary quote without giving this information to the insurer, the quote will seldom reflect the final premium.
You'll also need to provide details about your vehicle and driving habits. This includes your car's make and model, odometer reading, average number of miles driven each year, and whether you have had any recent accidents.
The reason insurers want this information is because it helps them assess their risk of insurance loss if they extend coverage to you. For example, if you live in an area where auto theft is a major problem, your rates will be higher than otherwise. Likewise, if you have one or two at-fault accidents on your driving record, expect to pay a higher premium than you would with a clean record.
Finding Affordable Auto Insurance Coverage
Thus far, we have avoided the issue of premiums. This is the feature that most consumers focus upon when they compare car insurance companies side by side. Rates are important, and we encourage you to shop around for the lowest you can find. That said, low rates matter less if the insurer has a track record for lackluster customer service, sparse discounts, and a poor history of paying claims.
Consider the auto insurance coverage you buy as part of a package. Once you have narrowed the field to several high-quality companies, compare quotes between them. This is the most effective way to find affordable coverage you can be confident will meet your needs when the time comes.
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