subject: Should You Set Your Own Auto Insurance Price? [print this page] Should You Set Your Own Auto Insurance Price?
Have you heard about the new auto insurance systems that allow you set your price? These certainly sound very inviting to those of us who must watch our budgets.This may seem like it is too good to be true. It actually is a little misleading. Every state has minimum insurance requirements. You will have to pay for that in order to be a legal driver In addition, if you lease or make payments for a loan, you will probably have to have full coverage. Lenders and lease companies want to make sure they are protected in case your vehicle is damaged in an accident. So you know that you will have to pay some minimum amount in order to cover your car. You cannot really name any price. There are some real advantages to using these system. The systems make it easier to understand how prices are set. This is a benefit. You should not assume that an insurer who has a system that lets you set your own price will always offer you the best deal either. You can make some adjustments to your policy. Most people could lower their premiums by cutting out some of the extras or increasing their accident deductible. However, you can do that with any insurance company. This is not really unique. You may decide, for example, to skip coverage to pay for a rental car to use while your own car is being repaired. This could save you a few dollars every month. However, if you do have an accident you will need alternate transportation. You may be ok if you can catch the bus. If you have to pay for a rental car for several days, it could cost hundreds of dollars. When you are setting your own car insurance price, be sure and leave in the things that will serve you well if you do have an accident. One of the simplest ways to save money on your monthly premiums is to make sure you are getting the best deal for the coverage you need. You should compare quotes from multiple companies. Some insurers are just cheaper for different types of drivers. You should also be sure you take advantage of any discounts you can qualify for. You may be able to lower your premium by finding discounts. Several large insurers offer discounts for low mileage drivers hybrid vehicles, and driver safety classes. You may be paying 10% - 30% more than you have to pay. You current insurer may not offer these discounts, or you have never been notified about them. It is simple to get competitive insurance quotes today. You can find a lot of good web based quote forms that will match you with a handful of companies after you answer a few simple questions. You could also call up a good insurance agent. Agents make money by selling insurance polies. They should not charge you to ask questions. Just be careful that you are not skipping some important policy benefits because you want to save a few dollars!
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