Feel like you’re a prisoner to an overpriced insurance policy? Trust us when we tell you you are not the only one feeling buyer’s remorse. Companies like Geico, Farmers Insurance and State Farm constantly blast consumers with ad campaigns and it is challenging if not impossible to see through the deception and do the work needed to find the best deal.
You should make it a habit to do rate comparisons yearly due to the fact that insurance rates are rarely the same from one policy term to another. Just because you had the lowest rates on New Yorker coverage last year the chances are good that you can find a lower rate today. You’ll find quite a bit of inaccurate information about insurance on the web, but by reading this article, you’re going to learn some great ideas on how to slash your insurance rates.
If you have a policy now or are looking for a new policy, you can learn to cut your premiums while maintaining coverages. Choosing the best insurance company for you is easy if you know what you’re doing. Drivers just need to know how to shop their coverage around on the web.
Cutting your insurance coverage rates can be relatively painless. All you need to do is invest a few minutes getting comparison quotes provided by online insurance companies. This is very easy and can be done using a couple different methods.
Whichever method you choose, ensure you are comparing the exact same coverages and limits with each company. If you have different values for each quote it will be impossible to make an equal comparison.
Insurance can cost an arm and a leg, buy you may qualify for discounts to cut the cost considerably. Some trigger automatically when you quote, but some must be asked for prior to receiving the credit. If you don’t get every credit available, you’re just leaving money on the table.
As a disclaimer on discounts, most discounts do not apply to all coverage premiums. Some only reduce specific coverage prices like comp or med pay. So when it seems like all those discounts means the company will pay you, companies wouldn’t make money that way. But all discounts will reduce your premiums.
A partial list of companies who might offer these benefits may include but are not limited to:
Double check with every prospective company what discounts are available to you. Savings might not apply everywhere.
When it comes to buying the right insurance coverage for your vehicles, there really is not a perfect coverage plan. Everyone’s situation is unique and a cookie cutter policy won’t apply. These are some specific questions may help you determine whether your personal situation could use an agent’s help.
If you can’t answer these questions but you know they apply to you then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form or you can go here for a list of companies in your area. It only takes a few minutes and can provide invaluable advice.
Understanding the coverages of your auto insurance policy helps when choosing the best coverages and the correct deductibles and limits. Auto insurance terms can be difficult to understand and reading a policy is terribly boring. Shown next are the normal coverages found on most auto insurance policies.
Medical payments and PIP coverage
Coverage for medical payments and/or PIP kick in for bills for prosthetic devices, ambulance fees and surgery. They can be used to cover expenses not covered by your health insurance program or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. PIP coverage is only offered in select states and may carry a deductible
Comprehensive auto coverage
Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things such as a tree branch falling on your vehicle, hitting a bird, damage from getting keyed, rock chips in glass and hitting a deer. The maximum payout a auto insurance company will pay at claim time is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Auto liability insurance
This can cover injuries or damage you cause to other people or property. This coverage protects you against other people’s claims, and doesn’t cover damage to your own property or vehicle.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property. Occasionally you may see a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.
Liability insurance covers claims such as attorney fees, medical services, structural damage and loss of income. How much liability should you purchase? That is a decision to put some thought into, but consider buying as high a limit as you can afford.
Collision coverage protection
Collision insurance covers damage to your New Yorker resulting from a collision with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things such as rolling your car, sideswiping another vehicle and scraping a guard rail. This coverage can be expensive, so consider removing coverage from older vehicles. Drivers also have the option to bump up the deductible to save money on collision insurance.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” do not carry enough liability coverage. Covered losses include hospital bills for your injuries as well as damage to your 1994 Chrysler New Yorker.
Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important. Most of the time the UM/UIM limits are set the same as your liablity limits.
Cost effective 1994 Chrysler New Yorker insurance is available online as well as from independent agents, so you should be comparing quotes from both in order to have the best chance of saving money. Some car insurance companies don’t offer online quoting and usually these small insurance companies provide coverage only through local independent agents.
As you restructure your insurance plan, you should never reduce coverage to reduce premium. In too many instances, consumers will sacrifice liability coverage limits only to regret at claim time that the small savings ended up costing them much more. The proper strategy is to buy enough coverage at an affordable rate while still protecting your assets.
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