Are you a victim of an overpriced auto insurance policy? Trust us, you are not the only one feeling buyer’s remorse.
There are many insurers to choose from, and even though it’s nice to have a choice, lots of choices makes it harder to adequately compare rates.
It’s a great practice to do rate comparisons periodically because rates go up and down regularly. Just because you found the best deal for Acadia coverage a couple years back the chances are good that you can find a lower rate today. Starting right now, ignore everything you know about auto insurance because you’re going to learn one of the easiest ways to find lower rates on auto insurance.
The purpose of this article is to instruct you on how to effectively get price quotes and some tips to save money. If you have car insurance now, you stand a good chance to be able to reduce your rates substantially using this strategy. Although consumers benefit from understanding how companies price insurance differently.
Insuring your vehicles can cost a lot, but there could be available discounts that you may not even be aware of. Most are applied when you purchase, but a few need to be requested specifically before you will receive the discount.
Keep in mind that some of the credits will not apply the the whole policy. A few only apply to individual premiums such as liability, collision or medical payments. Even though it may seem like you can get free auto insurance, it just doesn’t work that way. But all discounts will reduce your premiums.
Car insurance companies who might offer these discounts include:
It’s a good idea to ask each insurance company which discounts they offer. Some discounts might not apply in every state.
It’s important that you understand the rating factors that come into play when calculating the price you pay for insurance coverage. Having a good understanding of what determines base rates enables informed choices that may reward you with big savings.
The list below includes a partial list of the pieces insurance coverage companies consider when setting rates.
When it comes to choosing adequate coverage for your personal vehicles, there really is no single plan that fits everyone. Everyone’s situation is a little different and your policy should reflect that. For example, these questions might point out whether you would benefit from an agent’s advice.
If you don’t know the answers to these questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. If you don’t have a local agent, fill out this quick form or you can go here for a list of companies in your area.
Insurance coverage providers like State Farm, Geico and Progressive constantly bombard you with television and radio advertisements. They all make the same claim that you’ll save big if you switch to their company. But how can every company say the same thing? It’s all in the numbers.
Insurance companies have a certain “appetite” for the driver that earns them a profit. An example of a profitable customer might be profiled as a mature driver, is a homeowner, and drives newer vehicles. A propective insured who matches those parameters gets the lowest rates and most likely will save when switching.
Consumers who don’t measure up to the requirements will have to pay higher premiums which leads to the driver buying from a lower-cost company. The ad wording is “drivers who switch” not “everyone that quotes” save that much. That is how insurance companies can confidently make those claims.
Because of the profiling, drivers should quote coverage with many companies. It’s just too difficult to predict which insurance companies will provide you with the cheapest GMC Acadia insurance rates.
Understanding the coverages of your policy can be of help when determining appropriate coverage and the correct deductibles and limits. Policy terminology can be difficult to understand and nobody wants to actually read their policy. Below you’ll find the normal coverages available from car insurance companies.
Comprehensive coverages
Comprehensive insurance coverage will pay to fix damage OTHER than collision with another vehicle or object. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for claims like fire damage, theft, hitting a deer, damage from flooding and hail damage. The most your car insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.
Liability coverages
This will cover damage or injury you incur to other’s property or people. It protects you from claims by other people, and does not provide coverage for 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 which stand for a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit that pays claims from the same limit rather than limiting it on a per person basis.
Liability coverage pays for claims like court costs, bail bonds, medical expenses, repair bills for other people’s vehicles and emergency aid. The amount of liability coverage you purchase is a decision to put some thought into, but consider buying higher limits if possible.
Coverage for medical payments
Medical payments and Personal Injury Protection insurance reimburse you for bills for things like dental work, surgery, X-ray expenses and funeral costs. They are used in conjunction with a health insurance program or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage
Collision coverage protection
This coverage will pay to fix damage to your Acadia resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible and then insurance will cover the remainder.
Collision can pay for things such as sustaining damage from a pot hole, colliding with a tree and backing into a parked car. This coverage can be expensive, so you might think about dropping it from lower value vehicles. It’s also possible to bump up the deductible to get cheaper collision coverage.
Uninsured and underinsured coverage
This protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. It can pay for injuries to you and your family as well as damage to your GMC Acadia.
Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Frequently the UM/UIM limits are set the same as your liablity limits.
When trying to cut insurance costs, you should never reduce coverage to reduce premium. There have been many cases where an insured dropped collision coverage only to discover later that their decision to reduce coverage ended up costing them more. Your strategy should be to purchase plenty of coverage at an affordable rate while not skimping on critical coverages.
We just showed you a lot of information how to shop for 2013 GMC Acadia insurance online. The key concept to understand is the more you quote, the better chance you’ll have of finding lower rates. You may be surprised to find that the biggest savings come from the least-expected company. Regional companies can often insure niche markets at a lower cost than their larger competitors like Progressive or Geico.
Lower-priced insurance can be bought on the web in addition to many insurance agents, so you should compare both to get a complete price analysis. Some car insurance companies do not provide online price quotes and many times these smaller companies only sell through independent insurance agents.