If you are shopping or car insurance, then you know that there are multiple insurers that would love to have your business. How could you not know otherwise, after all a Gecko, a smart-alecky gal with red lipstick, a goofy pitchman and countless other characters are constantly pimping insurance products. Regardless of which plan you choose, there are some things you need to know about obtaining car insurance, allowing you to save money when you shop sensibly.
1. Your credit matters -- Your credit rating can certainly make a difference in how much you pay for car insurance. This is because insurers use your credit score to determine risk -- the higher your score, the less likely you will file a claim. But, the opposite is also true. Consider obtaining your credit score to see where you stand credit-wise. Mistakes on your report can lower your score, costing you more.
2. Compare and compare again -- Likely, your state allows quite a few companies to write insurance policies in your state. That means each company will set rates differently, sometimes quite differently. To obtain comparable rates you must get quotes for like coverage. Choose the same deductible amounts for comprehensive, collision and what have you to arrive at a proper comparison.
3. Your address...is it correct? -- One small mistake such as a wrong zip code or street address can make a big difference in how much you pay for car insurance. Did you know that insurance rate differences can also be attributed to where you live? That means if your zip code is off by one digit, it could mean that you're paying a higher rate for where you live. If that difference is by mistake, then you could be charged an incorrectly higher rate. Carefully review your current policy to ensure that the information about you is correct.
4. Coverage options -- How much coverage do you need? Consumers may sometimes choose too much coverage and find later on that they are covered elsewhere. For example, you do not need roadside assistance coverage if you already have an auto club membership. You may, however, need rental car insurance if you plan to rent a car. That insurance does have its limits, but it can be much cheaper than the insurance you'd have to pay to the car rental company.
5. Get discounts -- Even as you get your rate quotes, you may find that you're entitled to one or more discounts. Such discounts include multiple cars covered, equipment such as antilock brakes, security systems such as an alarm system, completing a safe driver course and group discounts offered to members of an employee group or alumni association. Not sure that you're entitled to discounts? Then just ask.
Other savings can be had if you bundle your car and homeowners insurance or drop collision on an aged car. Determine the coverage that is right for you and be prepared to reap good savings provided you have a clean driving record.
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