Mar 16th, 2009
Factors to Consider When Buying Auto Insurance
This guest post if by Barbara Waltz, an insurance agent with over a decade of experience in the industry. As an insurance agent it is her job to assist in finding suitable insurance plans that fit the needs, life situation and budget of her clients. Barbara started her blog, 24/7 Quote Us, a few years back for that reason — to offer her knowledge and know how while producing reliable online information regarding Home, Life, Health, Vehicle and Finance Insurance to be used as a resource guide. Mahalo, Barbara!
If you have done any shopping for auto insurance, you know that policies are not “one size fits all.” Your individual or family auto insurance premiums depend upon many unique factors. Of course, driving history is important. A driver who has had one minor accident in the last ten years will have an easier time finding affordable auto insurance rates. In comparison, a careless or unlucky driver with several large claims in the past few years will not be able to qualify for the lowest rates, and may even have trouble finding an insurer who wants his business!
How Do Car Insurers Set Rates?
1. Insurers look at a driver’s age, driving history, gender, and zip code. Those things cannot be changed when applying for a new basis. A young and inexperienced driver will pay more than an older driver who has not had a claim in the past few years.
2. An approved driver’s safety or defensive driving class can earn a discount which can offset some of the higher price that a new or imperfect driving history causes.
3. Many large insurers have begun to look at credit reports. They believe that their statistics prove that drivers with poorer credit management also tend to make more claims.
4. Some types of cars raise a red flag with auto insurers. High horsepower sports cars will always carry a higher insurance price tag then a sedate family sedan. If an insurer believes that a certain car attracts more thefts, they will charge more for an increased risk too.
5. Insurers like safety features and anti-theft devices. Any improvement that should reduce damage or personal injury claims should earn a discount. These can account for up to 30% discounts, or higher in some cases, for some safety features.
6. Multiple policy discounts, like home and car insurance discounts, are one of the most popular ways to reduce premiums. An insurer will reduce the price in order to place all of your business.
Keep in mind that different insurers use their own charts to calculate rates. While one insurer may penalize a very good driver for a poor credit score, another company will offer that same drive a good discount because they have no claims history. You cannot always count on your current or past insurer for the lowest auto insurance premiums so to ensure you are getting the best possible deal, shop for your insurance quote online to get a comparison of what is available for you and then make an educated decision based on that information.
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The Best Auto Insurance
Finding the best auto insurance company would certainly help. But did you know insurance rates actually vary between individuals? Consulting auto insurance agencies is one way to go about searching for your low-cost insurance carriers, but is not necessarily the most efficient. Instead, look into the most useful resource for your car insurance needs that’s at your disposal, the Internet. The insurance portal gets the latest rates available in your area, and tries to match this information to what you’re looking for. So if you’re thinking of switching to a cheaper insurance policy, car insurance portals are the way to go.
The policy is in effect at the time first payment is remitted. Some companies allow the policy to go into effect with a signed promise to pay. I hope that you had a chance to thoroughly read the agreement and contract before you signed or paid for anything, including the small print. It is unwise to pay or sign for anything off a base offer without literally seeing, reading, and questioning every word set forth.
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