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November 11, 2009
Tips on Auto Insurance Shopping and Coverage

Shopping:

In most instances, “you get what you pay for”. It is always a good idea to “shop-around” for an insurance policy that best fits your individual needs. Keep in mind that price is not the only thing that makes a policy the best fit. Insurance policies differ from company to company and an insurance professional can guide you through the process of choosing coverage that is right for you. There are many insurance companies to choose from and I prefer those that have the financial prowess to be there for you in a claims situation. These companies usually have an A- rating or better.


Discounts

Most insurance carriers offer discount on auto insurance. Here are a few examples…

• Consider increasing your comp & collision deductibles.

• Alarm systems

• Good Student

• Student 100mi away at school (w/o veh)

• Drivers Ed.

• Defensive Driving (55 Alive)

• Safety features (airbags, etc…)

• Consider insuring both your auto(s) and home with one company

 

Use an independent insurance broker.

This is the single most effective way to reduce your premiums. When you go through one company or dial a 1800 number to get a quote, you only have access to the prices of that company. Also, the person you are speaking with is employed by that company, so the coverage they are selling you may not be right for you. An independent insurance broker is employed by you, meaning you “empower” them to review your policies and shop rates with many different companies. Having a professional do your homework for you not only saves you money, but it saves you a great amount of time.

 

Stay insured.

Never let your insurance policy lapse. Not only may you find it difficult to get insurance, but your policy will become more expensive than it was before. Drivers that allow their policies to lapse are statistically higher risk drivers, and insurance companies charge extra for this.

 

Don’t speed.

You won’t just pay for the ticket, you will pay every month when your premiums are increased. Driving record is one of the biggest factors used when your Watch how you pay your premium Most carriers charge between $3-$5 per month for monthly billing. It creates more administrative work for them, meaning more cost to you. Paying every six months is ideal, but if you must pay monthly, do an auto-pay via a credit card or checking account as these charges will be less.

 

Improve your credit.

If you have poor credit, you are likely to be placed in a high risk tier with your carrier. If your credit has improved since you opened the policy, be sure to contact your carrier and have your credit reviewed.

 

Additional information:

Along with having a qualified insurance professional, the following webpage is a good source for information. http://www.ins.state.pa.us/ins/cwp/view.asp?a=1274&Q=549454&PM=1

 

This article is for informational purposes only. It is suggested you speak to a licensed Agent or Broker with any questions or concerns

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