7 Tips When Finding Multiple Auto Insurance Quotes

Finding car insurance quotes before you buy a policy is a smart move if you want to save money without sacrificing coverage. Getting numerous quotes for car insurance coverage has never been so easy.

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Many people think that car insurance providers all charge more or less the same amount for coverage; they think that their rate with one company will be pretty similar to a rate with a different company.

However, nothing is further from the truth. In actuality, car insurance providers have no common method for assigning risk and calculating rates that are used across the board. Each company uses its own methods and comes up with its own rates, according to the experts at the National Association of Insurance Commissioners.

Tip #1: Know Your Coverage Amounts Beforehand

While there are a set of factors that insurance providers look at to assess your risk, such as driving history, where you live, and your credit score, each provider places a different amount of importance on those factors when calculating your rates. Thus, your car insurance premium from one company could be vastly different from another.

The first tip when getting car insurance quotes to compare is to know your levels of coverage before you start your search, as recommended by the Maine Bureau of Insurance. Besides keeping you from getting sidetracked, knowing how much coverage you plan to purchase allows you to get quotes for exactly the same amount of coverage. Then, you can compare all of your quotes side by side.

Most experts recommend that you purchase high amounts of liability coverage.

The Insurance Information Institute recommends coverage levels that are not below $100,000 per person and $300,000 per accident.

That way, you will be covered even in the event of a serious accident.

Experts also recommend that you purchase full coverage to protect the investment of your vehicle. The only time that you don’t need full coverage like collision and comprehensive is if your car’s value is less than your deductible and the cost of the coverage. Most experts recommend dropping full coverage if your vehicle is worth less than $1,000.

Furthermore, your state might also require that you buy additional insurance coverage, such as medical payments insurance or uninsured and underinsured motorist coverage. Even if your state does not require such coverage, they are worthwhile options that you should look into.

Lastly, you will also need to choose among the additions and other options of insurance coverage. You might want GAP insurance in order to cover the difference between the fair market value of your vehicle and what you still owe the bank, towing, roadside assistance, and rental car reimbursement.

Tip #2: Get as Many Quotes as You Can

Once you know exactly how much coverage you want, then you can turn to the quotes themselves. It is of the utmost importance that you get as many quotes as possible. The more quotes that you get, the better your chances of finding the one that has an affordable price for you.

Getting quotes for coverage is not a hard thing to do, but it can take some time. Many people stop after one or two quotes once they find a quote with which they can live. If they had continued searching, they might have found another quote that was hundreds or even thousands of dollars lower than the one they accepted.

Plan to get a certain number of quotes, and don’t stop or get discouraged if you feel like giving up. Take a break, come back to it, and remember that it doesn’t all have to be done in one day. Most quotes are good for a few days, up to a week or two.

Shopping around is really one of the best ways to get a good price for car insurance; especially when you are not really changing anything. You are not working to improve your risk or even accepting lower coverage. It’s a bit like losing weight by shopping for exercise equipment!

Tip #3: Avoid Fraud

When you are filling out your applications, there is one important point that you need to remember. First and foremost, the information that you put on your application for car insurance must be accurate.

Car insurance providers rely on information on your application to set your calculations. So distorting the truth even a bit is considered fraud. Lying about how many miles you drive every day, about where you live, or about whether your vehicle is used for a business in order to get lower rates, is all considered fraud.

The insurance provider can deny your application in cases of suspected fraud, but they can possibly also use such inaccuracies to cancel your coverage or deny a claim in the future. Inaccurate information can also cause your quote to be wrong; it may have to be adjusted before the provider will sell you insurance.

Insurance companies are not the only ones that consider lies on an application to constitute fraud.

According to Connecticut Anti-Fraud laws, lying on an application to get a better insurance rate meets the criteria for insurance fraud and can carry a penalty of up to five years imprisonment and a fine of up to $5,000.

Tip #4: Search for Varied Companies

A further point that you will want to pay attention to are the types of insurance companies from which you get quotes. Most people conjure up those car insurance companies with which they are familiar, and what they come up with is usually based on TV commercials.

The biggest insurance companies continually advertise using spokesmen and memorable characters to ensure that they are the first company that consumers think of when it is time to purchase insurance. However, they are just a fraction of the insurance providers available.

You certainly should get insurance quotes from the biggest companies, but they are not the only kind of company to consider. Smaller, regional providers might have better rates and more personable service.

Your aim should be to get quotes from a variety of car insurance providers. Look up insurance providers in a print or online phone book. Your state’s department of insurance should also have car insurance provider options for you to consider.

Tip #5 Ask the Experts

Your state’s department of insurance can be an invaluable tool when you are trying to get quotes for coverage. They can provide information related to insurance requirement laws in your state, as well as recommendations on optional coverage.

Furthermore, you can also view financial and complaint data regarding those companies licensed to sell insurance in your state. Some states even have tools for consumers to use in a car insurance search. Some have rate simulators, while others create an annual ranked list of insurance providers, based on the number of complaints received.

Your state’s department of insurance can also help you if you can’t find coverage with a private auto insurance provider.

Most states have special insurance programs for those in high risk categories or those with little money to spend on coverage.

You can also reach your state’s department of insurance by phone or by mail, if the Internet is not an option for you. Such government websites were created to serve the consumer, and will contain a lot of the information you need.

Tip #6: Utilize Quote Comparison Websites

When searching for quotes, you have a long list of options available for how to go about it. Traditional ways to get quotes include meeting with an agent in an office or talking over the phone with a representative at a call center; people even used to buy insurance through the mail!

These days, shopping for insurance has jumped on the technology bandwagon. Most insurance providers have an interactive website that offers quotes, information, and an online payment option to start your policy immediately. Some even have tools that allow you to adjust your coverage up or down to manipulate the cost of your coverage.

However, there is one online method for getting car insurance quotes that offers a much bigger return in terms of quotes for even less effort. Quote comparison websites will allow you to get multiple quotes for car insurance with a tenth of the effort.

Instead of filling out application after application with different car insurance providers, quote comparison websites allow you to fill out one application. The site then sends your application to insurers. The insurers crunch their numbers and then send you a quote based on your application. Generally, the insurance providers will contact you either by phone or by email.

When you get multiple quotes in this way, you also follow some of the other tips without having to even pay attention to it. For one, you will receive quotes for the same amount of coverage, because they were all based off your single application.

Also, your quotes from a comparison website can come from any company, so you will likely have a mix of quotes from well-known insurers and quotes from companies of which you have never heard.

Tip #7: Research Your Insurance Companies

Lastly, make sure that getting insurance quotes is just a part of your car insurance search; it should not be the whole thing! Price is not the only factor that is important when it comes to insurance.

After your get your quotes, you should be doing some research into the ratings and reviews of those companies that you are considering. Then, you will be getting a reliable company, as well as a great price for your coverage.

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