Your Best Bet Is to Compare Auto Insurance Rates to Save Money

Comparing auto insurance is vastly important. Most insurance experts advise that you shop around and compare quotes to find the best insurance policy for your vehicle. You can certainly save money on your premium in the long run.

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Remember, there’s more than one way to compare auto insurance. Cost is not the only important factor when it comes to insurance coverage for your car. Utilizing other methods of comparison will also help you to find the best policy for your car. This will save you money in the future.

Compare to Save Money

Everyone wants to save money on their car insurance, and no one needs to be overpaying.

Saving money on your auto insurance does not mean going with the lowest promised price, because some prices are just too good to be true.

Those companies might be sacrificing quality in order to give you a cheap rate.

Really cheap auto insurance can put you at risk down the road of not having full coverage in the event of an accident, theft, or other loss. Not having enough insurance can really cost you! It’s really unnecessary, too, because there are many auto insurance providers out there who offer quality packages for affordable prices. It’s really all a matter of finding the best provider for you.

When you compare multiple quotes for insurance, it allows you to see the range of prices available for coverage for your vehicle. If you don’t compare quotes from different companies, chances are you will not be able to find the company that offers a quality product for a great price.

One study conducted by the Consumer Federation of America found a difference in pricing for the same driver demographics and insurance package between the four largest insurers in the U.S. that amounted to over $2,000 per year. If you don’t compare quotes for the cost of your coverage, then you may only find those companies that are going to charge you more for equal coverage.

Compare to Get Great Service

A car insurance provider that is customer service-oriented can be worth their weight in gold. You need to compare auto insurance by looking at customer ratings.

The cost of the coverage is not the only factor that you need to look at when it comes to auto insurance.

No insurance company is worth your hard-earned dollars if they cannot be there for you when you need them.

Basically, you need a car insurance provider that has great customer service. Essentially, they work for you, so you should expect nothing but the very best service from your provider. Great customer service includes: helpful, knowledgeable staff; excellent communication skills; and full assistance during the claims process.

You should never experience an “I can’t help you with that” attitude, a “that’s not my job” mentality, or a “you need to figure it out yourself” manner from your insurance provider. Few things add insult to injury like an unhelpful insurance company after an accident or loss. Cheap providers might try to deny your claim or only offer you a low settlement.

You need to be getting quality for the money that you pay for your car insurance, so it is important to compare the customer service reputation of car insurance companies when searching for a provider. The best source for customer-based ratings is JD Power and Associates.

JD Power and Associates conducts annual surveys of industries such as the car insurance industry. Surveys are sent out to actual customers, and the feedback is turned into ratings. Only those providers who have excellent customer feedback will score the highest.

Researching such ratings will allow you to see which insurance companies live up to their promises to provide superior service. Looking back at past years’ ratings will allow you to have a better picture of how an insurance provider truly treats its customers.

Compare to Find a Strong Insurer

Another factor that you want to compare when you are trying to save money is the financial strength of a provider. Insurance is meant to make you whole after you suffer an accident or loss–no insurance is worth your money if it cannot live up to the promise and obligation to pay your claim.

The only way insurance companies can stay in business is if they take in more money than they pay out. If this balance ever shifts in the wrong direction, then the car insurance provider can go bankrupt if the balance isn’t restored. Bad things happen when car insurance companies go bankrupt!

A poor economy might be one reason why an insurance company is taking in less money; natural disasters such as tornadoes, hurricanes, floods, and wildfires are another factor that can put a huge financial burden on an insurance provider. If an insurance company starts to go in the red, then you’re out of luck if the government or another insurance provider doesn’t step in.

If you choose an insurance provider with a poor financial standing, then you are much more likely to eventually find out that your car insurance provider is being liquidated by the state. Unfortunately, if you find this out while trying to file a claim, then your claim might go unpaid, costing you thousands of dollars.

You can compare the financial standing of most car insurance companies by utilizing ratings organizations.

There are 10 ratings organizations that are designated by the U.S. Securities and Exchange Commission to provide financial ratings for consumers and the business sector alike. Ratings organizations such as Fitch Ratings, Standard & Poor’s, AM Best, and Moody’s all provide ratings that show the financial strength of insurance companies big and small. Each utilizes an alphabetical rating system whereby A+ or AAA ratings designate the companies with the strongest financial standings.

Tips for Comparing

Comparing car insurance is important in order to save money, to find great service, and to have peace of mind that your insurer will be there for you in the future. Yet, there is a right way and a wrong way to compare companies.

First, you need to make sure that you are comparing the same amount of coverage. That means that you need to decide beforehand how much coverage you are planning to buy.

While everyone’s insurance needs are different, most experts would recommend that everyone purchase more than their state’s minimum amount of liability insurance. Furthermore, experts would also recommend that everyone purchase optional insurance like collision and comprehensive, unless their vehicle isn’t worth enough money. The National Association of Insurance Commissioners maintains that all drivers should purchase collision and comprehensive coverage unless their vehicle is worth less than $1,000.

Next, you need to be honest on your application for coverage. Many people think that it is okay to stretch the truth a bit on an insurance application, but the truth is that such little white lies are really fraud.

This type of fraud is called soft fraud, according to the professionals at the Coalition Against Insurance Fraud. Many people say they drive fewer miles than they do or claim to have no accidents or tickets for the last three years. Some even lie about where they live in order to get better rates.

However, lying in order to save money on insurance coverage is viewed as fraud as much as inflating the damages on an insurance claim. Car insurance providers are going to check your driving record regardless of what you say, and any other lies found on an application are also grounds for cancellation of your policy at any time.

When to Compare Quotes

You can compare quotes for car insurance coverage as often as you like. Most insurance specialists advise that you review your insurance needs at least once a year. Life-changing events such as marriage, having children, buying a house, or moving can all necessitate changing your insurance policy

You can compare insurance when you are planning to increase coverage amounts or to find a provider that supplies other lines such as home and life insurance.

You may also compare insurance quotes just to see what else is available out there.

You may find that you can get insurance much cheaper if negative items have dropped off your driving record, your credit has improved, or you have enough years of driving not to be considered a young driver.

Nothing is affected by getting a rate quote. Your current insurer doesn’t know that you are on the lookout for new insurance. In fact, a new quote is an excellent way to get your current provider to lower your rates. Sometimes just telling them that you can get a better rate elsewhere will induce them to match that rate to keep you as a customer.

Where to Get Rates

Finding rate insurance quotes is not hard to do. Most car insurance companies offer a website or call center where you can get quotes for coverage. Your local car insurance company’s office will also have agents ready and willing to offer you a quote for a policy.

One popular way of finding quotes is to use quote comparison websites. These websites take your application information and transmit it to many different car insurance providers. Those providers then return your quotes either by phone or by e-mail.

Quote comparison websites are a handy tool to see the rates available to you, as well as to get rates from car insurance companies of which you were unaware.

Comparing quotes is the best way to find affordable rates with a great company.

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