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Are you spending too much for automobile insurance?
If you are looking for car insurance data, there is important information you need to know before asking for a quote or buying insurance. Get the industry secrets that will help you get the best possible coverage for the lowest price. Don’t make the mistake of taking instant car insurance online without doing your homework. There are some crucial questions you need to ask. Read more
Industry Secrets for Car Insurance
1.Your address can determine your costs. Some areas have a history of more car accidents than others and higher theft rates. If you live in an area of high accident statistics you will pay more for your policy. This is something you might consider before determining where you will rent or buy your residence. The costs over the long term for insurance and repairs on your car may make up the difference for paying a little more for where you live. You can ask an insurance agent for the locations in your town or city that are lower in cost. 
2. Your credit will effect your costs. Insurers will check your credit to determine your risk score which determines your auto-insurance rate. If you pay bills in a timely manner and have a good history you will be considered stable and a good risk. If you open and close accounts regularly, fail to pay your bills on time you will be considered a higher risk. Before you look for a new insurance company, make sure there are no glitches or errors on your credit. If you have had some problems, make an effort to get it cleaned up and you will reap the rewards in your insurance premiums.
3. Packages are cheaper because you get discounts. Most people know that if they have more than one car they get a discount for insuring them together. This is typical in families, but many insurance companies will also allow people who live together, family members or partners to combine their auto insurance. Sometimes you can save even more money by combining auto and home/fire insurance at the same company.
4. Car Model can Cost you when you go to get insurance. If you are in the market for a car you may want to go online to determine which cars are higher risk for accidents and injuries. Safer cars mean lower costs. Insurance companies don’t generally give out this information, but it does make a difference in your premium.
5. Accident Forgiveness is not standard with all companies, but some do forgive your first accident depending on a number of variables. Be sure to ask what criteria they use to determine this. Other companies will raise your premium as much as 40% even for a small accident.
6. Installment Fees can really add up. The more you break down the way you pay, the higher the fees are that you will pay. The least expensive way to pay is in full up front, but if you can’t afford this, try to at least restrict your payments to twice a year.
7. TeenagersTeenagers insurance can cost a lot but there are ways to lower their premiums. Check with the insurance agent if your teen has good grades. Generally a B average or better will get them a discount. Many companies give a discount if the teenager completes a driver safety class.
8. Getting turned downby a company after you have had an accident doesn’t mean you can never get insured by them. Three years after your accident anniversary you will be eligible for reduced rates with lots of companies so be sure to check when that date draws near to see what is available to you. The same is true for traffic tickets.
9. Distance you drive can affect your premium. If you only drive a short distance to and from work or work from home, be sure to tell your agent. Your total mileage per year declaration may get you a discount.
10. Driver Education isn’t just for teenagers. Often adults can take a driver safety class and receive a discount. Seniors who pass the AARP Driving class usually get a discount.
11. Owning your homecan qualify you for a discount with some insurance companies.
12. Car declared totaledfrom an accident? Did you know that in many states the insurance company is required to pay the taxes on your replacement car? They probably won’t offer this information. You will have to submit a claim with verification of what you paid for the taxes.
13. Car repaired but lost value? In many states you can file a claim with your insurance company if you can prove that your car, even though it has been repaired is less valuable than it was before. The insurance company is required to pay you for the difference in value.
14. Vehicle Equipment can lower your premiums significantly. The following items each have a percentage value that can lower your cost: Air bags, (driver and passenger get the best percentage discount), anti lock brake system, anti-theft system, and daytime running lights all are considered safety items that are valued in determining what you will pay.
15. Military personnel often receive up to 25% discounts and many companies have special allowances for those who are deployed in an emergency. National guard and Reserve members may also receive discounts.
16. Senior level Federal employees may receive a special discount.
17. Sign up onlineby signing your E documents with an online signature and many companies will give you a discount. This doesn’t mean you can’t talk to an insurance agent. It jus means you finish by signing the contract and getting your initial coverage online.
Insurance Broker / Agent Interview and Investigation
While it is always nice to get a referral from a friend, don’t take it for granted your friend did his homework. Most people give very little attention to choosing an insurance agent. Insurance is extremely important. It isn’t just something you have to do because it is required by law. The right insurance broker will not only make sure you have the best coverage, suited to your needs, they will know how to save you money in the process.
The criteria you want to know about the agent you choose isn’t because he might be a criminal, though that is always a possibility. It is more about how Knowledgeable he or she is and how stable they are in their location. Of course you want to know your agent is ethical and competent, but you also want to know they will be around six months from now.
You can check credentials to learn the date the agent was licensed and see if there are any disciplinary actions against their license by going to your State Insurance Commissioners site on line. There is in some cases a list of places the agent has worked so you can determine if this person has bounced around a lot. If the individual is an independent broker, they must have passed the exams and requirements to achieve this level of practice. You will be able to see if they are a broker.
It is perfectly legitimate to ask an agent about their affiliations, professional designations, education and experience. Ask how long they have been in the area and what their future plans are. If they are planning to retire in six months or a year, who will take over their accounts? Do they own their building or have a lease. If they lease, how long is the lease?
You will want to know what companies they represent, whether they have contracts that are exclusive to one company or group of companies, (Farmers has companies with other names such as Bristol) or are they free to offer other products. How do they decide which companies they represent? What is their criteria for this decision? How often do they attend seminars from various companies to see what changes there are in the industry and how they can better serve their customers? Be sure to ask for a list of client references.
Finding an Insurance Broker
Before you look for an insurance agent, it is important to know what your needs are. A broker can offer more choices than someone who represents one company and can often give you more information as to why one company would be better than another for your circumstances.
Before you settle on a broker, or insurance agent you can do some online shopping and comparisons, but make a list of your needs first.
Do you need more than the basic required coverage? If cost is a factor and this is all you can afford then comparison shopping will be simple.
There are important considerations to make before you arrive at a decision. What is the value of your car? Can you afford to replace it if you don’t have full collision coverage? Car value to insurance cost is important criteria. Too little coverage can mean you are left without a car if you total yours. Too much coverage can mean you are paying more over time than your car is worth. Though the coverage may be right for your car initially, you may want to reduce it as your car ages and decreases in value.
How much of a deductible can you afford. Does your car have a lot of glass, large windows, and specially bent windows? If it has any of these, then your cost for replacement can be high and full glass coverage might make sense. If not then find out what the cost of replacement would be and get at least a deductible on your glass. Not all companies specify glass coverage, and some require a special addition to your policy to cover it. Others will only cover it within regular coverage, unspecified and subject to your full deductible. The higher deductible you feel you can afford, the lower your insurance premium will be.
What personal property is covered in case of theft or damage in an accident? Do you tend to carry a computer or other expensive electronics regularly? Some insurance companies do not cover items inside the car and you will need to be sure they are covered by your home insurance.
If you have a lot of assets you may need higher accident coverage to protect you from a lawsuit.
Do you need personal medical insurance or do you have enough health insurance to cover you in an accident.
How much insurance do you need to cover others in your car? Do you use your car to transport others to and from work in a car pool? Be sure your passengers are covered in this case.