How To Examine Your Car Insurance Quote
Jay Anderson
I have to hand it to the type of people who will go out of their way to find a bargain, even though it may seem like an extreme sometimes. They will drive all the way across town to save a penny a gallon on gas and tell me it is worth it. But those same people fall way short when it comes to really finding bargains, especially with bigger ticket items such as their car insurance quote. In fact, in most cases they cannot even tell me what their deductibles are for their coverages.
There is nothing wrong with being a bargain hunter, and perhaps more people should be like that. But if you are going to shop for the best prices on things, why not also include auto insurance in that same search? Yes, it's a bit more difficult to understand how to compare insurance quotes but the money you can potentially save more than makes up for it.
Most consumers simply renew their policies every year and don't pay much more attention to it than that. While that certainly saves time, it most certainly does not save money because car insurance rates are changing all the time, and your insurance company is unlikely to call and tell you that the cost of coverage was reduced, especially if you are happy to keep paying the inflated prices.
There is no guarantee that your current insurance company is charging too much, and they may indeed be the best plan out there for you. But if you never do any comparison shopping, you are not going to know that for sure.
As an example, you are not required to have collision insurance if your paid is paid off. If you are still making payments on it, your finance company will almost certainly require you to have collision coverage on it, but if it is paid off, you can cancel the collision coverage and save a bundle. Also look at your deductibles, especially with collision. A $100 deductible will cost several times more than a $1000 deductible.
Also check your coverage limits. Not all insurance plans are created equally. For example, with personal liability, one quote may have a ceiling of $50,000 (which is peanuts in today's world), while another policy may have a ceiling of $500,000 which is much closer to reality. Make sure that when you compare policies, you are really comparing equal coverage with equal ceilings.
It may come as a surprise to you, but you should know that an online car insurance quote can frequently beat the pants off the quote you get from your local agent. This is of course not a guarantee, but like anything else, you won't know that unless you get a quote and compare it, and there is no cost to get a quote.
For the sake of your own wallet, you should comparison shop your car insurance quote at least once a year. You could save significantly, and it is well worth the time to invest the effort to find out.
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