We know that buying car insurance can be complicated. But it’s also a process that you need to get right.
Even if you have an existing insurance policy, it’s sometimes a good idea to alter your coverage or change your policy entirely. With that in mind, here are five tips to help you make the best decision when choosing an auto insurance policy.
When people stay with the same insurer for years, they tend to become complacent about the premiums they pay. So you should always compare your current rate with other insurance companies’ annually.
Just make sure you review a company’s reputation and track record while comparing quotes, especially if you decide to switch.
It makes no sense to buy insurance you don’t need. Always have insurance on hand to cover losses that you foresee, but no more than that.
That being said, it’s a good idea to increase your deductible. Higher deductibles can help you save a fair amount on your premiums. According to a study, it’s possible to save up to 9 percent by doubling your deductible from $500 to $1000.
For those who have multiple insurance policies, it’s a great idea to combine policies under one carrier for two reasons.
Firstly, why deal with two or more carriers when sticking to one makes handling your finances easier? Secondly, combining insurance policies can potentially make you eligible for a discount.
Make sure that you take advantage of the multitude of discounts that auto insurance companies offer. Check with your agent and avail the discounts that you’re eligible for. Some common discounts include:
Just as hiking up your deductible helps save money, reducing your coverage has the same effect. In certain cases, the total amount you pay in collision coverages, including the deductible—may actually surpass the value of the vehicle itself. This is especially true as your car gets older.
At the end of the day, the value of the vehicle is the most you can possibly be reimbursed for through these coverages, so rethink whether you need extra coverage for your vehicle.
As a leading full-service Commercial Vehicle Insurance Indian Orchard, we are committed to providing great auto, home, and commercial vehicle insurance solutions throughout the Western Massachusetts region.