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UPDATED: Mar 13, 2020
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There are many different ways to start your search for an affordable car insurance quote online. Naturally, it is helpful to your cash flow to save as much as possible. While it is necessary to get car insurance, consumers do have a choice about how much insurance they buy based on how much protection they need for their car and for any bodily injury in the event of an accident. Try our FREE quote comparison tool today!
The more research a buyer does, the higher the likelihood of finding a lower premium. New car buyers and those who have an existing policy can both benefit from looking for an affordable plan, and they both can use the same resources to find one. See if you can save today with our FREE ZIP code search!
How Insurance Companies Evaluate Pricing Based on Risk
An insurer who offers a cheap rate is, in turn, looking for safe drivers. In addition, rates can be lowered by applying for incentives offered by car insurance companies. These incentives aim at safeguarding cars from burglary, vandalism, and theft, as well as encouraging drivers to be more defensive on the road.
The lower the risk the insurance company faces when insuring a driver, the lower the rate is going to be. Drivers with a history of mishaps, accidents, and traffic violations are considered high risk customers and are charged higher premiums to cover possible future claims.
Alternatively, insurance companies reward drivers with a clean driving record with cheaper rates. Those individuals who have had accidents can get cheaper rates after a period of three years because they are no longer classified as high-risk drivers.
Finding Available Discounts through Research
Using the Internet is one of the fastest and most efficient ways to research insurance quotes.
The cost of coverage can be lowered through applying for discounts. Finding an insurer who offers a variety of discounts, however, requires some research. However, it is worth the effort because it will save hundreds of dollars every year, money that can be used to take care of other personal expenses.
Sometimes discounts can shave off as much as twenty percent of the cost of the premium. This is a substantial savings and it should encourage buyers to more actively research what discounts are available.
All drivers can apply for discounts: new car owners, existing policy holders, and even teenagers.
New car owners can apply for discounts based on their driving record and on the safety features of their car.
Existing policies should periodically look for cheaper car insurance when it is time for renewals because their personal circumstances may have changed enough to make them eligible for discounts that another insurance company is offering.
Finally, teenagers who get on the road for the first time can get lower prices, too, if they have excellent grades in school. Typically, teenagers are considered high-risk customers, but insurance companies consider teenagers with exceptional academic performance as more mature and less likely to drive recklessly.
Reviewing prices and options through comparative shopping for new rates is not just a one-time event. Since it costs nothing to get a quote from an insurance company, it is periodically worth making the effort to keep up with changes in status and in the insurance industry.
Since it costs nothing to get a quote from an insurance company, it is worth making the extra effort to keep up with changes in status and in the insurance industry. The process of comparative shopping is a simple one.
It takes a little effort, but the resultant savings makes it worth spending the time to do it. Numerous insurance companies can provide very reasonable rates. The best way to get a good rate is to cast a wide net and get as many quotes as possible within reason.
Cheapest Rates are Not Always the Best Rates
The lowest rate is the minimum coverage required by the law of the state you reside in. While this may be the cheapest insurance available, it may not be enough for adequate coverage.
While it is always a good idea to pay as little as you can, it is not wise to underinsure, either. A good rate is one that gives you the best protection for the lowest price.
Finding a low price with inadequate protection is not a wise financial decision because what you save in premiums, you lose when it comes time to make a claim and the insurance company will not cover the cost of getting your car back on the road.
Coverage Depends on Different States
Different states have different types of drivers. Adequate coverage in one state may be insufficient coverage in another state. In Tennessee, for example, there is a higher than national average rate of drivers who don’t have any car insurance policy at all.
It is estimated that one out of five drivers is on the road illegally, with no financial protection in the event of an accident. In such a state, it is a wise decision to purchase coverage for uninsured and underinsured protection.
How Insurance Pricing is Determined
Unlike most products and services, insurance quotes are not based on a standard rate. Instead, they are based on calculating numerous variables.
For instance, before an insurance company representative can offer an accurate quotation, they usually go through statistical tables that are based on factors like driving records, location, marital status, gender, age, and make and model of the car.
Since these calculations are specific to an individual, a person doing comparative shopping should input the same information in all online forms. By changing just one or two pieces of information, it throws the quote system askew.
It will no longer be an apple to apple comparison, but an apple to orange comparison.
Due to the complexity of coming up with a quote, it is much more time consuming to get one from an insurance agent, who has to do a manual calculation of all available variables.
By contrast, getting a quote online is relatively fast because these same calculations are done through software algorithms specific to the insurance industry.
Knowing What to Look For
An auto insurance policy is a complex financial instrument because an insurance buyer has to decide on many variables. Affordability, therefore, is something that actually depends on perspective, rather than objective criteria.
A traveling salesperson, for instance, would consider getting Travelers Insurance, a service that takes care of repairs, accommodation, and rental car reimbursement a necessity because it takes care of an emergency when away from home.
On the other hand, it is something of a luxury for a retiree to get it if most of their travel consists of local trips within their city.
An adequately priced plan really depends on personal needs. By assessing personal needs first, it is possible to interpret the value of an insurance quote more accurately. Get the best quotes today for FREE with our ZIP code search!
Obviously, it is still necessary to do a lot of comparative shopping to get the best price. Regardless of a person’s definition of affordability, they can always find coverage that suits all their needs while not paying more than necessary. Use our FREE quote comparison tool today to start your savings today!