Having to pay for overpriced auto insurance can empty your personal savings, especially in this economy. Shopping your coverage around is free and is an excellent way to lower your monthly bill.
Online insurance companies like State Farm and GEICO continually bombard you with catchy ads and it can be hard to see past the geckos and flying pigs and effectively compare rates to find the best deal.
It’s smart to take a look at other company’s rates at least once a year due to the fact that insurance rates fluctuate regularly. Even if you think you had the lowest price last year there may be better deals available now. Block out anything you think you know about auto insurance because I’m going to let you in on the secrets to the tricks you need to know to find better coverage at a better price.
Discounts are available to cut your rates
The price of auto insurance can be rather high, but there could be available discounts to help offset the cost. Certain discounts will be applied when you purchase, but a few must be manually applied before you get the savings.
- Accident Free – Drivers who don’t have accidents can save substantially when compared with bad drivers.
- Good Students Pay Less – Performing well in school can get you a discount of up to 25%. Earning this discount can benefit you up until you turn 25.
- Anti-lock Brake Discount – Cars that have steering control and anti-lock brakes prevent accidents and qualify for as much as a 10% discount.
- More Vehicles More Savings – Insuring multiple cars or trucks on the same auto insurance policy qualifies for this discount.
- New Vehicle Savings – Adding a new car to your policy can cost up to 25% less compared to insuring an older model.
- Air Bag Discount – Vehicles equipped with air bags or motorized seat belts can receive discounts up to 30%.
- Student Driver Training – Cut your cost by having your teen driver enroll in driver’s education in school.
- Pay Now and Pay Less – If paying your policy premium upfront instead of making monthly payments you may reduce your total bill.
- Sign Online – A few companies will discount your bill up to fifty bucks for buying a policy and signing up online.
- Homeowners Pay Less – Simply owning a home can save you money due to the fact that maintaining a home is proof that your finances are in order.
Keep in mind that some of the credits will not apply the the whole policy. Most only apply to the cost of specific coverages such as comprehensive or collision. Just because you may think all those discounts means the company will pay you, it just doesn’t work that way. Any qualifying discounts will cut the cost of coverage.
To choose insurance companies with discount auto insurance rates in Ponca City, click here to view.
Why your price might be higher
It’s important that you understand the different types of things that play a part in calculating the rates you pay for auto insurance. Having a good understanding of what influences your rates allows you to make educated decisions that can help you get much lower annual insurance costs.
Shown below are a partial list of the pieces companies use to determine your rates.
- Better credit scores mean better rates – Credit score is a large factor in your rate calculation. Consumers who have high credit ratings tend to be less risk to insure as compared to drivers with lower credit scores. So if your credit rating is low, you could save money insuring your by repairing your credit.
- Having a spouse can save you money – Having a spouse can actually save you money when buying auto insurance. It usually means you are more responsible and it’s proven that being married results in fewer claims.
- Males pay more for insurance – Statistics demonstrate that men are more aggressive behind the wheel. However, don’t assume that men are worse drivers. Both sexes cause accidents in similar numbers, but men cause more damage and cost insurance companies more money. Men also get more serious tickets such as reckless driving.
- Don’t cancel a policy without a new one in place – Driving without insurance can get your license suspended and you will pay a penalty because you let your coverage have a gap. And not only will insurance be more expensive, failure to provide proof of insurance might get you a hefty fine and possibly a revoked license.You may then be required to prove you have insurance by filing a SR-22 with the Oklahoma motor vehicle department to get your license reinstated.
- Lower rates with optional equipment – Driving a car with a theft deterrent system can get you a discount on your auto insurance. Anti-theft devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all hinder auto theft.
- Protect your assets with liability insurance – Liability insurance is the protection if a court rules you are at fault for damages caused by your negligence. It will provide legal defense starting from day one. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so buy as much as you can afford.
- Bad driving skills means higher rates – Whether or not you get tickets impacts your car insurance rates tremendously. Only having one citation can increase rates forty percent or more. Good drivers get better rates compared to drivers with tickets. Drivers with flagrant tickets like DWI, reckless driving or hit and run convictions are required to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to keep their license.
- Bundling policies can get discounts – Many auto insurance companies will award you with lower prices to insureds who buy several policies from them, otherwise known as a multi-policy discount. Even if you’re getting this discount it’s in your best interest to compare other company rates to ensure the best deal. You may still find better rates by insuring with multiple companies.
Everyone needs different coverages
When it comes to choosing the best auto insurance coverage for your vehicles, there is no “perfect” insurance plan. Coverage needs to be tailored to your specific needs so this has to be addressed. These are some specific questions may help highlight whether your personal situation will benefit from professional help.
- At what point should I drop full coverage?
- Are there companies who specialize in insuring high-risk drivers?
- Should I rate my vehicle as pleasure use or commute?
- Do I get a pro-rated refund if I cancel my policy early?
- Can I afford low physical damage deductibles?
- Is there coverage for injuries to my pets?
- Is rental equipment covered for theft or damage?
- Am I covered when driving a rental car?
If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, take a second and complete this form or you can go here for a list of companies in your area.
Additional information can be found on the website for the Oklahoma Insurance Department found here. Consumers can find a variety of consumer forms, report car insurance fraud, and file complaints about a company.
What is YOUR best insurance company?
We just covered some good ideas how you can reduce auto insurance prices online. The most important thing to understand is the more rate comparisons you have, the more likely it is that you will get a better rate. You may be surprised to find that the biggest savings come from some of the lesser-known companies. Regional companies may have significantly lower rates on certain market segments compared to the large companies like Progressive or GEICO.
Cheap auto insurance can be found both online and also from your neighborhood Ponca City agents, and you need to comparison shop both in order to have the best price selection to choose from. There are still a few companies who may not provide online price quotes and usually these smaller companies provide coverage only through local independent agents.