Expensive auto insurance can empty your checking account and make it impossible to make ends meet. Doing a price comparison is free, only takes a few minutes, and is a good way to cut your insurance bill.
Numerous car insurance companies battle for your business, so it’s not easy to compare every provider to find the best rates possible.
Decisions you make can impact your rates
Consumers need to have an understanding of the different types of things that play a part in calculating the rates you pay for auto insurance. When you know what positively or negatively controls the rates you pay empowers consumers to make smart changes that can help you get much lower annual insurance costs.
Shown below are some of the factors used by your company to calculate your rates.
- More claims means more premium – If you tend to file frequent claims, you can look forward to either higher rates or even cancellation. Car insurance companies in Indiana award better rates to drivers who file claims infrequently. Car insurance is intended for larger claims.
- Higher safety ratings means cheaper insurance – Vehicles with high crash test scores get lower rates. These vehicles result in less severe injuries and any reduction in injury severity translates into savings for insurance companies passed on to you as lower rates.
- Do you know your deductibles? – Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some examples of claims that would be covered are colliding with a building, collision with an animal, or theft. Physical damage deductibles are the amount of money you are willing to pay out-of-pocket before your auto insurance pays a claim. The more the insured has to pay upfront, the bigger discount you will receive.
- Where do you drive? – Driving more miles in a year’s time the more you will pay for auto insurance. The majority of insurers apply a rate based on their usage. Autos that are left in the garage receive lower rates than vehicles that are driven to work every day. Verify your auto insurance coverage is rated on the proper vehicle usage, because improper ratings can cost you money.
Be sure to get all your discounts
Insuring your fleet can be pricey, but there are discounts available that many people don’t even know exist. Larger premium reductions will be automatically applied at quote time, but some must be manually applied before you get the savings.
- Seat Belts Save more than Lives – Requiring all passengers to wear their seat belts can save up to 15% on the medical payments or PIP coverage costs.
- Organization Discounts – Affiliation with a qualifying organization could trigger savings when shopping for auto insurance.
- More Vehicles More Savings – Buying insurance for multiple cars or trucks on one policy can get a discount on all vehicles.
- Accident Free – Claim-free drivers pay much less when compared with accident-prone drivers.
- Multiple Policy Discount – When you have multiple policies with one company you may save up to 20% off your total premium.
- Sign Early and Save – Select companies give a discount for signing up before your current expiration date. It can save you around 10%.
- Defensive Driving Course – Successfully completing a course in driver safety can save you 5% or more if your company offers it.
- Drive Less and Save – Keeping the miles down can qualify you for lower rates on the low mileage vehicles.
- Paperwork-free – Certain companies will give a small break for buying your policy digitally online.
Consumers should know that most discount credits are not given to your bottom line cost. Some only apply to the cost of specific coverages such as liability and collision coverage. So even though they make it sound like it’s possible to get free car insurance, you’re out of luck. Any amount of discount will help reduce your overall premium however.
How do I know if I need professional advice?
When it comes to buying the best auto insurance coverage, there really is not a perfect coverage plan. Every insured’s situation is different and a cookie cutter policy won’t apply. For instance, these questions could help you determine whether you would benefit from professional advice.
- Should I buy more coverage than the required Indiana minimum liability coverage?
- Which companies will insure high-risk drivers?
- Am I covered by my spouse’s policy after a separation?
- Can I afford to pay high deductible claims out of pocket?
- Am I covered when using my vehicle for business?
- Do I need to file an SR-22 for a DUI in Indiana?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- Is my business laptop covered if it gets stolen from my vehicle?
- Should I file a claim if it’s only slightly more than my deductible?
- Am I covered when driving someone else’s vehicle?
If you don’t know the answers to these questions but you think they might apply to your situation, you might consider talking to an agent. To find lower rates from a local agent, take a second and complete this form or click here for a list of auto insurance companies in your area.
Additional information is available on the website for the Indiana Department of Insurance located here. Indiana drivers can read industry bulletins, file complaints about an insurance agent or broker, learn about specific coverages, and find disaster information.
Discount auto insurance can be sourced on the web in addition to many Gary insurance agents, so compare prices from both to have the best selection. Some companies do not provide online quoting and many times these regional insurance providers only sell through independent insurance agents.
As you shop your coverage around, do not sacrifice coverage to reduce premiums. There are too many instances where someone sacrificed comprehensive coverage or liability limits only to regret that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to find the BEST coverage at the best price while still protecting your assets.
We covered many ways to lower your auto insurance rates. The key thing to remember is the more quotes you get, the better your comparison will be. You may even discover the most savings is with an unexpected company. They may often insure only within specific states and give getter rates as compared to the big name companies such as State Farm and Allstate.