How Do I Find The Cheapest Auto Insurance Rates?
What Factors Affect Your Auto Insurance Rates?
In the quest to find the cheapest auto insurance rates in the market, you may also want to research the factors these companies use to determine auto insurance rates. Find out which variables can help you save money and which will ultimately cost you more.
Popular Carriers
- Nationwide
- State Farm
- Allstate
Comparing auto insurance rates side-by-side is the best way to find the cheapest rates available. It has been proven by many studies that there is a wide variation in auto insurance rates from carrier to carrier for similar coverage levels. Studies shown by Progressive Insurance Company and insurance.com among others have shown that auto insurance shoppers can save as much as $600 over a 6 month period by shopping for the best rate before they buy.
Some auto insurance companies do provide additional features for your convenience, such as concierge services for example, and those add-ons as well as, discounts, bundling opportunities, and the financial stability of the auto insurance company should all be considered in addition to the monthly premium when ultimately choosing a policy.
Tips to Find the Cheapest Auto Insurance Policy
- Shop around before you buy: As mentioned above, often, auto insurance rates for the exact same coverage will vary from company to company.
- Check on cost before you buy a car: The type of car you own will impact how much you pay for auto insurance.
- Select higher deductibles: Your automobile insurance rate is affected by the deductible amount that you select. For example: Raising your collision and comprehensive deductibles from $100 to $500 can save money from your monthly premiums.
- Special discounts: Ask your agent or insurance company if they offer any special discounts. Often, discounts are available to young drivers who are good students or who have finished a driver's education course. Also, some auto insurance companies will give you multi-line discounts, or discounts for safe driving.
- Eliminate duplication: You may have an overlap in coverage, such as medical, collision, or uninsured motorist property damage.