Is it Time to Switch Auto Insurance Companies?

Many auto insurance policyholders pay far more than they ought to for their insurance coverage. There are plenty of ways drivers can work to save money on their auto insurance premiums and reduce the cost of being insured. Whether you are an experienced or newly licensed driver, you can greatly benefit from exploring all of these different options. When renewal time approaches, review the specifications of your coverage to make sure it reflects your needs. Compare policies and prices from top providers and specialty insurers to find the best fit in a quality policy you can afford.

Review Your Auto Coverage

All too often, motorists simply renew their coverage year after year with their existing providers without getting other quotes or even looking at the coverage their policies contain. As your family situation changes and your car gets older, it is quite likely that change may be in order. For instance, perhaps one of your children has gone off to college and moved onto campus. There are ways to structure a policy that allow you to save money during the school year, especially for policyholders whose children do not have cars on campus.

If you own a car free and clear and are carrying full coverage on it, now may be the time to review the particulars of your coverage and consider eliminating collision and comprehensive. As valuable as full coverage plans are, their appeal diminishes when cars get older because their maximum value is based on the value of the insured vehicle. Save some money on an older car by adjusting coverage to reflect your current situation and to better represent what the car’s worth. Don’t overpay for coverage you don’t need.

Compare Top Insurance Providers

In the same vein, policy shoppers are well advised to consider a number of insurance providers before they make a purchase decision. Too many drivers stick with a company year after year even while watching their rates climb without any logical explanation. Rather than sit back and pay too much for your car insurance based on the whims of your current provider, take a good look around and you’ll probably locate a better deal. The online marketplace makes it simple for motorists to examine and compare cheap car insurance quotes and protection offered by competing companies.

Consider Specialty Insurers

The specialty insurance market has especially benefited from the growth of online auto insurance. Drivers who own classic cars, for example, and those who require high risk or SR-22 policies, can find lower rates than ever because it is easier than ever to compare multiple quotes and to expand the scope of their search.

In many cases drivers pay too much just because they fail to take advantage of all the opportunities that exist to save money. Smart consumers understand the importance of taking action rather than paying another year’s worth of overpriced premiums. Don’t pay too much for your coverage. Find a better deal and save big on your premium.

So, have you shopped around for auto insurance? What kind of tactics have you used to find a good deal? 


Is it Time to Switch Auto Insurance Companies? — 7 Comments

  1. As with many other services, the car insurance companies rely on our inertia to keep us paying their fees.

    We did a full insurance review last year (we have multiple things insured with State Farm) and did several adjustments like uping the deductible, lowering some of the coverage, paying once a year instead of periodically through the year.

    • @Marie. Good for you. I used to pay for a lower dedcutable when I was younger since my risk of accident was higher. Now that I am older, I don’t bother and I save some money.

  2. It’s always good to shop around in order to save on insurance. It’s always good to review the policy and ask on a few discount incentives such as having good grades (student), professional designations discount (cpa, doctors, etc), multiple coverage (car & house) etc.

    • @Spruce up your finances. I never thought good grades could help out with student rates. Good idea. I guess it shows responsibility. Thanks for the tip.

  3. You’re right many people just renew without giving it much thought. Substantial savings can be had by shopping around and doing so with national insurers as well as regional and small direct insurers. Don’t discount the ones that are carried by local agents either. Upping the deductible is ok if one has the money to put cash out if they do get in an accident. Be careful to get and maintain the proper liability coverage as having too little can be a big problem especially if sued.

Leave a Reply

Your email address will not be published. Required fields are marked *

I appreciate your readership and really enjoy hearing your thoughts on different topics. Thank you for contributing to the discussion.