Is it time to renew your auto insurance policy? If so, you may be simply planning on auto-renewing your policy without a second glance. After all, it’s served you well this far. Stop for a moment and consider this: the auto insurance industry has become incredibly competitive—it may be in your best interest, and the interest of your budget, to get a few new quotes before you decide to stick with your current carrier.
The question then becomes: how many quotes do I need? There’s no one answer to this question, but many people are comfortable with three or four. No matter how you decide to retrieve auto insurance quotes, continue until you receive a quote you’re happy with. If no company returns a policy premium that is lower than the one that you are currently paying, and you are happy with your insurance company, by all means, renew your policy. If, however, you are given several quotes that contain lower monthly premiums than you are paying at the present, it is time to give serious consideration to signing on with a new company.
How to Get Accurate Quotes
1. Pull out your current policy and take a look at your coverage. Note any changes that you can make to your current policy. For instance, if you are carrying a $250 deductible, raising it to $500 will lower your premium. If you raise it to $1000, you’ll save even more.
2. Drop what you don’t need. If you’re a member of AAA or you received roadside assistance as a part of your loan package, you don’t need to carry it on your auto policy. Rental reimbursement can often be dropped as well as, particularly if you have access to another vehicle should yours break down or need repairs.
3. Have you had any major life changes in the past year? If so, you may qualify for discounts. Graduating from college, joining a fraternal or professional organization or even getting married can all have an effect on your auto insurance rates. Be sure to include this new information when getting quotes for a new policy.
4. Be aware of state minimums. Each state has laws regarding auto insurance coverage. Be sure to know what your state requires or you may end up having to add coverage to your policy and pay a higher premium than you were quoted.
Everyone loves saving money and many people often neglect to think of reviewing their insurance policies. By gathering as many quotes as you can, you’re sure to not only have the proper coverage but pay the lowest premiums possible. If it’s time for you to renew your auto insurance or you’ve recently purchased a new vehicle, now’s the time to reevaluate your policy!
Photo credit: MY NEW CAR! by Tiger Girl
Author Stephen Anderson is an insurance consultant who strongly suggests that you search online to Compare Auto Insurance Companies to be certain of getting the best deal available. Auto Insurance Quotes Missouri is just one example of the state rates you can compare.