Does it seem like car insurance companies are trying to sell you their products every time you turn on the TV or open a newspaper? You’ve probably already read their bold claims, but how true are they? And how can you get the cheapest car insurance rates on the market? By the end of this article, you’ll have a clearer understanding about which car insurance offers are the real deal, and which leave a lot to be desired. So, what are you waiting for? Start reading!
1. Switch and save
You’ve probably heard that you can save money on your car insurance when you switch to a new company. But not all of these companies can be right, can they? The truth is this: whilst these claims are true, you will need to do your research in order to find the best money-saving policies. Although some customers MIGHT save 15% when they switch to a new insurance provider, not everyone will – so plan ahead in order to save big bucks!
2. How companies come up with their claims
Car insurance companies will calculate the average savings that their customers make when they switch over to them. This doesn’t mean that every customer has saved money – and doesn’t mean that you will either. Insurance companies will often look for customers who are low risk as this can save them more money in the long run. They then might try and provide them with different incentives to get them to sign up for one of their policies.
3. The dangers of saving money
Although you will want to compare different insurance policies in order to save money, you might lose some of your coverage if you opt for cheaper cover. Once you’ve downgraded to a lower premium, you could raise your deductible or lower your coverage limits for property damage and injuries. This isn’t always a bad thing, and you might decide that downgrading your policy makes more financial sense to you. However, it might not be worth sacrificing the protection that you currently have just to save a few dollars. Make sure you compare your existing policy with any new companies that you are interested in, and find out what you get for your money.
4. Checking other policies on the market
You could be paying out too much for your insurance – especially if you’ve been with the same company for a number of years. Shop around and do your research! Simply looking at an insurance comparison website can provide you with a good idea of the savings you would make if you made the switch. You will also need to consider the circumstances which can lower your insurance rates, such as moving or buying a home; getting married or divorced; or buying a car with new safety features. Once you have come across one or two insurance companies that you are interested in after looking on a comparison website, you will be able to obtain a full quote from the provider. Remember – it’s a good idea to get a quote from at least three different companies before you make a decision about the best insurance in your circumstances.