A little known tip about car insurance.

Discussion in Auto Insurance started by savergrl • Sep 5, 2012.

  1. savergrl

    savergrlMember

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    Each state and area has one company that can offer a lower rate than anyone else. This varies by location. Companies do this so that they arent monopolizing, which is illegal and it also works in their favor because people in the highly overpriced areas will STILL use their services. In my area Geico is cheapest by a landslide. In my previous state MetLife or GMAC was cheapest, it varied between the two. You just need to call every provider for your state and know what coverages you want.
     
  2. dissn_it

    dissn_itActive Member

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    I hadn't heard of this before. I always thought that it varied depending on claims and risks. I do know that when you do compare, it is very important to make sure your coverage levels are identical in the comparisions. I would also do some online research on customer reviews on claims service and satisfaction before switching to save money.
     
  3. novasparker

    novasparkerActive Member

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    I also hadn't heard of this....it kind of makes me think that there woud be something anti-competition going on if one company can offer lower rates than all the rest in a particular market....why would this be? Is it that because they are located in certain places and can offer better rates in the areas where they are headquartered? What is your reference for making this claim?
     
  4. Farrah

    FarrahActive Member

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    I have never heard of this before either. But I do know, that no one can beat Esurance in my area. Trust me I have called and called and called.
     
  5. pilot2fly

    pilot2flyMember

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    Interesting post. This is great insight into how car insurance works. I think it's a great idea to keep companies from monopolizing.
     
  6. YamiPrem

    YamiPremNew Member

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    This is new to me too.

    What do you mean call my state? Who do I call? :s
     
  7. Esperahol

    EsperaholActive Member

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    Really? So what you're saying is that in say Georgia no matter what kind of idiot I might be my best choice would be say Geico, because they're prices are going to be half as high again as any other insurance company? Really? I don't really believe that. I mean it seems like that would be a bad business proposal.
     
  8. BigBigFan

    BigBigFanMember

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    Another little known fact about car insurance has to do with the extras you add to a policy for fun vehicles like ATVs. Some companies charge extra for ATVs by adding coverage that is mandatory on cars but not on ATVs and they tell you it's "a policy wide thing". When adding a fun vehicle to your car policy ask about the extra fees, you can avoid them by creating a new policy just for the fun vehicles!
     
  9. Farrah

    FarrahActive Member

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    In my experience I find this totally true. I have had Esurance in Florida for about 4 years now. Know one has been able to beat it, believe me I tried. My sister lives in Indiana, with a cleaner driving record than mine, and it was the highest in her area. Now, I am moving to Indiana, does anyone know the cheapest Car insurance in that area?
     
  10. sdjaxson

    sdjaxsonActive Member

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    This is good information to ponder. Thank you for posting this. I will check into it, because I have been with the same car insurance company for 13 years. Maybe I should check around to see if I can save!
     
  11. Traveller

    TravellerMember

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    Get Rid of Unnecessary Policies
    If you have an unpaid loan on a car, the loan issuer will require that you have collision insurance to cover any damage done to the car. If you have an old car that you’ve fully paid for or you have saved enough to buy a new one, collision insurance is unnecessary.
    Defensive Driving
    Most insurance companies will give you a cheaper quote if you have taken a recognized defensive driving course. Some defensive driving and accident prevention courses can also take points off your licence. Remember, before you run out the door waving this auto insurance tip around, that you should ask your insurance agent how much it can cut from the cost of your premium first.
    Drive Safe
    This might be an obvious auto insurance tip, but it could mean more to you than saving on your car insurance. A driver that is involved in fewer collisions will have a lower premium.
     
  12. super7

    super7New Member

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    I think the best way to save money on your auto insurance is to review your driving record. If you haven't had an accident within the last 5-years and you are a careful driver, maybe you could carry a higher deductible and a much lower monthly premium. The money you save on the premium could be used for something else. On the other hand, if you are prone to have accidents, then you have no choice but to pay what you do now. As suggested, shop around and you would be surpised at the difference in offers out there.
     
  13. catilla

    catillaNew Member

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    This information is new for me, one thing that I used to do is to check every three or six months for different quotes, if they were better I would change, but I will keep an eye to this, thank you
     
  14. pafjlh

    pafjlhActive Member

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    Yes, I too have heard about this. In my state it is apparently Safe Auto Insurance that offers good rates. However, I also know that if you have the AAA auto protection service, which will take care of a flat tire, jumping a battery or towing free charge they also offer a good cut rate on their auto insurance. This is the plans that my brother has, and it has saved him money along the way.
     
  15. fancy

    fancyMember

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    You are probably right because, much as you may say that different insurance companies charge differently, the items covered in the policy documents are also quite different. These items determine your exposure to risk and subsequent costs associated with claims. Some auto insurance companies have a bad reputation in terms of paying claims. This means that even if the premiums may be low, you never know whether you would really be compensated when the insured risk occurs. You may spend more money chasing these companies in various court cases only for them to disclose some hidden terms that you probably have never heard about. One important tip is reading the policy documents before committing your finances towards any policy, insurers are notorious for having such terms written at the back of the policy document which makes it difficult to read and even understand if you do not have an attorney or someone knowledgeable about auto insurance jargon. The point is read, read, read and consult, consult consult!
     
  16. dorothymoreno

    dorothymorenoActive Member

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    This is new to me too, but I will be looking into beings as I am looking for some lower rates for my auto insurance the one I have now is way to high and so I need to find one that has lower rates and no down if possible.
     
  17. dconklin

    dconklinActive Member

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    I never knew this, but it makes sense. I have had some people tell me how much money they saved with Geico, but yet when I got a quote from them it was over $500 more then what I was paying for insurance. And this was with a clean record along with a CDL and safe driving training through a past employer.
     
  18. limcid

    limcidActive Member

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    Thanks for the tip! I'll keep this in mind when I go shopping around for new insurance some time this year. I think the key thing is to have everything on paper concerning the exact type of coverage you want. Getting quotes online will speed things up, too.
     
  19. Grumpy

    GrumpyActive Member

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    Car insurance is a very expensive business for the everyday person to pay for and it does end up costing a lot, and of course is usually dependent on the kind of coverage you want and how many claims you've made in the past and for what value and so on. It's very reliant on exactly what you want to do and what you need/want to be covered for.
     
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