Shopping for an Auto Insurance Bargain

While most people are aware that it is illegal to drive in the U.S. without a basic car insurance policy, they're not so well informed on how to procure the most cost-effective and comprehensive policy for their needs. And unfortunately, many don't discover how good (or ineffectual) their insurance company is until they file a claim.

We've done some of the homework for you and have developed a few ideas on how to go about shopping for a car insurance bargain. Secure a policy with a reputable, responsive company and you'll be able to hit the road with confidence!

Top 10 List

  1. Comparison shop - make sure to evaluate similar policies. A policy that carries only liability won't give you the same coverage as one that is more comprehensive. Be sure to provide the same personal data to every company you talk to - including age, gender, marital status, amount of car travel required for work, the number and type of accidents you've had within the previous three years and a any less-than-stellar credit rating.
  2. Consider more than the price of the premium. Will you be getting prompt and effective customer service when and if you file a claim? Is there a local representative who will be able to meet with you or only a toll-free phone number to call? And how quickly can you expect payment for charges incurred?
  3. Use the power of the Internet. Informational websites such as Consumer Reports, the National Association of Insurance Commissioners' consumer site (Insureuonline.org) and the Insurance Information Institute (iii.org) are all valuable research tools and offer unbiased facts and figures.
  4. Ask about a volume discount - your rate for a car insurance policy may be lower if you also carry a homeowner's policy with the same company.
  5. Don't choose a company that penalizes you for filing a claim.
  6. Reward a good insurer with customer loyalty. While you should never purchase an insurance policy from a company that doesn't keep its promise to provide excellent customer service, you should stick with one that treats you well. You may be rewarded, in turn, with a discount for customer longevity.
  7. Some companies provide discounts for affiliations or memberships with professional organizations or business organizations. They may not offer up that information unsolicited, so be sure to ask. Other discounts may apply as well, including those for good driving records, group plans, low annual mileage, and additional safety features such as airbags and daytime running lights.
  8. Ask for a higher deductible. This is the amount you'll need to pay before your insurance policy pays on a claim. Paying more out of pocket in the event of an accident can mean much lower monthly premiums.
  9. Be age-biased. It might be worth it in the long run to reduce the amount of insurance coverage on an older car. Some investigation regarding the Kelley Blue Book value of the car will be in order but it can save you big bucks.
  10. Give your auto insurance rates a regular physical. Every year or two, check to make sure you're getting the best possible price for your coverage.

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