When it comes to auto insurance, many companies offer cheap car insurance plans, but beware of those that try to deprive you of the coverage you need. Also beware of companies with a poor customer service rating. Cheap car insurance plans may sometimes result in difficulty getting your claims processed when needed or getting answers to your questions in a prompt manner. You might also experience billing issues if you unknowingly choose the wrong insurance company. Use these tips to find a reliable company offering affordable auto insurance.
Do Your Legwork
Shop around for cheap auto insurance by comparing a few large, well-known companies as well as some smaller ones. Determine which companies carry the highest praise in customer service and handling claims. To research the financial strength of a company, find the company's A.M. Best and Standard & Poor ratings. These two rating companies set the standard for reporting on how well car insurance companies fair in the financial realm. Cheap car insurance means absolutely nothing if the company does not have enough resources to pay out its claims.
A.M. Best's rating system is expressed using letter grades (i.e. A++, C, D, etc.). Look for auto insurance agencies with at least a B+ rating. Standard & Poor's system also uses letters, such as AAA, BB, CC, etc. The insurance company you're considering should at least carry a BBB rating. The rating system reflects a company's financial stability, but not its methods or reputation related to customer service.
Two resources to help with determining how well a company treats its customers or handles claims are the Better Business Bureau and your own state's Department of Insurance website. A company should have a low complaint ratio as compared to how many customers it serves.
Pick and Choose Your Coverage
Before choosing an insurance company, create a list of the type of coverage you'll need. You'll definitely need liability coverage, at least your state's minimum requirement of coverage. Liability covers expenses for the other driver if you are in an accident with someone in which you are at fault. These expenses include repair or replacement of their vehicle and/or medical expenses if the other driver or their passengers are physically harmed during the accident. Determine how much liability coverage you will need based on your current financial assets. If you have a lot of assets, you might consider "upping" your coverage a bit to protect your assets in the event of a lawsuit.
If you own a newer car and still owe on it, you'll also need collision insurance to cover the value or amount owed on your car. Collision coverage kicks in if you have a one-car accident or an accident in which you are at fault that causes damage to your own vehicle. Your auto lender will likely require collision coverage for as long as you owe payments. There is also comprehensive coverage, which covers a number of non-accident related occurrences, such as weather damage, theft, fire, etc.
It is advised to get enough coverage for your individual needs without overspending on coverage you don't really need. You should determine what types of coverage are most needful for you before comparing car insurance quotes.
Shop around for cheap car insurance easily using an insurance quote website. It's free to compare cheap car insurance offerings from the comfort of your own home. Keep in mind that each company is different in how it determines premiums. Some cater to married couples. Some cater to high-risk drivers. Others might cater to young drivers or older drivers.
Be prepared to take advantage of tremendous savings if you're a safe driver with a clean record, have certain safety features on your car, or have completed a defensive driving class. Cheap car insurance is available once you understand how and where to shop!
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Chris Robertson is a published author of Majon
International. All Rights Reserved. Copyright 2009 (Thu Aug 13 2009)
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