Most of us have been led to believe that if you have a good driving record; we’re going to get the lowest possible rate for coverage. This can be described as the “good citizen” rate. This is a myth.
Myth 1- There are Many Other Ways to Have Your Rates Lowered
You can have your VIN etched into the windows. VIN etching makes it hard for a thief to steal a car as well as dispose of it. Once you VIN etch your car, let your insurance company know this. There is a great chance that they will give you a discount for better protecting your car.
For about $25, you can purchase a do it yourself etching kit. Because of the effectiveness of VIN etching; many local police departments will actually do it for you. Make a call to your local police department and see if they will provide this service. The benefit to this one action can usually get your deductible waived or a significant discount.
Myth 2 – That Red Sports Car
The president of the insurance information institute has gone on the record to settle this controversy. According to her, there is no evidence to support the claim about paying more for red cars than other colors. Here are some of the variables that are not color-related.
Auto insurance quote is determined by factors such as cost to repair, make, size of engine and model year. Other factors include if the car is thief friendly. Is it an easy car to break into or steal? Another factor used in the algorithm includes the actual safety record of the car. It’s these factors, not the color that determines what the ballpark rate of coverage will be.
Sports cars are usually higher to insure due to the fact that most people buy them to drive fast. On the other hand; a minivan is covered for less because it is perceived as a more family orientated vehicle. Those drivers are considered safer and more cautious while on the road. Those family-type cars are also considered less to repair. A quick auto insurance quote comparison reveals this information.
The premium on a 2018 family sedan was about $1,417 annually compared to about $1,820 for a sports car.
Myth 3 – It’s Mandatory to Carry Rental Insurance
You do not have to carry coverage for the rental. Now, what are your options in the event that you lose access to your car temporary due to an accident or some other mishap?
Talk to your insurance agent. Most of the time, they will issue your temporary vehicle rental insurance as a part of your coverage. You need to ask though because they will not volunteer that information freely. It’s taking money out of their coffers when they do this.
Two companies that openly allow you to upgrade or downgrade your policy without penalty are Allianceinsurancecompany.net, Young America Insurance, Rodney D Young among others.
This is a good saving in that the average cost of rental coverage is about $2 per month for the coverage. The average cost of rental insurance from the actual agency could cost up to $25-30 per day. Find out about the upgrade/downgrade availability for your policy and use it. This will save you some money over the long run.
Myth 4 – It pays to be A Loyal Customer
Really? Try having the misfortune of having a couple of mishaps in one year and see how much your loyalty bonus will be. Insurance companies are only interested in repaying on stockholder investment like most other companies. You can be as loyal as you want. But if you cost them money; you will be dropped without explanation.
There are many bargains out there between carriers. Don’t be afraid to shop around for an auto insurance quote. The only company recommends not leaving though is Alliance Insurance Company. They actually do pay loyalty bonuses to their clients every year.
Along with looking for other carriers; there are other options you can take to lower your insurance premiums. Some of those include getting a higher deductible, reducing coverage on older cars and using the same company for both your cars and your home.
Those who save money are usually those who are willing to put in the research. Research all of your options. Compare car insurance quote and find out if you are paying too much. Call your insurance agent and have a heart to heart with them.
If you feel you have been a good customer; let them know that. Remember, they are in the sales business as well and you are a customer. Their job is to keep you satisfied. Leverage that relationship dynamic as much as you can.
There are savings to be had. Do your homework and you will soon find the savings available. Then take that extra money and put it to work for you.