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Typically, carrying full coverage auto insurance is an expensive line item in your monthly budget. However, there are ways to reduce this expensive but needed cost to providing a secure safety net for you and your vehicle.
You can compare various auto insurance providers, consider your personal profile and look for multiple discounts to reduce the monthly premiums.
Compare the best rates for your full coverage needs with our free comparison tool above! Just enter your zip code and start comparing rates today!
What is full coverage auto insurance?
Every state requires drivers to carry auto insurance. Generally, the minimum required coverage is liability insurance that protects vehicle damages and physical injuries to other people.
With full coverage auto insurance, you receive liability protection and:
- Comprehensive and collision for your vehicle
- Uninsured/underinsured protection
- Medical payments for a driver and passenger, regardless to fault
- Personal Injury Protection (PIP)
- Rental car reimbursement
Full coverage insurance policies include the state minimum requirements plus additional coverage amounts.
Make Equal Comparisons of Auto Insurance Policies
One of the tricks for cheap full coverage auto insurance is comparing several policies. It is important that these comparisons are with equal policies in terms of policy values and coverage types. Comparing auto insurance providers will require devoting time to researching different policies.
The value of your vehicle also determines how you will compare auto insurance coverage and premiums. Typically, auto insurance companies consider the value of replacing your vehicle after an accident. This value is a significant factor in how much you will pay each month for full coverage.
Starting your research over the Internet is an efficient way to compare different policies. Many auto insurance companies make online shopping easier where you can enter basic information and receive instant feedback and quotes from multiple providers.
Whether you decide to use the Internet or make phone calls, be prepared to provide the same information in order to find the best car insurance rates for the most coverage.
Generally, you must provide your age, gender, location of residence, and driving history. Some auto insurance providers also ask questions about your profession.
In addition to basic personal information, you will provide details about your vehicle. Most providers want to know the make, model and year of your vehicle. The number of miles, VIN and daily traveling distance are also considered in providing a quote.
While auto insurance providers have a list of questions, it is also a good idea to have a list of your own questions. Asking the right questions can save time and money.
Some questions to consider include:
- What is the actual cash value policy? This is an often overlooked consideration and can lead to sticker shock if your vehicle is totaled. For example, you can insure your vehicle for its value of $20,000. However, by the time you have an accident, the insurance company may value the vehicle at $16,000. This is the amount you will receive, not the original $20,000 value.
- Do the cheap auto insurance quotes cover original or re-manufactured parts? Generally, buying aftermarket parts for vehicle repairs is not a huge difference, unless you prefer original parts. If this is a concern, it is good to have this information upfront.
- What are the deductible amounts?
- Does the insurance company have local agents?
Read the fine print on the free quotes to ensure nothing is hidden in the policy that increases your rate.
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Look for Auto Insurance Discounts
The types of auto insurance discounts are another factor to consider when looking for cheap full coverage auto insurance. You might qualify for a host of discounts that will give you a cheap full coverage insurance policy.
A majority of insurance companies offer safe driver discounts. However, many also provide additional discounts that will increase your savings.
Some vehicle features help to reduce the presumed risk of providing insurance coverage. For example, safety devices such as anti-lock brakes and anti-theft systems provide a layer of protection.
Most insurance providers consider such devices protection that minimizes their risk.
Having memberships in organizations or groups might also lead to more discounts. Credit unions, fraternities, credit cards and professional organizations often partner with insurance companies to provide member discounts.
If you are a student, you might qualify for a discount with some insurance providers by maintaining good grades.
Consider Personal Factors that Affect Auto Insurance Premiums
Insurance companies use standard industry variables to determine auto insurance premiums. However, the weight of each variable may vary among companies, causing a disparity in rates.
Additionally, some insurance companies include geographical accident data and demographic data to rate insurance policies.
The following personal factors are universal considerations in determining premiums for auto insurance policies.
- Gender and age – Data shows that accident rates vary among gender and age. Men have higher rates of fatal accidents than women. Young drivers often pay higher premiums.
- Geographic location –Expect to pay more if you live in a high- accident, high auto-theft area.
- Driving record – Having a good driving record can lead to cheap premiums for full auto insurance coverage. Typically, insurance providers look at the past three years of your driving record. The number of moving violations and accident claims during the previous five years also factor into the rate.
- Credit score – Most people do not realize that their financial history is a factor in determining insurance rates. Most insurance companies consider a pattern of late payments increases the likelihood that you will have an accident. Some companies even make periodic reviews of your credit file to consider raising premiums.
- Driving pattern – Your driving is another factor that insurance companies use to determine risk level. The number of miles driven each day affects the insurance rate. Vehicles driven frequently can increase the probability of being in an accident.
To get cheap full coverage auto insurance is not impossible when you arm yourself with sufficient information. Knowing what insurance companies look for and what you expect gives you an advantage to making the right selection.
Comparing multiple insurance companies can guarantee you will not pay more that is necessary for the right coverage. Knowing which discounts you qualify for, and how insurance companies rate policies, can lead to lower premiums and maximum protection.
Don’t miss out on our free comparison tool below. Just enter your zip code and start comparing rates now!