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Types of Discounts to Lower your Car insurance Quotes

April 6, 2016
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Most people are interested in saving money. This is especially true when it comes to reoccurring expenses such as auto insurance. If you want lower your car insurance quotes, it is important to know about the different types of discounts you might be eligible for. Even if you do not currently meet the requirements for a particular discount, in many cases you can still work to achieve this discount in the future.

Types of Discounts you could qualify for

Safe driver discounts – this might be obvious, but being a safe driver can significantly lower your insurance premium. This includes not getting into an accident or having traffic violations, but it also includes safe practices such as wearing a seat belt, and not having many insurance claims.

Student driver discounts – these discounts reward young drivers for maintaining good grades. The specific grades needed depend on the insurance company, but it typically applies to students maintaining a B average or higher.

Defensive driving or other driver’s education classes – if you take some type of driver’s education course, you can qualify for a discount on your insurance. Not all companies offer this discount, and not all classes are eligible, so it’s important to discuss this with your insurance agency beforehand.

Safety and security discounts – having the latest safety and security features installed in your vehicle can earn you a discount. Many of these devices will come factory installed, but you can always look into adding them later if not.

Multi-policy or loyalty discounts – this discount applies if you stay with the same insurance company year after year, or if you have multiple policies (medical, life, home) with the same company. Similarly, adding multiple vehicles to your policy can save you money over having individual policies for each.

Organizational discounts – sometimes where you work or attend school can earn you a discount. Look into any organization you belong to, including school clubs, to see if you qualify. Military service members often qualify for this discount.

Low-risk discounts – having “low-risk” qualities will enable you to lower your car insurance quotes. Being a homeowner, having good credit, and being married are all low-risk qualities that calculate into a lower premium.

Not all insurance companies offer every type of discount. The type of discounts allowed will vary based on state laws and your insurance agency’s guidelines. Also, the criteria needed to obtain a certain discount, and the amount saved, will vary across companies. Make sure to read your policy and all its fine print in order to understand what type of discounts you are getting.

Sometimes a discount will only apply to a certain type of coverage and not the entire policy. Look at each individual component of your car insurance quote to make sure all discounts are accounted for. Sometimes an insurance company will have a total discount limit, so even if you technically qualify for more discounts, you will not get them all.

Although many companies list their discounts on their website and include them to lower your car insurance quotes, sometimes it is helpful to call the agency directly to make sure you are maximizing your savings.

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Different Types of Car insurance Quotes

April 6, 2016
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Many people do not purchase insurance because they don’t believe it is worth the cost. However, even if you get into a small accident you will likely be faced with expensive car repairs. Since you cannot predict whether or not you will be involved in an accident, it is best to carry adequate car insurance. When searching for car insurance quotes online, it is useful to understand the most common types of policies you will come across.

1. Liability

Most people know that insurance is a legal requirement. However, you might not know that this requirement typically applies to liability insurance. This type of insurance covers any costs associated with repairing damages due to an accident that has been ruled as your fault. It will also cover any medical bills due to injuries. Unfortunately, these payments only apply to the other party, and not your property or medical bills.

Although the minimum amount you need to cover will be determined by the state you live in, it is always a good idea to carry as much as you can afford. If any claims exceed the coverage, you will be responsible for paying the difference. Paying a little more each month for more coverage can end up saving you thousands of dollars if you were to get into an accident.

2. Collision

If you want coverage for your own personal property and medical bills, it is necessary to purchase collision insurance. It might be cheaper each month to carry only liability insurance, but it would be much more expensive in an accident. With collision coverage you will receive a payment, up to your car’s current value, if your car is totaled in an accident.

There are some times when collision insurance is not a financially wise decision. If you drive an older car, its value might not be worth the extra expense. If you have a good-sized savings or emergency fund, collision insurance might not be necessary.

3. Comprehensive

Car accidents are not the only thing that can happen to your car. For other damages, comprehensive insurance can protect you. This type of insurance can cover things such as fire, theft or vandalism, weather damage, animal collisions, or other similar damages. While this type of insurance is nice to have if you can afford it, it can be expensive and might not be worth it if your car is easy for you to replace. If your car has anti-theft or tracking features installed, you might get a discount on comprehensive coverage car insurance quotes.

4. Gap

Another commonly seen type of insurance coverage is gap insurance. This type of coverage is useful if you are financing your vehicle. Gap insurance covers you in an accident where your vehicle is totaled. Since insurance companies typically only cover the current value of your car if you get into an accident, you could be left with a bill if you owe more on your car than its worth. Gap insurance covers this difference. Some finance companies will require you to carry gap insurance until you pay off the vehicle. We have discussed all types of car insurance quotes. Use your knowledge and choose what is best for you.


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