When it comes to insurance, cheap is not always better. It is important to understand that while affordability is important, it should not be your top priority when searching for the best car insurance. Insurers often boast about the money they can save drivers; what you may not know is that some of those insurance companies will slash your coverage in order to compete with other carriers. Doing so does not hurt the insurer – it hurts you. Driving without adequate insurance coverage leaves you vulnerable to risk and could cost you far more in liability and personal losses than the money you saved on your car insurance premiums. Continue reading to learn more about how can you find quality car insurance without breaking the bank.
Set Your Limits (And Stick to Them!)
One of the biggest mistakes you can make when shopping for the best car insurance is not knowing what you want or need. When it comes to making your rates more affordable, your coverage should be non-negotiable. Sure, lowering the limits on your liability insurance could drop your premium; but what happens if you cause a traffic accident that sends several people to the hospital? In this case, low liability limits may have saved you cash up front, but they result in inadequate protection when you need it most. If you do not have enough insurance to pay the victims’ medical bills, lost wages, and other accident-related expenses, you might be forced to liquidate your child’s college savings or dip into your home’s equity to pay the bills. Don’t play games with your coverage limits. Set them, and stick to them.
Raise Your Deductible
One way of instantly lowering your car insurance rates without sacrificing coverage is raising your deductible. Your deductible is the amount of money you must pay out of pocket for repairs to your vehicle if you are in an accident. Instead of $250, consider raising it to $500, or even $1,000. Then, make sure you have enough cash set aside to cover the bill if you ever need to file a claim.
Check Your Credit Score
Credit scores aren’t just for getting loans; they affect your insurance rates, too. If you haven’t taken a look at your credit score lately, you could be missing an important piece of the puzzle. Many insurers view good credit scores as an indication of responsible habits. If yours is sub-par, bringing it up could result in premium savings.
Look for Discounts
Everyone loves a discount, and car insurers hand them out like candy. If you are looking for a good deal on the best car insurance, discounts could help you land quality coverage within your budget. Better yet, you might qualify for more than one discounts. Depending on the insurer, examples include:
- Safe driving discounts
- Good student discounts
- Bundling discounts (when you combine auto insurance with other types of coverage)
- Driver safety course discounts
- Senior citizen or retirement discounts
- Low mileage discounts
- Safety discounts (if your car is equipped with anti-theft systems or anti-lock brakes)
Explore Your Options
When you want a fair price, it always pays to shop around with the help of an independent insurance agent. If you do not shop for rates from multiple carriers, you might miss out on the coverage you want at a more affordable rate than you can find on your own. We recommend shopping and comparing rates with an independent insurance agency like Couri Insurance Agency in Waukesha. We help our clients compare coverage from several of the leading car insurance companies throughout Wisconsin. Our goal is to save you money without putting you at risk.
For more information about finding the best car insurance for your budget, contact our office today.