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Hello Insurance. Goodbye Risk.


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Hello Insurance. Goodbye Risk.

When it comes down to it, all insurance really serves a single purpose. It reduces your risk. Perhaps you cannot afford to risk having to pay $100,000 if someone is badly injured on your property. You'd buy homeowners insurance to protect you from that risk. Maybe you don't want to have to shell out $20,000 for a new car if someone drives into the side of yours in a parking lot. You'd buy comprehensive car insurance to cover that risk. More insurance equals less risk. But how much risk do you need to protect against, and how much insurance is enough? Only you can answer that question, and you should have a better idea of your answer after reading the articles on this website.

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3 Mistakes That Cause Drivers to Pay More for Auto Insurance

All drivers need auto insurance and no one wants to overpay, yet many people end up paying more than they need to for an auto policy. Here are three mistakes that cause drivers to pay more than they should for auto insurance.

Mistake 1: Not Comparing Multiple Estimates with an Independent Agent

Every savvy shopper knows that they need to shop around to find the most competitive price for anything they purchase, but a surprising number of people fail to comparison shop when they get auto insurance. Every time your policy renews, you should do some research to see which insurance company will give you the best price on an auto policy.

To make comparison shopping easier, you can quickly look at quotes from different insurance companies if you contact an independent insurance agent. An independent agent will have multiple quotes for you, and the quotes will come from a variety of insurance companies.

Mistake 2: Causing a Car Accident

No mistake is more costly than one that leads to a car accident. A car accident isn't just costly because you'll have to pay a deductible when you file a claim, but also because the accident will increase your auto insurance premiums in the future. Your premiums will go up for several years after an accident.

If you are in an accident, you might be able to mitigate how much it causes your auto insurance premiums to go up by taking a defensive driving course. This is a short course that can help reduce anyone's auto insurance policy's premiums, but it can have an especially profound effect if rates have gone up recently due to an accident.

Mistake 3: Over-Insuring a Car

In a few situations, drivers end up paying more than they need to for car insurance because they over-insure their car. This happens most often when drivers get an auto policy that includes comprehensive and collision coverage to protect a very inexpensive car.

Comprehensive and collision coverage are two protections that insure a vehicle against damage. Comprehensive guards against various non-accident causes of damage and collision is for damage that occurs in accidents. 

Most drivers should have these coverages so that they receive compensation if their car is totaled. However, if you drive a really inexpensive or older, you might be able to self-insure and not get these coverages. You might not get a lot from either type of coverage if your car is damaged because the car isn't worth much. In this situation, it might make more sense to save on the coverages' premiums.

To learn more about auto insurance coverage, talk to an agent today.