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Is your current insurance policy giving you the coverage you require? Are you unhappy with the service you are currently being offered?
There are hundreds of car insurance providers in the USA, and even more policies on offer in each. How do you choose the best option for you?
Here are 5 things to consider when looking into changing or renewing your car insurance policy.
Each car insurance company uses different underwriting criteria, which means that the prices can vary widely for the same coverage. If you have been mindlessly paying for the same policy for years on end, it could be that you are actually paying hundreds of dollars more than you should. Start by shopping around, and seeing how much less you could be paying to an alternative provider.
When shopping for insurance, it is important to understand that you will be receiving the type of coverage you actually need. For example, for a new vehicle, or for cars that are being paid for on credit, you will need to pay for full coverage in case of accidents where repairs can be carried out easily on your vehicle. Whereas older, more vintage cars will only require liability coverage because repairs are less likely to be able to be paid for using your insurance-- in this case paying for full coverage would be a waste of money.
You truly get what you pay for in life, and paying for your car insurance is exactly the same. If you pay for minimum service, you get just that. In the event of an accident, it could cause a lot of issues in the longer term. Minimum coverage may not cover the damage caused by an accident and could cost up to three times the value of the car itself to repair.
We know that the basic needs of insurance coverage are to ensure that you’re covered for damage in case of any accidents. What about extras that might be worth paying a slightly higher rate for? Think roadside rescue if your car breaks down, to automatically changing the rate for loyal customers based on new deals that a company has. AssuranceAmerica, for example offers extra to its customers by helping with the emotional side of trauma by helping with therapy following an accident. Profits from the organization also work with non-profits helping those facing homelessness and rehabilitation programs to help them into employment-a selfless extra to consider buying into for part of your insurance claim?
It could actually save you money, in the long run, to move away from archaic methods of paying for your insurance. Some insurance companies will actually charge less if payments are made via credit card automatically, which will also mean that you don’t miss any payments! Check with your chosen provider to see if they offer discounts based on payment methods- you could save hundreds of $$$ a year this way!
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