Scraping up a payment for overpriced auto insurance can dwindle your checking account, especially in this economy. Comparison shopping is free and is an excellent way to lower your monthly bill. Numerous auto insurance companies battle to insure your vehicles, and because of this it can be hard to compare auto insurance companies and get the best coverage at the lowest rate possible.
It is always a good idea to do rate comparisons once or twice a year since rates fluctuate regularly. Even if you got the lowest rates a year ago a different company probably has better rates today. You can find a lot of misleading information regarding auto insurance online, so with this article, you’re going to get some great ways to stop overpaying for insurance.
Companies don’t necessarily list every available discount very clearly, so here is a list both the well known and also the lesser-known ways to save on auto insurance. If you’re not getting every credit you deserve, you’re just leaving money on the table.
It’s important to note that most discounts do not apply the the whole policy. Some only reduce the cost of specific coverages such as comprehensive or collision. So when it seems like you could get a free auto insurance policy, you’re out of luck.
To see a list of insurance companies with the best auto insurance discounts in Maine, click here to view.
A small number of people would rather talk to a local agent and that is just fine! Good agents can help determine the best coverages and help submit paperwork. One of the best bonuses of comparing rates online is the fact that you can find the lowest rates but also keep your business local.
To find an agent, once you fill out this simple form, the quote information is transmitted to local insurance agents who will battle to get your business. You never need to leave your house since price quotes are sent immediately to your email address.
Choosing an provider should depend on more than just the bottom line cost. Some important questions to ask are:
When looking for a local agent, there are a couple of different types of agents that you can select. Saco agents are either independent (non-captive) or captive. Both types can do a good job, but it’s important to know the difference between them because it can impact the selection process.
These agents write business for a single company and some examples include American Family, State Farm and Allstate. They usually cannot place coverage with different providers so they have to upsell other benefits. Captive agents are usually quite knowledgeable on their products and sales techniques which helps them sell insurance even at higher premiums.
Independent insurance agents do not work for one specific company but instead can place your coverage with any number of different companies depending on which coverage is best. To move your coverage to a new company, they simply move the coverage in-house without you having to go to a different agency.
When searching for an agent, it’s recommended you get quotes from at a minimum one independent agency for the best price selection.
Shown below are independent insurance agencies in Saco that can give you rate quotes.
Anderson-Watkins Insurance – 172 Main St – Saco, ME 04072 – (207) 284-4514
Foy Insurance Group – 23 Water St # 1 – Saco, ME 04072 – (207) 282-5756
For a full directory of auto insurance agents in Saco, go to this page.
Upon getting answers to your satisfaction to your questions in addition to an acceptable price estimate, you’ve probably found an auto insurance agent that meets your needs to properly insure your vehicles. But keep in mind policyholders can terminate your policy at any time so don’t feel you are locked into any specific agency with no way to switch.
Maine consumers get pounded daily by advertisements for car insurance savings by State Farm, Allstate and GEICO. They all say the same thing that you can save if you change to their company.
How do they all make almost identical claims? This is how they do it.
Different companies are able to cherry pick for the type of driver that earns them a profit. A good example of a preferred risk might be between 30 and 50, has no prior claims, and chooses high deductibles. A customer getting a price quote that hits that “sweet spot” gets the lowest rates and as a result will probably save when switching.
Consumers who don’t qualify for this ideal profile will be charged higher prices and ends up with business not being written. The ads state “drivers who switch” not “people who quote” save that much. That is how companies can make those claims. That is why drivers should get as many quotes as possible. It’s not possible to predict which insurance companies will provide you with the cheapest rates.
Knowing the specifics of your auto insurance policy can help you determine the right coverages for your vehicles. The coverage terms in a policy can be impossible to understand and even agents have difficulty translating policy wording. These are typical coverages found on the average auto insurance policy.
Collision insurance
Collision coverage covers damage to your vehicle caused by collision with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things such as crashing into a ditch, backing into a parked car and damaging your car on a curb. This coverage can be expensive, so you might think about dropping it from older vehicles. You can also raise the deductible to get cheaper collision coverage.
Liability car insurance
Liability insurance provides protection from damages or injuries you inflict on other’s property or people by causing an accident. Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You might see limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, a limit of $300,000 in injury protection per accident, and property damage coverage for $100,000.
Liability can pay for things such as structural damage, medical expenses and loss of income. How much liability should you purchase? That is up to you, but buy as high a limit as you can afford. Maine requires drivers to carry at least 50,000/100,000/25,000 but you should think about purchasing better liability coverage.
Medical costs insurance
Med pay and PIP coverage pay for immediate expenses for EMT expenses, rehabilitation expenses, hospital visits and prosthetic devices. They are often used in conjunction with a health insurance plan or if you do not have health coverage. Coverage applies to all vehicle occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay
Comprehensive or Other Than Collision
Comprehensive insurance covers damage OTHER than collision with another vehicle or object. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers claims like damage from getting keyed, rock chips in glass, a tree branch falling on your vehicle, hitting a deer and vandalism. The maximum payout you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
UM/UIM Coverage
This coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.
Since a lot of drivers only carry the minimum required liability limits (Maine limits are 50/100/25), their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family.
More tips and info about auto insurance can be found at the Maine Bureau of Insurance website. Visitors are able to read consumer alerts, read state legal mandates and laws, and view a list of available companies.
In this article, we covered many ways to save on auto insurance. It’s most important to understand that the more price quotes you have, the higher your chance of finding lower rates. Consumers may even find the best prices are with a company that doesn’t do a lot of advertising. They can often insure niche markets at a lower cost as compared to the big name companies such as State Farm and Allstate.
Cost effective auto insurance is available from both online companies and also from your neighborhood Saco agents, and you should be comparing both so you have a total pricing picture. Some companies may not provide the ability to get a quote online and usually these small, regional companies provide coverage only through local independent agents.
As you go through the steps to switch your coverage, it’s very important that you do not buy lower coverage limits just to save a few bucks. Too many times, an insured cut collision coverage and learned later that a couple dollars of savings turned into a financial nightmare. Your goal should be to purchase a proper amount of coverage at the best price while still protecting your assets.