How to Compare The Big 4 Car Insurers?
If you have a car in your possession, then you probably have some idea of car insurance. Well, at least, let me say that you should have some idea about car insurance. If you do not have a car or do not drive a car, you may have little knowledge of car insurance.
Before you consider obtaining new insurance or switching from your current insurance to another insurer. Before you move forward with any of that, read this information about how to select the best from all car insurers for your needs.
What Makes the Big 4 Car Insurers Stand Out?
We have all seen the funny commercials and heard the catchy jingles when it comes to car insurance. While they may capture your attention, they may not be the best one to choose. One of the top items you want to consider when you are looking for car insurers is their customer service.
You want to take a look at how many complaints have been filed against the insurance company. The state department of insurance can provide reports about various insurance companies.
You should also understand that certain insurance companies cater to a specific group of people. For example, one company may be more appealing to families, or to senior citizens. There are even specific insurance companies that cater to those who have less than great driving records.
The next important piece of information for you to understand is the cost of the insurance you want. There are many online tools that will give you a side by side comparison of many different insurance companies. Be sure to understand all of the details because a lower price on your premium may mean that you are losing the benefits that you need.
State Farm
State Farm is one of the top car insurers. They are the largest insurance company in the US and have been around for over 75 years. According to the feedback from their customers, it is also one of the best for the customers. State Farm has about 18,000 agents working for them. You can reach them via phone, online, or through their mobile app. You can easily upload photos of your car that was involved in an accident through the mobile app. You can easily file a claim online, also.
They have insurance agents locally in just about every area as they serve 50 states. They are easy to contact and talk through your options before you commit to any type of insurance with them. They offer a wide range of discounts, but they do not always have the best rates. They make up for it with their amazing customer service and options. If the price is not the first item on your must-have list, you should consider reaching out to State Farm. You can answer some basic questions about yourself and in 5 minutes receive a quote. They offer some additional nice to haves such as antique or classic car coverage, roadside assistance, and towing.
Progressive
Progressive should be on your list of potential car insurers. If you are like me, when you hear the name Progressive, you think of Flo and the quirky Progressive Commercials. They have found a unique way to engage people with their commercials in the hopes of turning them into customers. They are the fourth largest auto insurance company in the US. They have special coverage options and discounts to help reduce your premiums.
They also have the Snapshot tool that allows Progressive to understand your driving habits. The data they capture can lower (or possibly increase) your insurance rates. You can get a quote quickly online to find out your insurance rate with absolutely no obligation to you. The more information you provide in your online quote, the more accurate your rate will be. Progressive may be able to access information about your vehicle information once you give your name and address. If they are able to acquire this information, the process for your quote may be faster and more accurate.
The Hartford
When it comes to car insurers, you should consider The Hartford as a viable option. It is not the largest insurer in the US but it is in the top 15. It comes with a large variety of options, benefits, and discounts. They even offer a program that replaces a new car if it is totaled not too long after it was purchased. If you constantly purchase new cars, this may be a good option for you.
They offer special options to members of AARP, such as in-home care after an accident and lifetime renewability of the insurance. The Hartford does not offer the best price, especially if you have a household with young drivers. This is not the best insurance for those who are considered high risk. If you are willing to put out more money, they offer accident forgiveness and a deductible that disappears.
Geico
When it comes to car insurers, the Geico gecko may be one of the most infamous characters associated with insurance. We all remember that little guy with the accent. In addition to a cute gecko, they claim they have really low rates. They have do it yourself tools with a mobile app and are known for their customer service and how easily they are to contact.
They provide all the expected types of coverages. They offer special coverage for Uber and Lyft drivers. They give their customers accident forgiveness and a super simple way to file a claim. They offer additional optional coverages for roadside assistance and rental cars. They have digital ID cards and you can manage your account from anywhere using the mobile app.
What Is Car Insurance?
Now, after I have told you about the top car insurers for your consideration, I would like to talk a little bit about the details around car insurance. At its most basic level, car insurance is something that you purchase as the driver of a car to help protect you from the cost and liability from a car accident. If you were to be involved in an accident while driving a car, you should not have to pay much, if any, money out of pocket. You do have to pay a premium to the insurance company on a regular basis to pay for the car insurance. Depending on the insurance company, they may be willing to allow you to pay on a monthly basis.
Premiums
The premium you have to pay to the insurance company differs based on some criteria. Your gender, age, where you live, driving experience, and driving history play a role in the amount you have to pay as a premium. Many states have a minimum amount of coverage that you must have when it comes to auto insurance, however, most people opt to get more than the minimal coverage.
Deductibles
If you have less driving experience and a spotty driving record that has many accidents and driving violations, your premium is going to be higher. Most insurance policies have deductibles. A deductible is the amount you have to pay out of pocket before your insurance company pays the rest. When you have a higher deductible, that means that your premium amount is lower. So, you decide if you want to pay more money when you pay your premium or a higher deductible if you are in an accident. You can take a chance that you will be involved in an accident and then not have to pay a deductible.
What Should I Look For With Car Insurance?
Before you decide on a car insurance policy, you should know what to look for from car insurers. You want to find out how customers feel about different insurance companies. You should read reviews to get an idea of their customer support. There are several items of which you want to be aware for comparison purposes.
Rates
You should always compare the rates of the insurance companies in which you are interested. There are many price comparison tools available to you online. Even once you select an insurance company, you should compare the price of your insurance once a year.
Deductible
When you select a plan with a high deductible then you can reduce your premium amount. When you take a risk with a high deductible that means that you could save yourself a large amount. You should remember that you are betting that you are not going to be involved in an accident. If you do have an accident, you have to pay more money out of pocket.
Mileage
You should know how many miles you are driving because you may be able to save some money by keeping your miles low.
Repairs
Find out where the insurance company would send you if you needed to have your car repaired. You want to make sure that the repair shop does not use cheap parts. You want to make sure the shop uses original equipment. It has been proved that non-original parts do not fit or work as well.
Your car
I am sure that you already know that the type of car and its age play a role in the amount of insurance premiums you will pay. If you already have a car and plan to keep it, you can look for a company that offers you the best rates for your car. However, if you do not have a car and you want to buy one, you should find out how much it will cost to insure that car. You can find out how well a specific car holds up in an accident by using an online search.
Discounts
Understand what kind of discounts are available to you from each of the insurance companies. I talk about the different types of discounts of which you should be aware further down in the article.
How Much Coverage Do I Need?
Before you begin to look at car insurers, you should understand the requirements for your state. Every state has its own minimum requirements. If you do not know what minimums you need, you cannot be sure that you have the right quote for your needs. Most insurance plans offer basic coverage which consists of liability only.
Liability Insurance
Liability insurance only covers injury to others or property damage to others. It does not cover any damage to your vehicle or property or any medical problems that you have as a result.
When it comes to liability insurance, you should make sure you have at least $500,000 of liability insurance. You may see liability coverage that looks like 250/500/250, which ends up working out to be $250,000 for bodily injury (per person), $500,000 for bodily injury (per accident), and $250,000 of coverage for property damage.
Comprehensive Insurance
Comprehensive insurance is also on the lower end of the cost scale and remains relatively affordable. This type of insurance will cover your car if its stolen or damaged in a fire or a storm. This insurance will cover those instances as long as the damage was not as a result of a collision. You should have this type of insurance no matter the age of your car.
Collision Insurance
Collision insurance covers the damage from an accident with another vehicle or object. Keep in mind, if you only have liability insurance and you are in an accident and it is the other person's fault, in theory, that person's insurance should pay for the damage to your car, but it may not. If you are not sure about what type of insurance coverage you need, you may want to contact an insurance agent to see what that person suggests. There is all types of extended coverage that you can get with your insurance. Everything additional has a cost, but it may be worth it to you to protect your vehicle and not have to pay out any money later.
Understanding Discounts
There are many discounts that car insurers can pass along to you. It is helpful if you have an understanding of those discounts that are available to you. When you receive discounts, it can decrease the premium that you pay. When you decide which insurance carrier to use, consider these potential discounts and discuss the ones for which you may qualify.
If you are married, you may be able to get a discount. Insurance companies tend to think those who are married will be more responsible and less likely to get a moving violation or in an accident. If you have a teenage driver at home that will drive up your premium. You may be able to lower it if your teen gets good grades or completed Driver's Ed courses. If there are individuals in your household that are over age 16, you insurance carrier may add them to your policy, which can increase your premium.
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Make sue only those that should be insured are. If you have paid off your car, as opposed to owning money on it, it could decrease your premium. Also, most lenders of car loans require you to have full insurance coverage. They want to make sure they are protecting their investment.
If you own a home, or have a mortgage on your home, you could pay less premiums. Owning a home also make insurance companies feel as though you are responsible and less likely to get into an accident. You may be able to get a discount on your premium if you have a college degree. If you are in the military, you may also qualify for discounts.
This may surprise you, but if you park your car in a garage or have an alarm system installed in your car, that may save you some money on your premiums. If you go paperless and have your statements emailed to you, you can usually get a discount. If you have your premium debited from your bank account, you can usually get a discount. Some car insurers will give you a discount if you pay for your premiums annually instead of monthly.
Conclusion
When it comes to car insurers, you may often feel like you are not getting the best possible deal and coverage. For me, I pay for insurance hoping that I never need it. I also want the best possible coverage I can get in the event that I do need it. If I am in need of using my insurance, it probably is not a good time for me, so I want to make it as painless as possible. I want the money and protection that I have paid for. That is what is important to me, but you need to know what is important to you before you search for insurance. This way you can get everything you need.