Insurance providers use multiple factors to customize policies and establish rates, providing quotes as estimates of what it would cost you.
Each insurer uses its own formula when quoting, leading to variances in quotes between insurers. Therefore, it’s advisable to compare car insurance quotes regularly in order to get the best coverage.
Know Your Needs
Automobile insurance provides financial security should an accident be your fault; many states mandate it as mandatory coverage.
To receive an accurate quote, it will require personal details about yourself including name, address and occupation as well as information on your vehicle including make, model and any anti-theft/safety devices installed in it. Your driving history including any violations committed such as speeding tickets or accidents at fault along with gaps in coverage could also impact the rate.
Individual insurers also use different pricing formulas that could affect your quotes, so it is wise to shop around regularly and compare rates – particularly after any significant life changes such as moving or marrying someone new. NerdWallet recommends using MoneyGeek’s online quote tool for this task in order to gain an estimate of your individual rates.
Find a Site
Quotes can be obtained either through visiting an independent or captive agent, but an alternative way is using an independent or captive insurance broker site that compares rates and coverage options. Unlike some brokers, such sites usually do not charge brokerage fees and often do not conduct hard credit checks that could damage your score when providing quotes or applying for policies.
Some factors will always impact an insurer’s car insurance quotes, including driving record and age. Other considerations, like location and crime rate can vary significantly between providers.
NerdWallet provides links to some of the largest insurers’ RFQ pages – Geico, Progressive and State Farm are just a few examples – making price comparison much simpler than before. Before clicking a link however, read online reviews about each insurer to gauge customer satisfaction as well as make sure it’s licensed in your state and research their complaint rates and financial stability ratings before clicking.
Fill Out the Form
Insurance quotes depend on a range of variables, and even similar driver characteristics can yield drastically differing costs. NerdWallet notes that the difference in policy costs for young drivers could reach over $4,000.
Filling out an online form, provide accurate information regarding your driver history. The more details you supply, the more precise will be your quotes from insurers. Insurers collect details like your name, address and phone number as well as information such as make, model and year of vehicle and any driver-related add-ons desired. Some states mandate minimum car insurance coverage while others impose higher requirements such as bodily injury liability coverage and uninsured motorist protection coverage.
Compare quotes at least every one to two years or whenever there have been significant changes to your life or driving profile – such as adding or subtracting drivers, switching vehicles or moving states. Furthermore, it’s a good idea to do a quote comparison in the event of accidents or violations that have recently taken place.
Review the Quotes
Comparing quotes from multiple providers is essential when looking for car insurance coverage. While the cheapest offer might seem affordable, other factors that affect rates such as credit history, location and coverage type and amount must also be taken into consideration.
Each insurer uses different factors when calculating quotes, which can lead to substantial variations. While certain aspects such as credit and driving record can have universal ramifications, others such as volume of claims in your area or medical care costs vary based on geographic region.
Compare quotes side-by-side in order to select the ideal policy for you. Beyond price alone, make sure that your options include additional features and benefits from each company; don’t limit your decision solely based on price alone; look at what additional services each insurer provides such as discounts when bundling policies together or adding safety features; some even provide disappearing deductible policies, which could save money over time.