According to a survey of more than 1,300 drivers by Reviews.com, ‘price’ is a top concern for more than half of all car owners, when it comes to buying auto insurance. You may or not count yourself amongst those ranks, but we’re still going to help you get a bang for your buck the next time you’re out to shop for auto insurance.
While shopping for car insurance though, you must keep in mind that price isn’t all that matters when it comes to buying car insurance. It’s important to look for a provider who offers you the coverage YOU need, as well as strong service and claims records to back it up.
Determine your insurance needs by working with an insurance agent or through an online calculator before checking prices. Once you’re clear on the kind of coverage you need and have found someone that fits the bill, use the 3 important tips mentioned below to get the best possible price on car insurance.
Tips For Getting Best Price On Auto Insurance
1. Maintain a good credit score
Credit scores have a much bigger impact on insurance costs than many people realize. Michael Newcomer, Principal & Founder at Novel insurance noted that compared to someone with an excellent credit score, a person with poor credit may see an increase of 130% for the same kind of coverage. Pay your bills on time and keep your credit cards in check. Doing this should go a long way toward cheaper insurance rates.
2. Compare quotes
If you must remember one golden rule for scoring cheap car insurance, it would be to ‘compare, compare, and compare’. Once you do enough of this, you’ll find that your premium can differ by hundreds of dollars from one provider to another, even though you’re going to use the exact same information and coverage levels. This happens mainly because each company judges the risk of insuring you by its own set of standards, and by taking into consideration factors like age, location, driving history, and the vehicle type.
We’re not going to lie to you; there’s no way to tell ahead of time who’ll deem you ‘least risky’ and therefore the cheapest to insure, so you will have to go through the quote process with multiple companies before you find the cheapest policy.
3. Price out bundling discounts
Many companies also offer multi-policy or ‘bundling’ discounts for customers who open up more than 1 line of insurance. These turn out to be some of the heftiest discounts in the industry. As an example, Allstate offers up to 10% off auto and 25% off home insurance if you pair the two. If you already have a homeowners or life insurance policy, ask your current provider how much discount you’ll get by bundling, and factor those into your price comparison.
Standard discounts are automatically factored into your quote. But it is worth checking with companies to see if you’re eligible for any discounts that aren’t typically listed. Specialty discounts are especially applicable if you’re a veteran, public or federal employee, teacher, or senior citizen.
It is not worth paying for car insurance that will not protect you or your wallet in the event of a serious accident, so your first step in purchasing insurance should be to figure out how much coverage you really need. At the Car Factory, we can help you determine the coverage of the car insurance you need. Call (786) 406-6234 or visit CarFactory.com to schedule your appointment in our Miami or Hollywood and West Palm Beach locations today!
Does credit score affect car insurance in Florida?
Yes, your credit score says a lot about your bill-paying habits. Insurance companies are likely to look at your credit rating in determining your car insurance premium.
What insurance coverage do I need in Florida?
In Florida, drivers need two kinds of insurance, $10,000 of personal injury protection (PIP) and $10,000 of property damage liability (PDL).
What happens if you drive without insurance in Florida?
You will probably be assessed a penalty for driving without insurance, such as suspension of your driver’s license. As per the Florida Department of Highway Safety and Motor Vehicles, the reinstatement fee is around $150, and $500 for subsequent violations.
Is buying cheap car insurance in Florida worth it?
When shopping for coverage, it may be easy to focus solely on price. However, each car insurance company is unique and offers a different overall experience between its policies, customer service, reliability and agent availability.
Recommended Read: How to Save Time When You’re Buying a Car In Florida