The bet of cheap car insurance
Are you gambling with your car insurance?
There are a host of popular programs advertised by major companies that promote the idea of getting cheap auto insurance by selecting the coverage you need and declining other coverage. The ads tell you that you can name your own price for your policy. Of course, you have to guess that you will have to pay a minimum amount to be covered.
For those of us who always think of buying insurance as a bit like gambling, there is an obvious attraction to being able to choose the type of risks we want to cover.
What coverage do you need?
For example, your state has probably required minimum liability coverage. You need that. If you still have a loan, your lender will likely require full coverage so they can get their money back if the vehicle is damaged. You need that.
you maybe not need to cover the cost of a rental car if your own vehicle is being repaired to remain legal and within the terms of your car loan or lease. But it’s reassuring to know that you can get alternative transportation, and this coverage usually doesn’t cost much. However, it does add a few dollars to the total, and if you can get to work or the store without your own car for several days, you can skip this coverage. However, if you were in big trouble if you lost your vehicle for a few days or weeks, you should probably consider keeping this feature on your policy. Rental car bills can add up!
Naming your price has benefits!
Name your pricing systems can benefit consumers. They make the auto insurance buying process more transparent because customers understand what they are paying for. I’m just concerned that it can be very tempting to remove some policy features that can be very helpful when car owners need to file a claim.
Getting good coverage doesn’t always mean we want to find the cheapest rates, although low rates are attractive! We really want to focus on finding affordable rates that give us good value.
In my opinion, it’s worth a few extra dollars to be sure we’ve selected a company with excellent customer service, fast claims processes, and high-quality coverage. The day after an accident is a terrible time to regret buying a cheap policy.
You could be paying too much because you’re not taking advantage of all the auto insurance discounts you qualify for. This is common. Unless you’ve recently shopped for a policy, you may not know what deals are out there for a driver like you.
Save money on your auto policy.
A great way to save a lot of money is to compare quotes from some of the major auto insurance companies. This is not that difficult to do. You can find several online quoting systems that quote prices from more than one company. If you can compare 5 quotes, you have a good chance of finding out which company will actually provide you with the best value for your money.