There are certainly many ways to get different discounts for car insurance. Some examples include military and federal discounts, safe driver discounts, driving class discounts, as well as implementing telematics devices. Many of these can save you a lot of money, but the most substantial savings you can achieve is when you compare quotes from multiple different insurers. The more insurers you obtain quotes from the more savings you are likely to achieve.
Consumers should aim to get three to five quotes from insurers. Better results will be found if you obtain five quotes or more. This shouldn’t take too long to obtain these quotes using either a quote comparison tool or calling a local insurance agent. All together the process should take a couple of hours. The difference in prices can be substantial between each insurer. Different insurers use different datasets when generating quotes for consumers as well as weighting different factors such as credit score, type of car, or location.
One important factor to keep in mind is to make sure the quote is for the same coverage across all the different policies included in the comparison. Typically most insurance policies include collision coverage and liability coverage. Make sure the maximum liability payout is the same across all the policies in the comparison in order to make sure you’re comparing apples-to-apples.
After you have gathered the quotes to compare contact the insurers and ask for different discounts you might qualify for. Each insurer has different discounts that they provide to their consumers so do your research and make sure you ask them if they can provide you with any additional savings. For example, some insurers might provide discounts for defensive driving or high education while others may not. If you are a safe driver and drive low miles make sure you ask for a telematics device which can save you a substantial amount of money.
Now that you have all your quotes with their respective discounts applied it’s time to start asking the companies if they can do better in order to give them the edge over the competition. Play the insurers off each other. It might not result in the most substantial discounts, but it certainly will lead to the lowest price out of the companies you have considered. This should cut down the list to one or two insurers.
Are all insurers created equal? Does the insurer offering the best price necessarily provide the best quality of service? Make sure you check the ratings of your insurer before considering them in a price comparison and certainly before signing a policy. Just because an insurer is offering the lowest price policy doesn’t mean that they are the policy you should necessarily go with. At the end of the day you will need to compromise between price and quality of service. The good news is that there are more quality insurers out there that offer policies at very competitive prices.