Why Wait to Save on Car Insurance?
With car insurance, you don't have to wait for the new year to begin saving.
In today's economy, trimming your household budget might be one of your New Year's resolutions.
And you wouldn't be alone: According to a recent survey, 65 percent of people say they resolve to save money in 2009. Why? Not surprisingly, the majority (67 percent) say it's due to the unstable economy.
Luckily, shopping around for car insurance is one way you can save big bucks. With this in mind, follow these six tips to help you manage your car insurance costs in the new year:
- Shop around. Rates can vary greatly from company to company, so shop around to find the best deal. Independent insurance agents represent more than one insurance company, so they can compare multiple policies and rates to find the one that's right for you. If you're a do-it-yourselfer, Web sites like Progressive.com will help you compare its rates with those from other companies. And switching can pay off. For instance, people who switched to Progressive last year saved more than $350 on their annual premium.
- Check to make sure your policy is up to date. If you've moved, gotten married or if it has been at least three years since your last driving violation, check with your insurance company. You may be eligible for lower rates.
- Know before you buy. Before you buy a new car, research what it will cost to insure. Generally, smaller cars with lower horsepower are less expensive to insure.
- Check coverages. Owners of older or inexpensive cars should consider dropping Comprehensive and Collision coverages. Doing that can save hundreds of dollars each year. Also, many auto insurers give you the option to add rental coverage to your policy, which pays for a rental car while your vehicle is being repaired following an accident. While conditions and costs vary from company to company, it may be unnecessary if you can find other transportation. The same goes for options like Roadside Assistance coverage; if you have AAA or a lease agreement, you likely don't need it on your auto policy.
- Raise your deductible. According to the Insurance Information Institute, raising your deductible to $500 could reduce your Collision and Comprehensive costs by 15 to 30 percent.
- Check for available discounts. Ask your carrier if it offers reduced premiums for certain car features like anti-lock brakes. You might also be eligible for discounts if you pay in full, are a loyal customer, sign up for paperless billing, list another car on your policy and more.
News
Esurance Ranked #1
Auto Insurance Web Site
for Consumer Experience
Change Sciences - Oct. 2008
Once again, Esurance has received top honors from
Change Sciences, a leading Web usability analysis firm. According to a report released by the group in October 2008, Esurance had the most usable, informative, and persuasive rate quote process. Of the 19 leading auto insurance companies evaluated, Esurance's Web site required visitors to enter the least amount of information to get an accurate quote, and also led the pack when it came to the ability to purchase an auto insurance policy online
Loan/Lease Payoff Coverage FAQs
How do I know if I need Loan/Lease Payoff coverage?
Compare what you owe on your vehicle (available from your lender or lessor) to the actual cash value of your vehicle. If the amount you still owe is higher than the actual cash value, the difference might not be covered by your insurance.
How can I determine the actual cash value of my vehicle?
A vehicle's actual cash value is determined by evaluating a number of factors, including the vehicle's age and condition prior to the loss, as well as any prior damage, improvements, or special equipment. Do some research in your area to see the sales price of vehicles similar to yours. You can also access edmunds.com or yahoo.com to get a general idea of your vehicle's actual cash value.
Am I eligible for Loan/Lease Payoff coverage from Progressive?
If you are a new or existing Progressive customer, you can purchase Loan/Lease Payoff coverage for vehicles that you lease or for which you have an unpaid loan. This coverage is only available if your loan or lease is held by a financial institution, not an individual. You must have Comprehensive and Collision coverage, as well.
How much will Loan/Lease Payoff coverage cost?
The actual premium will vary according to the type of vehicle insured.
Is there a dollar limit on the payoff?
After your Comprehensive coverage or your Collision coverage has paid you the actual cash value for your vehicle, less your deductible, your Loan/Lease Payoff coverage will pay the difference between the actual cash value and any additional amount you owe under the terms of your vehicle lease or loan (excepting fees and charges). However, the payment made under this coverage may not exceed 25 percent of the actual cash value.
How do I know when to drop this coverage?
If you purchase Loan/Lease Payoff coverage, you will receive an annual notice beginning three years after you purchase your policy. The notice informs you that you may no longer need the coverage, which you can drop from your policy.
Why wouldn't my insurance company just pay off the loan or lease?
Insurance companies do not ordinarily pay more than the actual cash value of the vehicle. If you owe more on your vehicle than the actual cash value, Loan/Lease Payoff coverage would provide you with protection for the difference.
Can I get this coverage from my dealer or lender?
Some dealers and lenders offer Loan/Lease Payoff coverage, but coverage through Progressive is billed as part of your total insurance premium. The claims process would be easier if you add this coverage to your existing policy because you would only have to deal with one company and one claims representative in the event of a loss.
Does Progressive offer Loan/Lease Payoff coverage in my state?
This coverage is offered in all states except New York and North Carolina. Progressive also offers Loan/Lease Payoff coverage in Washington, D.C.
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