Think you have an overpriced car insurance policy? It’s a common feeling and there are lots of people in the same boat. With drivers having so many choices, it is very difficult to pick the best insurer.
Verify you’re applying every discount
Companies that sell car insurance don’t always advertise every disount available in a way that’s easy to find, so below is a list both well-publicized and the harder-to-find discounts that you may qualify for.
- Discount for Good Grades – Excelling in school can save 20 to 25%. This discount can apply up until you turn 25.
- Own a Home – Simply owning a home can get you a discount because of the fact that having a home shows financial diligence.
- Life Insurance Discount – Select insurance carriers reward you with lower premium rates if you buy some life insurance in addition to your auto policy.
- Driver Safety – Participating in a defensive driving course could possibly earn you a 5% discount and easily pay for the cost of the class.
- E-sign – Many larger companies will provide an incentive for signing up on the internet.
- Telematics Devices – Insureds that choose to allow companies to track their driving habits by using a telematic data system such as Progressive’s Snapshot might get better premium rates as long as the data is positive.
Consumers should know that most of the big mark downs will not be given to all coverage premiums. Most only reduce the price of certain insurance coverages like physical damage coverage or medical payments. Just because it seems like it’s possible to get free car insurance, it’s just not the way it works.
Companies that may include many of the previously listed discounts may include but are not limited to:
When comparing rates, check with all the companies how you can save money. A few discounts might not be offered on policies in every state. For a list of companies with discount car insurance rates in San Antonio, click here to view.
Neighborhood insurance agents
A lot of people just want to have an agent’s advice and that can be a great decision Experienced insurance agents can help you build your policy and give you someone to call. One of the great benefits of price shopping on the web is that you can find lower rates and still choose a local agent. And buying from local insurance agents is important particularly in San Antonio.
To find an agent, once you fill out this form (opens in new window), the quote information is transmitted to agents in your area who will gladly provide quotes for your business. You don’t have to contact an agency since price quotes are sent straight to your inbox. If you wish to quote rates from a specific car insurance provider, you would need to jump over to their website and fill out the quote form the provide.
To find an insurance agency in your neighborhood, view this page of car insurance agencies in San Antonio, TX.
Finding the right company should include more criteria than just a cheap price quote. Any agent should be willing to answer these questions.
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- Are they able to influence company decisions when a claim is filed?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- Do they carry Errors and Omissions coverage?
- Is auto insurance their primary focus?
- Which insurance company do they prefer to write with?
- How experiences are they in personal risk management?
- Do they offer accident forgiveness?
Why you might not save $381 a year
Consumers can’t avoid all the ads for cheaper car insurance by companies like State Farm and Allstate. They all seem to make the promise that you can save just by moving your car insurance coverage to their company.
How is it possible that every company can charge you a lower premium? It’s all in the words they use.
Car insurance companies give the best rates for the driver that earns them the most money. One example of a desirable risk could possibly be over the age of 45, carries high limits, and drives less than 5,000 miles a year. Any new insured who fits those characteristics may get the lowest rates in San Antonio and have a good chance to save a lot if they switch.
Consumers who do not fit this stringent profile will probably have to pay higher premiums and this can result in the customer not buying. The ad wording is “people who switch” not “all people who quote” save that kind of money. That’s why companies can truthfully state the savings.
Each company has different criteria, so it’s extremely important to quote coverage with many companies. It’s just not possible to know which car insurance company will provide you with the cheapest auto insurance rates.
Detailed coverages of your car insurance policy
Understanding the coverages of your policy can be of help when determining appropriate coverage and proper limits and deductibles. Car insurance terms can be confusing and reading a policy is terribly boring. Below you’ll find typical coverage types available from car insurance companies.
Liability insurance
This can cover damage that occurs to a person or their property. This insurance protects YOU against claims from other people, and does not provide coverage for your own vehicle damage or injuries.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 25/50/25 that translate to a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $25,000. Some companies may use one number which is a combined single limit that pays claims from the same limit with no separate limits for injury or property damage.
Liability can pay for claims such as attorney fees, structural damage and repair bills for other people’s vehicles. How much liability should you purchase? That is up to you, but it’s cheap coverage so purchase as large an amount as possible. Texas state minimum liability requirements are 30,000/60,000/25,000 but drivers should carry better liability coverage.
Comprehensive auto coverage
Comprehensive insurance pays for damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive coverage protects against claims such as a tree branch falling on your vehicle, fire damage, damage from a tornado or hurricane, hitting a bird and a broken windshield. The maximum payout your car insurance company will pay is the market value of your vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Uninsured or Underinsured Motorist coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants as well as damage to your BMW 535i.
Since a lot of drivers only purchase the least amount of liability that is required (30/60/25 in Texas), their limits can quickly be used up. So UM/UIM coverage is a good idea. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.
Collision coverage
Collision insurance will pay to fix damage to your 535i caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.
Collision coverage pays for claims such as hitting a parking meter, sustaining damage from a pot hole, scraping a guard rail, colliding with a tree and driving through your garage door. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. Another option is to bump up the deductible in order to get cheaper collision rates.
Medical payments and PIP coverage
Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills like prosthetic devices, pain medications, funeral costs and surgery. The coverages can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. PIP is not an option in every state and may carry a deductible
More information is located on the located here. Consumers can learn about insurance regulations, find a variety of consumer forms, read industry bulletins, and view a list of available companies.
These articles may also be worth reading.
- San Antonio Auto Insurance Savings the Big Companies Dont Want You to Know About
- Pricing Comparisons for San Antonio Car Insurance Agents
One last thing to lower rates
We covered many ways to reduce BMW 535i insurance prices online. It’s most important to understand that the more price quotes you have, the better your comparison will be. You may even discover the lowest prices come from a lesser-known regional company. They may only write in your state and offer lower rates compared to the large companies like State Farm and Allstate.
As you restructure your insurance plan, it’s not a good idea to skimp on critical coverages to save a buck or two. Too many times, someone sacrificed physical damage coverage and discovered at claim time they didn’t purchase enough coverage. Your goal is to buy the best coverage you can find at an affordable rate, but do not skimp to save money.