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Counting Your Car Insurance Cost And Then Lowering It

Wednesday, September 19th, 2012

When customers compare car insurance quotes in an attempt to understand what is contributing to the total car insurance cost, it is usually with the intention of saving as much money as possible. Car insurance has features that can be compared, but it can be difficult, especially when different types of coverage or maximum policy limits are being quoted.

Every state has certain minimums that must be met, usually for property damage and bodily injury liability. The minimum amount varies by state. Everything after the minimums required by law is considered optional insurance, which can be manipulated or omitted in order to lower costs. Of course, some lien holders require collision or comprehensive coverage be carried as a condition of the loan, so it is important for the customer to be aware of his individual circumstances.

Comparing Car Insurance Quotes

The key to understanding car insurance quotes is to request that every quote list the same types of insurance and policy limits. It is also important to be sure that every quote lists the same deductible for insurance such as collision. When comparing car insurance quotes, the customer needs to be able to understand how to read the quote. Basically, the quote will be broken out by vehicle.

The quote should then total the premium amount for the vehicle, which is the sum of all the coverage being sold under that particular policy. If the customer wants a particular type of insurance but does not see it listed, then he needs to request a new quote.

How to Lower Car Insurance Cost

There are three strategies for lowering car insurance costs that the customer may be able to utilize to lower the cost of their premium. The first would be to compare identical car insurance quotes from multiple carriers in an attempt to determine which is cheapest. The second would be to lower liability limits, raise deductibles, or remove optional coverage such as collision from the quotes altogether. Doing so will usually lower the total premium cost of the quote because less insurance is being purchased. Finally, the customer can inquire about any discounts that the insurance company might offer. Often, insurers offer good driver and multiple discounts that can save a substantial amount.

A customer in the process of figuring out car insurance cost needs to understand how to read the quote in order to accurately compare car insurance quotes. Combined with the strategies for lowering car insurance premiums, this may allow the customer to save a significant amount of money.

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