August 25, 2010

How An Auto Insurance Quote Can Help You Adjust Rates

When it comes time to renew auto insurance policies, many people consider getting an auto insurance quote. While it is definitely a good idea to research quotes at the end of your policy, it is a much more efficient and effective plan to begin your search before your policy expires. Auto insurance policies are not stagnant plans that remain the same throughout your life. They tend to fluctuate for any number of reasons that include, but are not limited to, age, driving record and occupation. For this reason alone, it is wise to look over your own policy and then take a look at other similar policies with other companies to see if you can get a rate adjustment or if you need to go with a new company.

First, it's not imperative that you go to each individual company's website or physical sales office-at least not at first. All of this individual research can become extremely time-consuming and may not result in finding the exact information that you need. Find a site that does all of that hard work for you. These sites can quickly search and compare several quotes from different companies in a matter of minutes. A comparison site will usually ask you a number of auto insurance-related questions to get a feel for your background, as well as your needs for a policy (type of coverage, deductibles, etc.). It's also very important that you fill out the same exact information for each quote. Either write down the specifics or print them out. This will ensure that you get the most accurate quote amounts from each company, and that you're not comparing different policies.

Once you have received all of the quotes that you think you need (usually four or five), go ahead and compare them to each other, and then compare them to your current policy. Check to see if any of the other policies seem to be lower than what you currently pay. If so, see why. Are there any discounts that you aren't taking advantage of? Are there factors that seem to be missing from your own policy that could be added on as a way to lower your payments? This will give you an opportunity to determine if you should stay with the same company or possibly move to a new one that offers comparable coverage with lower costs.

You may also be able to provide the quotes to your current insurance company to see if that will convince the company to make a rate adjustment. Above all else, research is the key when dealing with auto insurance.