Missouri’s Department of Insurance Acknowledges Efficiency of Shopping for Auto Insurance Online

The average premium paid by residents of the state of Missouri for auto insurance has dropped significantly as the grip of recession weakens. However, many people are not aware of how and when to take advantage of this during the waves of coverage reforms and benefits that are coming their way. Below are some tips to help you lower your Missouri auto insurance.

One of the most important changes that you should be taking advantage of is the advent of online comparisons and shopping for quotes. Not only is the search for the lowest auto insurance made comfortable and easier than visiting multiple insurance agencies and brokers, it also makes your search a lot more cost-effective. Recent news show that even the Missouri Department of Insurance has recognized the benefit of this trend and has urged the state’s populace to take up the initiative in this regard.

Before shopping online for auto insurance quotes, make sure to be prepared. You will be asked to provide the following details when shopping online for Missouri auto insurance quotes.

Your driver’s license
Vehicle registration documents
Loan information (if applicable) for your vehicle
Odometer reading and past history of accidents or damage to the vehicle may also be mandatory to provide to the insurer

So if you have been thinking about shopping and comparing auto insurance quotes from firms based in the state, it is best to keep these details handy.

From among the hundreds of online portals that offer an overview or comparison of quotes and policies, only a handful can guide you in the right direction. AutoInsuranceQuote.com is one such firm where you can locate the latest updates in the industry and a plethora of free online quotes.

Why Missouri Experiences Highest Number of Auto Insurance Complaints

Like other states, Missouri requires auto insurance for its residents. However, the state offers several different ways for drivers obtain this kind of coverage. There’s the standard way — purchasing insurance from a company — but there’s also a ‘self insurance’ option. This allows someone to sign a guarantee bond with the appropriate authority, provide proof of his ability to pay, and then count that as insurance. This is called a surety bond. Whether the “policyholder” will be able to pay at the time of an accident, though, isn’t really guaranteed. The driver could lose ability to pay in between the time of the bond and the time of the collision or allow the standard insurance to lapse. In addition, the insurance company itself could be incapable of paying. All of those problems, and others, lead to Missouri auto insurance complaints.

Insurance companies that agree to provide coverage in Missouri know this. The companies also know that there are uninsured drivers in that state. While a person is required to show proof of insurance to register a vehicle or renew the car’s tag, once that’s done the insurance could be canceled. Some people do that to avoid paying money for insurance. Because people resort to canceling auto insurance all together, rates for those who do hold current policies are going to rise. Auto insurance rates have to be high enough to compensate for the people who don’t have insurance — or who don’t have enough insurance to cover the damage that they actually caused. With the surety bond option making insurers and some other drivers nervous, Missouri sees a large number of auto insurance complaints regarding both the lack of auto insurance in the state and the increasing auto insurance rates.

Anyone who lives in Missouri is subject to high rates, and that leads to a lot of complaints. People think that they’re being overcharged because they’re paying high rates even though their driving records are clean. Unfortunately, auto insurance companies have to charge what experience has shown them to be the right price for a particular segment of the population — and part of that is based on the state in which that population lives. Any state that has a lot of uninsured drivers, different ways of showing proof of insurance (i.e. not through a standard insurance company) and/or a lot of accidents and claims is going to have high auto insurance rates. That, in turn, is going to lead to a lot of auto insurance complaints. That is because ultimately policyholders are unaware of all of factors that determine auto insurance rates, along with the auto insurance requirements that are necessary in states like Missouri.