When Shopping Around for Auto Insurance, Is Price Most Important?
The Wall Street Journal published an article a few weeks ago discussing how rate shopping for auto insurance can payoff. You can review the article here: online. wsj.com / article / SB10001424052748703298004574457002796003522.html Some of the tips include: 1. Be aware of your financial behavior 2. Understand what discounts you qualify for 3. Price matters, but service does also Does the cost of auto insurance outweigh all other factors? Were you aware of what insurance companies are looking at to determine costs? How does quality of service factor into your final decision? Full disclosure: As is mentioned in my Yahoo profile, I am here as a representative of State Farm. Our goal is to help people become better educated about how to evaluate insurance needs- coverage should be but price is the king / new drivers just want to drive / and they are not concerned with coverage
- Price is very important in society today. With the majority of the population not even earning what is defined as a living wage, price does matter. However, price is not the only thing that people should consider when looking for insurance. The commonality of the name, and how long it has actually been in the auto insurance business is also of critical importance. What can be found, or heard about dealing with the company? Is there a local company agent for the company that you can actually get in to visit with, and talk over any issue? Does the company quote insurance costs based upon the credit score of the person? To me this is a very important issue. I know of the studies that were made by insurance companies where it was reported that those who had low credit scores were more likely to suffer more claims. The decision to use this method as the prime factor in determining cost of a policy did not take into consideration an age issue. When it is, a credit score of those outside the younger drivers has a much lower claim factor. To those who have managed to look to see how the company actually establishes the rates for people the best companies for people are those who actually look at the factors other than credit. Another thing that I would never do is to use an online quote method. This method is cold, impersonal, and can not possibly give an honest quote for an individual. Quotes in this way cannot possibly take anything into consideration of the person applying. It is not only a very profitable method for insurance companies, but is also victimizing those who use it. As a senior citizen now, I can not afford the way rates keep going up. Mine used to always go down. Today it doesn't matter than I have driven over 1 million miles myself, have had no serious accidents, plus what I have had can be counted on one hand for all the years, and have very, very seldom over the years had traffic tickets. Probably only about as many as accidents; less than five in all the years. One agent once told me that I never got tickets, and anyone I brought in for insurance did not either. That company refused to reinstate my policy when the wife had some medical issues that distracted me so much for a couple of months that I forgot to pay my six month renewal. Insurance companies today are much like a 'personnel officer' in a corporation today. They do not really do an honest job for the money. In a study I did on insurance costs for people, I found something. A number had policies for years with coverage of 100 / 300k, full comp, etc and were paying an average of $123 for a six month coverage. Then, in one year the policy rate increased quite a bit. No tickets; no accidents. Just the increase. After a couple of chats with agents, and a bunch of reading, and research, I found that the credit score method was introduced to companies the year earlier. I have checked back on this and found that many that have had no tickets, and no accidents, and some who have even been driving over 125, 000 miles per year as professionals. are now being charged more for the minimum insurance coverage than what the better full coverage policy cost them only five years ago. That increase is several times more than the annual cost of living of all those years. No, I will use many factors in checking insurance. I will also always use an agent that I can actually visit with, and advise anyone else to do the same. Even then, I will use the library, and Internet to check the records of companies, as well as other people before I decide to use them. Unfortunately, some of the ones I used to always prefer have gotten too expensive for me these days
- If you'd like to do a lot of people a big favor, try to educate insureds that state minimum limits typically 25 / 50 / 10, some even less are NOT adequate. Hardly a week goes by here in Auto Insurance that we do not see an anguished question from someone who had minimums and was at fault in an accident that exceeded them. Increased limits are usually pretty inexpensive and could save a lot of grief
- Coverage and Price are both important. That is why comparison shopping for insurance is so important. You want to get the most coverage for the lowest price possible. Take a look at quotematcher.com / insurance / auto / auto - insurance - information. asp to do both
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When Shopping Around for Auto Insurance, Is Price Most Important?
the wall street journal published an article a few weeks ago discussing how rate shopping for auto insurance can payoff. you can review the article here: online. wsj.com / article / sb10001424052748703298004574457002796003522.html some of the tips include: 1. be aware of your financial behavior 2. understand what discounts you qualify (insurance auto review)
