7 Myths About Comparing Auto Insurance Quotes And How to get It Right

If you are a licensed driver, you might have heard at least once the advice that one should compare auto insurance quotes to get the best price. However, if you still think it is none of your business, this article is for you:

Myths about comparing car insurance

I have already been insured

Auto insurance is an expanding market with a huge potential; therefore, more and more providers are competing with each other for market share. As a customer, you can benefit from their competition by finding out who is providing the most suitable policy for you. With the boom of the Internet, now it is easier than ever to gather information about insurers in the comfort of your home and the process is definitely less time consuming than calling a list of hotlines and ask the same questions again and again.
I can entrust my insurance to my agents and brokers because they know more about it than I do

It is true that agents and brokers know more about auto insurance than you do because it is their job anyway. You can trust their knowledge but sometimes you have to question if they act in your interests. You agents or brokers might work for some certain providers so they will, to some extent, think about the benefits of another party other yours. Should you entrust them entirely with your insurance, you might miss out some good deals.

I do not have enough expertise in finance to do the job myself

It is also true that insurance matters require a certain level of knowledge to make sense of the terms and get a rightful quote, but it does not mean that you can take the matter into your own hand. If you are not confident enough to do the research yourself, look for financial aid from someone who offers their expertise for a price. You will have to pay him or her but it will probably be cheaper than the sum of monthly commission for agents or brokers.

I am not computer literate

If you are a person that is more familiar with the old-fashioned way, comparing auto insurance quotes is still possible with a good strategy. You can ask a member of your family or someone you know to do the parts that you are not comfortable doing yourself. Your financial advisor or broker can do the data collecting on the Internet and you gather the information you need from what they get.

I do not know how to do the quote comparing

No one naturally knows how to do everything and you should not feel ashamed to admit that you do not know how to compare quotes. Quote-comparing websites are now more and more user-friendly and simpler so you will not have to deal with too many steps or confusing instructions.

I have done it already

The market can change the matter of days and the information you have a few months ago can be outdated by now. Your personal information can also change as time goes by, for example, your marital status, your job, or your type of car. Compare your car insurance yearly and update the information to make sure you always have the best deal.

What you need to know when comparing quotes

The same person and the same set of personal information can get different quotes from different insurers. To lower your premium and save you some money on auto insurance quotes, shopping around is essential and here we will tell you what you need to know while doing it:

Cheapest cover might not the best cover

Whether you are a price-sensitive policyholder or not, it is natural to yearn for the cheapest provider. However, you should think long term and prioritize getting the most suitable policy rather than the cheapest one. With the help the Internet, now you can have access to the list of all the coverage offered by the insurers that you are considering signing up with.

Not all insurers list themselves on quote-comparing websites

Using quote-comparing websites are a quite straightforward way to compare several different companies in the shortest amount of time. But not all decent companies have their names and services on these sites. Ringing around for other reputed companies or even getting quotes out directly from the insurers’ websites is what you should do besides browsing only the comparing sites.

Get quotes from several carriers at a time

When comparing quotes from different carriers, remember to match the information of their policies. As we have discussed above, the cheapest is not always the best, so your radar should go up at a surprisingly cheap policy. If you are considering five companies, four of them offer you policies with $100 per month and one charges $60, carefully go through the details of cheaper one to see if they exclude anything you need.

Take a look at additions and exclusions

The policies that insurers are offering you might include something that is absolutely meaningless to you or lacks some coverages that you need. None of the add-ons can make or break your policy but if you are comparing two almost similar companies, they might be the game changers.

Add a more experienced driver to the policy

With an older and more experienced driver on the policy, your premium can go down significantly. However, remember to choose someone with a clean driving record and no-claim history.

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