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Insurance
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Many people never engage in comparison shopping for car insurance. In fact, many car insurance customers go with the first agent they find. Perhaps they were recommend by a friend, or worse yet, the agent has served your family for generations - his great grandpa might have even sold buggy insurance to your mother’s uncle’s great cousin by marriage (it’s a long story).
The problem with an auto insurance agent like this is that he is unlikely to fight for your business. He undoubtedly considers you a “captive customer” and he isn’t going to offer you the best car insurance rates, or even ensure you’re getting the best coverage for your premium dollars.
Car insurance is a competitive industry - make your agent compete for your business! If you don’t, then you have no one but yourself to blame for paying too much.
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When it comes to being a smart auto insurance consumer, you should heed the advice that Smokey Robinson’s mamma gave to him - shop around!
Consumer advocates recommend that you evaluate your auto insurance coverage at least twice a year, and doing so even more often could result in big savings. The reason is that the internet has revolutionized the way insurers do business and created an increasingly competitive environment. Instead of padding a corporation’s bottom line, competition essentially forces insurance companies to pass on cost savings to their customers in the form of reduced premiums.
But if your insurance agent views you as a “captive customer,” he is unlikely to call you and say, “I can save you $25 a month without changing your coverage - do you want me to?” For the most part, the only way to get a better deal is to comparison shop. Insurance agents and companies will offer you a great deal to get you as a customer, and if they know you’re a vigilant comparison shopper, they’ll be much more likely to make sure you’re always paying the lowest premiums possible for the coverage you need.
One Real-Life Example of Savings Through Comparison Shopping
Wesley J. Smith is a lawyer and tireless consumer advocate. In 1992, he co-authored a book with Ralph Nader entitled The Frugal Shopper. In it, Smith relays a first-hand account of how comparison shopping for car insurance can save you money.
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Some people wear their speeding tickets like badges of honor. “What, you’ve only had one ticket your entire life? I got two on the way here!”
Nobody wants to be thought of as the proverbial Sunday driver, but there are things that are more important than your reputation as a speed demon. One of which is your safety. Another is your bank account - speeding tickets aren’t cheap, and they’re getting more expensive almost each and every year. Third, is your freedom - your license could be suspended, or ultimately, you could end up in jail.
The fourth and final reason is the subject of this article, and it’s a double whammy combining elements of reasons #2 and #3. The more points you get on your license, the higher your insurance premiums are going to be. If they get high enough, you may be unable to afford insurance. If, like many people in this situation, you need a car in order to get to work, you have to make the decision, “Should I break the law and risk going to jail, or should I quit my job and risk starvation and homelessness?”
Which Would You Prefer - Unemployment or Incarceration?
As bad a fate as losing your job may be, it pales in comparison to landing in jail. True, you’ll have a home and three square meals a day, but that’s beside the point. It is never a good idea to drive without insurance - take the bus, ride a bike, or if both of this options are inapplicable, pay a coworker to chauffer you. The damage to your ego and pocketbook, even if he mercilessly razzes you and charges you $20 a day, will be nothing compared to the pain of a stay in the county jail.
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When you and your passengers suffer injuries in a one-car accident, “medical payments coverage” will be your savior. While liability coverage deals with damage you cause to other motorists and their property, and collision and “other-than-collision” (also known as “comprehensive”) coverages deal with damage to your own car, medical payments coverage will keep you out of the poorhouse if you rack up huge medical bills.
The cost of a 2002 Impala to replace your damaged one is insignificant compared to the bill you will get for a broken back - and that’s why medical payments coverage is so important. But medical payments coverage is not all-inclusive - just as with other coverages, it has its own standard exclusions that savvy car insurance consumers need to be aware of.
The Purpose of the Exclusions
The car insurance business is heavily regulated, and in this (rare) case, the government is truly on the consumer’s side. Regulators do not allow car insurance companies to put frivolous exclusions in policy contracts just to avoid paying valid claims, so instead, medical payments exclusions generally have to meet one of three criteria: 1) Avoiding conflict and/or duplication with other, more suitable forms of insurance; 2) Eliminating risks more hazardous than those considered in the calculation of car insurance rates; and 3) Avoiding uninsurable hazards, such as war and terrorism.
But just because the government is on your side does not mean you have no responsibility to be aware of your exclusions. Pull out your standard insurance agreement and make sure that your coverage is in line with what is discussed here.
Excluded Vehicles
Medical payments coverage does not extend to bodily injuries sustained while occupying a vehicle with fewer than four wheels - i.e. a motorcycle. Separate insurance policies must be purchased for motorcycle coverage, since motorcycles present significantly more risk than regular cars, (just ask Ben Roethlisberger).
Secondly, injuries sustained while your automobile is being used as a “public conveyance” - i.e. an unregistered taxi service - are excluded. It is important to note that an exception must be made, by law, for “share-the-expense” carpool lanes. Even if you don’t know your passenger in this case, you (and he or she) are covered.
Duplicate Coverage
Injuries sustained during hours of employment, wherein you are driving as part of your job, are excluded since this should be covered by your employer’s insurance (and/or Workers’ Compensation).
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To begin a quote choose the type of insurance quote you would like from the drop down above. You will be taken to our quote system that will process your car insurance quote in about 3 minutes.
The CarInsuranceRates.com quote system is designed to connect you to local insurance agents nationwide. Our system to take your information, match you to local agents in your area, and provide you with competing car insurance quotes from these agencies.
Start a Quote Now
Our Guide to Getting Car Insurance Quotes Online
There are many reasons to obtain car insurance quotes. One reason is to shop around for competitive rates and make certain you aren’t paying too much for car insurance. Another reason is to determine how much it will cost to insure a new car or truck. Or, maybe you need to add a teenage driver or insure a second or third vehicle.
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