Choosing a car insurance policy that’s right for you can be overwhelming. While searching for suitable insurers, there are a few key elements you should investigate.
Annual Rates
Compare the annual rates of different insurers to ensure you’re getting the best deal. If you are looking for a personalized quote, you will likely have to call an agent from each company to find out what you would be charged. Hiring an insurance broker is one good way to do “one-stop” shopping, but some insurers do not sell coverage through brokers. If a company doesn’t sell coverage through brokers try looking online or calling to get more information about what policy might be the best fit for you.
Consider How Much Coverage You Need
Think about the curveballs life has already sent your way, or maybe think of a friend who has gotten thrown around by bad luck. You may want some additional coverages beyond the mandatory minimums to protect you and your sound investments. A routine trip to the emergency room can cost more than the minimum liability coverage of the other driver. Even if you have good health insurance, medical payment coverage is a good idea to help with unexpected co-insurance and deductibles.
Some insurers will make you feel secure when buying coverage but may leave your assets exposed. For example, a step-down policy may afford you $100,000 in liability when a named insured is driving, but much less coverage if someone else drives your vehicle even though you are legally liable for damages they cause. In this case, you’d need an uninsured/underinsured driver policy to add an extra layer of protection. These “step-down” policies generally state that the insurer will provide no more coverage to the client than is legally necessary unless the insured, or a resident of the insured’s home is involved. Effectually, this leaves clients under-protected.
Avoid being underinsured at all costs by buying enough coverage to protect your assets even when it is more than your state’s minimum requirements.
Discounts
As you peruse insurance sites, don’t ignore premium discounts. Some insurers offer lower rates for people who have never been in a car accident, have been in the military, are senior citizens, those who own newer vehicles, and even some students.
Reliability
Check the quality of the insurance company you have in mind before making a final decision. You can determine the insurer’s reliability by reading consumer reviews and ratings online. You can also research an insurance carrier at the Missouri Department of Insurance website. If bad faith or other complaints have been reported by past customers, steer clear. If you’ve already chosen an unreliable insurer that has committed an act of bad faith, contact one of our attorneysimmediately for legal advice at a free consultation.
Now that you know what to look at, remember to review the insurance policy you’ve chosen before finalizing it, and to cancel your old policy. Happy Hunting!