How to Know You're Spending Too Much for Auto Insurance in Milford
Scraping up a payment for overpriced auto insurance can overdraw your personal savings and make it impossible to make ends meet. Doing a price comparison is a great way to cut your insurance bill.
There is such a variety of to buy insurance from, and though it is a good thing to have a selection, so many choices can make it hard to compare rates.
It's important to get comparison quotes on a regular basis because prices are constantly changing. Even if you got the best deal on your last policy the chances are good that you can find a lower rate today. So ignore everything you know about auto insurance because you're going to get a crash course in the proper way to save on auto insurance.
Finding affordable coverage in Milford is easy if you know what you're doing. In a nutshell, anyone who is required by state law to have auto insurance should be able to cut their insurance bill. But Ohio consumers do need to know the way insurance companies price insurance differently and take advantage of how the system works.
Policy discounts you shouldn't miss
Companies don't always advertise every available discount very clearly, so here is a list both the well known and also the lesser-known discounts you could be receiving.
- Anti-theft System - Vehicles with anti-theft systems prevent vehicle theft and earn discounts up to 10%.
- Accident Waiver - Certain companies allow you one accident before raising your premiums if you are claim-free for a certain period of time.
- Life Insurance Discount - Select insurance companies reward you with a discount if you purchase life insurance from them.
- E-sign - Some insurance companies may give you up to $50 for buying a policy and signing up over the internet.
- Own a Home - Being a homeowner can save you money due to the fact that maintaining a home requires personal responsibility.
- No Claims - Drivers who don't have accidents can earn big discounts compared to bad drivers.
- Payment Method - By paying your policy upfront instead of paying each month you could save 5% or more.
- Military Discounts - Being deployed with a military unit may qualify for rate reductions.
- Anti-lock Brakes - Anti-lock brake equipped vehicles can reduce accidents and will save you 10% or more.
Consumers should know that some of the credits will not apply to all coverage premiums. Most only reduce specific coverage prices like comprehensive or collision. Just because you may think you would end up receiving a 100% discount, companies don't profit that way.
To see a list of providers who offer auto insurance discounts in Ohio, click here.
Milford Auto Insurance Prices Online
The are a couple different ways of comparing rates from local Milford auto insurance companies. The best method to compare insurance prices is to use the internet to compare rates. This can be done in several different ways.
- The best way consumers can analyze rates is a comparison rater form (click to open form in new window). This type of form prevents you from having to do separate quote forms for each company. One form submission gets rate comparisons from many national carriers.
- A slightly less efficient method to shop for auto insurance online is spending the time to visit the website for each individual company to request a price quote. For examples sake, we'll assume you want comparison quotes from , and . You would have to take the time to go to each site and enter your policy data, which is why the first method is quicker.
For a list of links to companies insuring cars in Milford, click here.
- The most time-consuming way to get comparison rates is driving to insurance agents' offices. The ability to buy insurance online has reduced the need for local agents unless you want the personal advice of a licensed agent. It is possible to obtain prices from the web but buy from a local insurance agent. We'll cover that shortly.
However you get your quotes, ensure you are comparing identical information for each price quote. If the quotes have higher or lower deductibles you can't possibly truly determine the lowest rate in Milford. Slightly different insurance coverages could mean much higher rates. Just remember that having more price comparisons helps locate the best price.
Understand what determines the rate you pay
An important part of buying insurance is that you know the factors that help determine the rates you pay for auto insurance. Knowing what controls the rates you pay helps enable you to make changes that can help you get better auto insurance rates.
- More than one policy can earn a discount - Many insurance companies give discounts to insureds who have multiple policies with them in the form of a multi-policy discount. Even though this discount sounds good, it's still a good idea to compare rates to confirm you are receiving the best rates possible.
- Being married is a good thing - Being married can get you a discount on auto insurance. Marriage usually means you are more mature than a single person and statistics show married drivers get in fewer accidents.
- Please use or commuting - Driving more miles in a year's time the higher your rates will be. The majority of insurers charge to insure your cars based on how the vehicle is used. Cars that are left in the garage can get a lower rate compared to those used for work or business. Verify your auto insurance coverage shows the proper vehicle usage, because it can save money.
- High deductibles save money - Coverage for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some examples of claims that would be covered would be collision with another vehicle, collision with an animal, or theft. The deductibles are the amount of money you are required to spend if you file a covered claim. The more money the insured has to pay upfront, the bigger discount you will receive.
- Theft deterrents lower rates - Purchasing a vehicle with a theft deterrent system can get you a discount on your auto insurance. Theft prevention features such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping auto theft.
- Clean credit earns discounts - Your credit history is a big factor in determining what you pay for auto insurance. If your credit score is not that good, you could pay less to insure your by spending a little time repairing your credit. Consumers who have good credit tend to be less risk to insure as compared to drivers with lower credit scores.
Save $429 a year? Really?
Companies like Allstate and Progressive continually stream television and radio advertisements. All the ads have a common claim that you'll save big after switching your policy. How does each company claim to save you money? It's all in the numbers.
Different companies have a preferred profile for the right customer that is profitable for them. An example of a preferred risk might be a mature driver, insures multiple vehicles, and has great credit. A customer getting a price quote that hits that "sweet spot" will get the preferred rates and is almost guaranteed to save when switching.
Drivers who don't qualify for these standards will be charged higher premiums and this can result in the customer not buying. The ads state "customers who switch" but not "drivers who get quotes" save that kind of money. This is how companies can advertise the savings. That is why drivers must compare many company's rates. It's impossible to know which insurance companies will fit your personal profile best.
When you buy insurance online, never reduce coverage to reduce premium. Too many times, drivers have reduced liability limits or collision coverage only to find out that the few dollars in savings costed them thousands. The aim is to get the best coverage possible at the best price, not the least amount of coverage.
Discount auto insurance can be purchased both online in addition to many Milford insurance agents, and you need to price shop both to have the best chance of lowering rates. There are still a few companies who do not provide the ability to get a quote online and many times these smaller companies only sell through independent insurance agents.
More detailed Ohio auto insurance information is available at the Ohio Department of Insurance website. Visitors are able to read consumer alerts, get help finding coverage, file complaints about an insurance agent or broker, and report car insurance fraud.