Tightwads Guide to Saving on Bloomington Auto Insurance

Did you fall for a flashy sales pitch and buy an overpriced auto insurance policy? Trust us when we tell you you are not the only one feeling buyer's remorse.

With consumers having so many choices of insurance companies, it is hard for the average consumer to locate the best insurance company.

It's important to shop coverage around every six months because insurance rates are constantly changing. Even if you got the lowest price last year a different company probably has better rates today. Forget all the misinformation about auto insurance because you're about to learn the only way to reduce your cost while improving coverage.

Finding the best rates in Bloomington is not that difficult. Just about every driver who carries auto insurance will most likely be able to cut their insurance bill. Although Illinois drivers do need to know the way insurance companies price online insurance because it can help you find the best coverage.

These discounts can lower your rates

Companies that sell car insurance don't list every available discount very well, so we researched both well-publicized as well as the least known ways to save on auto insurance.

  • Discount for Good Grades - Performing well in school can get you a discount of up to 25%. Earning this discount can benefit you until age 25.
  • Multi-car Discount - Buying coverage for more than one vehicle on one policy may reduce the rate for each vehicle.
  • Braking Control Discount - Cars that have steering control and anti-lock brakes are safer to drive and therefore earn up to a 10% discount.
  • Anti-theft Discount - Vehicles equipped with anti-theft or alarm systems are stolen less frequently and will save you 10% or more.
  • Low Mileage - Driving fewer miles could be rewarded with better rates on cars that stay parked.
  • E-sign - Certain companies will discount your bill up to fifty bucks for buying your policy online.
  • Federal Government Employee - Active or retired federal employment can save as much as 8% with certain companies.

A little note about advertised discounts, many deductions do not apply to all coverage premiums. Some only apply to individual premiums such as medical payments or collision. Just because it seems like all the discounts add up to a free policy, you won't be that lucky.

Illinois auto insurance

Tips to Get Lower Bloomington Rates

Smart consumers have a good feel for the rating factors that go into determining the price you pay for auto insurance. When you know what positively or negatively impacts premium levels empowers consumers to make smart changes that can help you get lower auto insurance prices.

  • Traffic violations increase rates - Your driving record has a big impact on rates. Even a single citation can bump up the cost forty percent or more. Drivers who don't get tickets have lower premiums than bad drivers. Drivers who get serious violations like DUI or reckless driving may be required to submit a SR-22 form with their state DMV in order to continue driving.
  • Do you know your deductibles? - Physical damage coverage, otherwise known as comp (or other than collision) and collision, protects your car from damage. A few examples of covered claims could be a windshield shattered by a rock, damage caused by hail, and rolling your vehicle. Physical damage deductibles are the amount of money you are willing to pay in the event of a claim. The more you have to pay, the less your auto insurance will be.
  • High credit ratings translate to low rates - Your credit score is a important factor in calculating your auto insurance rates. If your credit history is lower than you'd like, you could potentially save money when insuring your by improving your rating. People with high credit scores tend to be more responsible than drivers who have poor credit.
  • Multiple policies with one company can save - Most auto insurance companies give discounts to customers who consolidate policies with them, otherwise known as a multi-policy discount. Even if you're getting this discount you still need to compare other company rates to verify if the discount is saving money. You may still be able to find a better deal by insuring with multiple companies.
  • Choose a safe vehicle and save - Cars with high safety ratings tend to have better insurance rates. Safer cars protect occupants better and lower injury rates means lower claim amounts passed on to you as lower rates.
  • Little extras can really add up - There are many extra coverages you can purchase on your auto insurance policy. Things like rental car reimbursement, better glass coverage and additional equipment coverage may be wasting your money. These may sound like a good investment when you first buy your policy, but now you might not need them so remove them from your policy.

Are you falling for claims of savings?

Companies like State Farm and Allstate constantly bombard you with ads on television and other media. All the ads make the same claim about savings if you switch your coverage to them. But how can every company make almost identical claims?

All companies are able to cherry pick for the type of customer that earns them a profit. For instance, a preferred risk could possibly be a mature driver, has no driving citations, and drives newer vehicles. A driver who matches those parameters will qualify for the lowest rates and as a result will probably save a lot of money.

Potential insureds who are not a match for this ideal profile will be charged more money which leads to the driver buying from a lower-cost company. The ad wording is "customers that switch" not "everybody who quotes" save that much money. That's the way companies can truthfully claim big savings. That is why drivers should get quotes from several different companies. It is impossible to predict which auto insurance company will give you the biggest savings.

Learn more about Illinois auto insurance

Even more information is located at the Illinois Department of Insurance website. Illinois consumers can file complaints about a company, report car insurance fraud, find out industry alerts, and read consumer alerts.

Also read more on NAIC.org's Understanding your Policy and this directory of insurance agents in Bloomington Illinois.

Final considerations

In this article, we presented many ideas to reduce auto insurance prices online. The key thing to remember is the more you quote, the more likely it is that you will get a better rate. Consumers could even find that the best price on auto insurance is with some of the lesser-known companies. Regional companies may cover specific market segments cheaper than the large multi-state companies such as .

The cheapest auto insurance can be found online as well as from independent agents in Bloomington, and you need to price shop both to have the best chance of lowering rates. A few companies don't offer you the ability to get quotes online and many times these small, regional companies only sell through independent insurance agents.

When trying to cut insurance costs, do not skimp on coverage in order to save money. There have been many cases where someone sacrificed liability coverage limits only to discover later that it was a big mistake. Your goal should be to get the best coverage possible at a price you can afford, not the least amount of coverage.