Tightwads Guide for Saving on Cos Cob Auto Insurance

No one in their right mind looks forward to paying for auto insurance, in particular when they are paying too much.

Big-name insurance companies like GEICO and Progressive increase brand awareness with ads and it is challenging if not impossible to sift through the bull and do the work needed to find the best deal.

If you currently have a car insurance policy, you should be able to reduce your rates substantially using these methods. Buying car insurance in Cos Cob is easy if you know what you're doing. But Connecticut drivers do need to know the way companies compete online.

Good Decisions Result in Lower Rates

Consumers need to have an understanding of the rating factors that help determine the price you pay for auto insurance. Having a good understanding of what controls the rates you pay enables informed choices that could result in much lower annual insurance costs.

The following are some of the items auto insurance companies consider when setting premiums.

  • Lower deductibles cost more - Physical damage deductibles represent how much money you are required to spend before your auto insurance pays a claim. Insurance for physical damage to your car, also known as collision and other-than-collision, insures against damage to your car. Some instances where coverage would apply could be colliding with a building, damage caused by hail, and burglary. The more expense you are required to pay out-of-pocket, the lower your rates will be.
  • Bundling policies can get discounts - Many auto insurance companies will award you with lower prices to customers who carry more than one policy such as combining an auto and homeowners policy. Discounts can add up to ten or even up to twenty percent in some cases. Even though this discount sounds good, it's still a good idea to comparison shop to ensure the best deal.
  • Men pay higher rates - Statistics show women are more cautious behind the wheel. However, this does not mean men are worse drivers. Both sexes tend to get into accidents at a similar rate, but the male of the species have costlier accidents. Men also tend to have more aggressive citations such as DWI and reckless driving. Teenage male drivers are the most expensive to insure and are penalized with high auto insurance rates.
  • Your auto insurance rates can be influenced by your job - Did you know that where you work can have an impact on rates? Occupations such as real estate brokers, executives and dentists tend to have the highest average rates due to stressful work requirements and long work days. Other professions such as scientists, historians and performers receive lower rates.

Take advantage of discounts

Companies offering auto insurance don't always list all available discounts in a way that's easy to find, so the following is a list of both well-publicized and also the lesser-known ways to save on auto insurance.

  • Multiple Vehicles - Insuring multiple vehicles with the same company can get a discount on all vehicles.
  • Braking Control Discount - Vehicles equipped with ABS or steering control can reduce accidents and earn discounts up to 10%.
  • Save over 55 - If you're over the age of 55, you may be able to get better auto insurance rates.
  • No Accidents - Good drivers with no accidents pay less when compared with accident-prone drivers.
  • Paperless Signup - A few companies will discount your bill up to fifty bucks for buying a policy and signing up digitally online.
  • Fewer Miles Equal More Savings - Fewer annual miles could qualify for better rates on cars that stay parked.
  • Driver Safety - Successfully completing a course in driver safety can save you 5% or more if your company offers it.
  • Theft Prevention Discount - Vehicles equipped with anti-theft or alarm systems help deter theft and earn discounts up to 10%.
  • Payment Method - If paying your policy premium upfront instead of making monthly payments you may reduce your total bill.

Consumers should know that many deductions do not apply to your bottom line cost. A few only apply to specific coverage prices like physical damage coverage or medical payments. So despite the fact that it appears all the discounts add up to a free policy, companies don't profit that way.

To choose insurers who offer auto insurance discounts in Cos Cob, click this link.

Are auto insurance companies telling the truth?

Allstate, GEICO and Progressive continually stream ads on TV and radio. All the companies make the same claim that you'll save big after switching to their company. How can each company make almost identical claims? It's all in the numbers.

Insurance companies have a certain "appetite" for the driver that makes them money. A good example of a profitable customer could possibly be between the ages of 30 and 50, owns a home, and has great credit. A customer getting a price quote who matches those parameters receives the best rates and most likely will save when they switch companies.

Potential insureds who don't qualify for the requirements must pay more money which leads to the driver buying from a lower-cost company. Company advertisements say "customers who switch" not "people who quote" save that much. That is how companies can advertise the savings. This illustrates why you should get as many quotes as possible. It's impossible to know which company will give you the biggest savings.

How to know if you need help

When buying coverage for your vehicles, there really is not a cookie cutter policy. Your needs are not the same as everyone else's so this has to be addressed. These are some specific questions might point out whether your personal situation might need an agent's assistance.

  • Am I covered when driving on a suspended license?
  • Do I need PIP (personal injury protection) coverage in Connecticut?
  • Should I put collision coverage on all my vehicles?
  • Will I be non-renewed for getting a DUI or other conviction?
  • Am I covered if I wreck a rental car?
  • Does my liability insurance cover pulling a trailer or camper?
  • Does my personal policy cover me when driving my company car?

If it's difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies.

For more Connecticut car insurance information

More detailed Connecticut auto insurance information can be read at the Connecticut Insurance Department website. Connecticut consumers can report car insurance fraud, read consumer alerts, learn about insurance regulations, and read industry bulletins.

Cos Cob auto insurance quote

Final considerations

Discount auto insurance can be bought online and also from your neighborhood Cos Cob agents, and you should compare price quotes from both in order to have the best chance of saving money. There are still a few companies who may not provide online price quotes and usually these small insurance companies provide coverage only through local independent agents.

As you prepare to switch companies, it's a bad idea to buy poor coverage just to save money. In too many instances, an insured cut collision coverage and discovered at claim time that the small savings ended up costing them much more. Your focus should be to buy enough coverage at the best price while not skimping on critical coverages.