How to Find Cheap Franklin Lakes Auto Insurance

If you're new to shopping for auto insurance online, it's easy to get confused because of the huge number of auto insurance companies offering coverage in Franklin Lakes.

You have some control over your rates

Consumers need to have an understanding of some of the elements that help determine the price you pay for auto insurance. Knowing what impacts premium levels enables informed choices that could result in better auto insurance rates.

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

Lower deductibles cost more - Your deductibles represent how much money you are required to spend if you file a covered claim. Physical damage coverage, also known as collision and other-than-collision, is used to repair damage to your car. Some instances where coverage would apply could be colliding with a building, damage caused by hail, and burglary. The more money you are required to pay out-of-pocket, the lower your rates will be.
How many coverages with the same company - Many companies will award you with lower prices to customers who carry more than one policy in the form of a multi-policy discount. Even if you're getting this discount you still need to comparison shop to ensure the best deal.
Your spouse saves you money - Being married can get you a discount when buying auto insurance. Having a spouse means you're more responsible and it's proven that married couples file fewer claims.
Pleasure use saves money - Driving more miles each year the more you'll pay to insure your vehicle. Most insurance companies apply a rate based upon how you use the vehicle. Vehicles that are left in the garage can get a lower rate than those used for commuting. Verify your auto insurance coverage shows the proper vehicle usage, because it can save money.

Save big with these discounts

Car insurance companies don't always publicize all available discounts very clearly, so here is a list both well-publicized as well as the least known auto insurance savings.

Multiple Vehicles - Insuring multiple vehicles with the same company may reduce the rate for each vehicle.
Anti-theft System - Anti-theft and alarm systems prevent vehicle theft and will save you 10% or more.
Accident Forgiveness - Certain companies will forgive one accident before hitting you with a surcharge so long as you haven't had any claims for a certain period of time.
Discount for Life Insurance - Companies who offer life insurance give a discount if you purchase life insurance from them.
Driver Safety - Taking a course in driver safety can save you 5% or more if your company offers it.
Discount for New Cars - Buying coverage on a new vehicle can cost up to 25% less compared to insuring an older model.

As a disclaimer on discounts, most credits do not apply to your bottom line cost. Some only apply to individual premiums such as physical damage coverage or medical payments. So even though they make it sound like you would end up receiving a 100% discount, auto insurance companies aren't that generous.

To choose insurers who offer auto insurance discounts in New Jersey, follow this link.

Auto insurance ads bend the truth

Allstate, GEICO and Progressive continually stream ads on TV and radio. All the companies say the same thing about savings after switching to their company. How does each company make almost identical claims?

Different companies have a certain "appetite" for the driver that makes them money. An example of a profitable customer could possibly be a mature driver, owns a home, and has excellent credit. A driver who fits that profile will qualify for the lowest rates and most likely will save when switching.

Potential customers who fall outside these standards must pay a higher premium which usually ends up with the driver buying from a lower-cost company. The ad wording is "customers that switch" not "people who quote" save that much. That is how companies can truthfully make those claims. This illustrates why you should get as many comparisons as possible. It is impossible to predict which company will have the lowest rates.

But I don't know anything about car insurance

When buying proper insurance coverage for your vehicles, there isn't really a one size fits all plan. Everyone's needs are different.

These are some specific questions might point out if your situation would benefit from professional advice.

Am I covered when driving on a suspended license?
Do I need special endorsements for business use of my vehicle?
I have good health insurance, so how much medical payments coverage do I need?
What happens if I owe more than my vehicle is worth?
Should I rate my vehicle as pleasure use or commute?
Who is covered when they drive my vehicle?
Am I covered when pulling a rental trailer?

If you don't know the answers to these questions, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form.

Even more information is available at the New Jersey Department of Banking and Insurance website. New Jersey consumers can report car insurance fraud, read consumer alerts, and get help finding coverage.

Other informative sites include this page for New Jersey auto insurance and this page for help finding agents in Franklin Lakes, NJ.

Affordable insurance is out there

Cheap auto insurance can be sourced online and also from your neighborhood Franklin Lakes agents, and you need to price shop both to have the best rate selection. Some companies may not provide online price quotes and usually these smaller companies provide coverage only through local independent agents.

While you're price shopping online, make sure you don't buy poor coverage just to save money. In too many instances, an insured cut liability limits or collision coverage only to find out they didn't purchase enough coverage. Your focus should be to get the best coverage possible at a price you can afford while not skimping on critical coverages.

Consumers change insurance companies for a number of reasons such as lack of trust in their agent, policy cancellation, an unsatisfactory settlement offer or even delays in paying claims. Whatever your reason, choosing a new insurance company is easier than you think.