Tightwads Guide for Saving on Libertyville Car Insurance

Paying for high-priced car insurance can take a big chunk out of your personal savings and make it impossible to make ends meet. Comparison shopping is free and is an excellent way to tighten up your finances. Insurance companies such as State Farm, Allstate, GEICO and Progressive constantly bombard you with fancy advertisements and consumers find it hard to sift through the bull and take the time to shop coverage around.

These discounts can lower your rates

Companies don't always list every discount in a way that's easy to find, so we break down some of the more common as well as the least known ways to save on car insurance. If you aren't receiving every discount you deserve, you are throwing money away.

  • Payment Method - If paying your policy premium upfront instead of monthly or quarterly installments you could save 5% or more.
  • Accident Waiver - A handful of insurance companies will forgive one accident before your rates go up if your claims history is clear for a particular time prior to the accident.
  • New Car Discount - Buying coverage on a new vehicle is cheaper due to better safety requirements for new cars.
  • Military Discounts - Having a family member in the military may qualify for rate reductions.
  • Passive Restraint Discount - Cars that have air bags or automatic seat belts can qualify for discounts of 20% or more.
  • Government Employees - Active or retired federal employment may qualify you for a discount with a few car insurance companies.

A little note about advertised discounts, most discount credits are not given to all coverage premiums. Some only apply to individual premiums such as liability and collision coverage. So when it seems like having all the discounts means you get insurance for free, you won't be that lucky.

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Are you falling for claims of savings?

Consumers get pounded daily by advertisements for car insurance savings from companies such as State Farm, Allstate and GEICO. They all make the same claim about savings after switching your policy.

How can each company make the same claim?

All the different companies have a preferred profile for the right customer that earns them a profit. For example, a driver they prefer could be between 30 and 50, insures multiple vehicles, and has great credit. A customer who matches those parameters will qualify for the lowest rates and as a result will probably save when they switch companies.

Consumers who are not a match for the requirements will be quoted higher prices which leads to business going elsewhere. The ad wording is "customers that switch" not "everybody who quotes" save that kind of money. This is how companies can truthfully advertise the savings. This emphasizes why you should compare many company's rates. Because you never know which insurance companies will fit your personal profile best.

For more Illinois car insurance information

Even more information can be found at the Illinois Department of Insurance website. Consumers can view a list of available companies, get help finding coverage, file complaints about an insurance agent or broker, and find disaster information.

Best coverage at the best price

Cheaper car insurance can be purchased from both online companies in addition to many Libertyville insurance agents, so compare prices from both in order to have the best price selection to choose from. There are still a few companies who do not provide you the ability to get quotes online and these regional insurance providers work with independent agents.

When you buy insurance online, it's not a good idea to buy lower coverage limits just to save a few bucks. There have been many situations where drivers have reduced uninsured motorist or liability limits only to regret that the few dollars in savings costed them thousands. The proper strategy is to get the best coverage possible at a price you can afford while still protecting your assets.