Easy Ways to Spend Less on Waterloo Auto Insurance

Are you intimidated by the wide range of auto insurance options in Waterloo? You're not alone. You have so many options available that it can turn into a lot of work to find better rates.

It's important to get comparison quotes every six months because prices are constantly changing. Even if you got the best rates a few years ago a different company probably has better rates today. You can find a lot of misleading information regarding auto insurance on the internet, so I'm going to show you some great ways to find cheap auto insurance.

This information will help educate you on the most effective way to quote insurance. If you currently have a car insurance policy, you will be able to reduce your rates substantially using this information. Nevertheless, Illinois drivers do need to know how companies price insurance differently.

Be sure to get all your discounts

Insuring your vehicles can cost a lot, but companies offer discounts to reduce the price significantly. Some trigger automatically when you purchase, but some may not be applied and must be manually applied before being credited.

  • Sign Online - A few companies will discount your bill up to fifty bucks simply for signing online.
  • Multiple Vehicles - Buying insurance for multiple vehicles on one policy can get a discount on all vehicles.
  • Bundle and Save - If you have multiple policies with one company you may save at least 10% off all policies.
  • Theft Prevention Discount - Vehicles with anti-theft systems are stolen less frequently and earn discounts up to 10%.
  • Clubs and Organizations - Participating in a professional or civic organization may earn a discount on auto insurance.
  • No Claims - Drivers with accident-free driving histories pay less as compared to drivers who are more careless.
  • Military Discounts - Being deployed with a military unit may qualify for rate reductions.
  • Passive Restraints - Factory air bags and/or automatic seat belt systems can receive discounts of up to 25% or more.

Consumers should know that some of the credits will not apply to all coverage premiums. Some only apply to specific coverage prices like liability, collision or medical payments. So when the math indicates all the discounts add up to a free policy, companies don't profit that way. Any qualifying discounts will help reduce the amount you have to pay.

Understand what determines the rate you pay

Smart consumers have a good feel for the factors that help determine the price you pay for auto insurance. When you know what positively or negatively determines base rates helps enable you to make changes that may reward you with much lower annual insurance costs.

The following are some of the items that factor into rates.

  • Being married is a good thing - Getting married can get you a discount on auto insurance. It usually means you are more mature and responsible and statistics show being married results in fewer claims.
  • Do you know your deductibles? - Physical damage coverage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. Some examples of claims that would be covered could be collision with another vehicle, damage from fire, or theft. The deductibles are how much you are required to spend in the event of a claim. The more expense the insured has to pay upfront, the less your auto insurance will be.
  • Where you live is a factor - Choosing to live in small towns and rural areas can be a good thing when insuring your vehicles. Urban drivers tend to have much more traffic and longer commute times. Fewer people means reduced accidents and a lower car theft rate.
  • Consolidate policies to earn discounts - Many insurance companies will give a discount to customers who have multiple policies with them, otherwise known as a multi-policy discount. If you currently are using one company, it's still a good idea to compare other company rates to confirm you are receiving the best rates possible. You may still find a better deal by buying auto insurance from a different company.
  • Protect your assets with liability insurance - Liability coverage provides coverage if ever a court rules you are at fault for damages caused by your negligence. It provides you with a defense in court which can be incredibly expensive. This coverage is very inexpensive when compared with rates for comp and collision, so do not skimp.
  • Do you have a high stress job? - Did you know that where you work can have an impact on rates? Jobs such as real estate brokers, social workers and stock brokers are shown to have the highest rates due to job stress and long work days. On the other hand, occupations like actors, students and performers pay the least.

Is there truth in advertising?

Auto insurance companies such as State Farm, GEICO and Progressive continually stream television and radio advertisements. They all seem to have a common claim of big savings after switching your policy. But how can every company make almost identical claims? It's all in the numbers.

Insurance companies are able to cherry pick for the right customer that earns them a profit. A good example of a desirable insured could possibly be between 25 and 40, has no driving citations, and drives less than 7,500 miles a year. A customer getting a price quote that hits that "sweet spot" will qualify for the lowest rates and is almost guaranteed to save a lot of money.

Consumers who don't measure up to this ideal profile will have to pay higher prices and this can result in the driver buying from a lower-cost company. The ad wording is "customers who switch" but not "drivers who get quotes" save that kind of money. That's the way insurance companies can confidently advertise the way they do.

Because of the profiling, drivers should get as many comparisons as possible. It's impossible to know which auto insurance company will provide you with the cheapest rates.

Learn more about Illinois auto insurance

Additional auto insurance information can be read on the Illinois Department of Insurance website found here. Illinois consumers can get help finding coverage, report car insurance fraud, and view agent and company licensing information.

Also read more on this site for Illinois auto insurance information and see this list of insurance agents in Waterloo.

Affordable insurance is out there

Cost effective auto insurance can be purchased online in addition to many Waterloo insurance agents, so you should compare both in order to have the best price selection to choose from. Some auto insurance companies do not provide you the ability to get quotes online and most of the time these small insurance companies sell through independent agents.

When shopping online for auto insurance, do not skimp on coverage in order to save money. In many cases, someone sacrificed full coverage and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your aim should be to get the best coverage possible at the best price.

Drivers change insurance companies for a variety of reasons including an unsatisfactory settlement offer, lack of trust in their agent, policy non-renewal and even policy cancellation. Regardless of your reason, finding a new auto insurance company is less work than it seems.