It’s a no brainer, every car insurance company promises lower rates when you switch. However, finding a better deal is not always as easy as making a quick phone call. In actuality, you wouldn’t want to pay far less if you had to be responsible for expensive repairs after an accident. Though some circumstances can’t be changed, you do have options when trying to land lower insurance payments. Here are 5 tips on switching providers:
- Understand the insurance company competition. Every insurance provider is trying to make a move on competitors, which is why they run so many commercials. When negotiating a lower price, remind the agent that you have little motivation to switch providers unless the deal is significantly better. You’ll hear the best deal the company can offer shortly after.
- Take note of the insurance minimums in your particular market. States have different minimums they require drivers to meet in insurance obligations. If you’re paying well over that amount, you have the chance to lower your rate without increasing liability. If your company won’t acknowledge this chance to lower the price, ask another provider to make you a quote.
- Ask the company to check on all available discounts. Your potential for discounts changes frequently, depending on periods lapsed without an accident, a child reaching the age of 25 or a car reaching the age of 10 years old. Talk to providers about running the full slate of discounts to see where you stand on that date. There are countless ways to trim prices. Is your company acknowledging them all?
- Understand some circumstances can’t be changed. When you pay for your 18-year-old son’s insurance, you don’t have many ways to lower the premium unless you want to share a car with him. Sports cars and oft-stolen vehicles put you in the same boat. Temper expectations in these areas do you aren’t disappointed and focus on elements that could change in your favor.
- Remember that good timing is essential. Insurance companies constantly look for the edge against rivals, examining sales figures and seizing the opportunity to make offers. Though you recently tried to find a better deal but failed, giving it another shot never hurts. You might catch an agent ready to make a new offer and be able to negotiate a better price.
Switching providers for a better rate does not always work, but you have the opportunity to make a move when you’re better informed of your options. Insurance policies depend on timing in policyholder and car ages, so it is advisable that you review offers regularly.