It’s safe to conclude that insurance companies want to keep you from shopping around. People who shop rates annually are highly likely to switch auto insurance companies because there is a great chance of finding a lower-priced policy. A study showed that drivers who compared prices regularly saved approximately $865 annually as compared to drivers who never shopped around for lower prices.
If finding low prices for auto insurance in El Paso is your goal, then learning about how to choose a company and compare car insurance can save time, money, and frustration.
If you want to find the absolute lowest rates, then the best way to find affordable auto insurance rates is to start comparing prices regularly from insurers in El Paso. Rate comparisons can be done by completing these steps.
Step 1: Try to understand the different coverages in a policy and the measures you can control to keep rates in check. Many things that cause high rates like traffic violations, accidents, and an unfavorable credit rating can be amended by making minor changes in your lifestyle.
Step 2: Compare prices from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give prices from one company like Progressive or State Farm, while agents who are independent can give you price quotes for a wide range of companies.
Step 3: Compare the new rates to your existing policy and determine if there is any savings. If you find a lower rate, ensure coverage does not lapse between policies.
Step 4: Provide proper notification to your current company of your decision to cancel your current auto insurance policy and submit a signed application and payment for your new coverage. Make sure you place your new certificate verifying coverage in your vehicle’s glove compartment or console.
One thing to point out is that you’ll want to make sure you compare identical coverage information on every price quote and and to get rates from as many carriers as you can. This guarantees a fair price comparison and maximum price selection.
Get Cheaper Insurance Prices by Understanding These Factors
Many things are taken into consideration when you get a price on insurance. Some factors are common sense like your driving record, but some are not quite as obvious like your continuous coverage or your commute time. Consumers need to have an understanding of some of the factors that help determine the rates you pay for insurance. If you have some idea of what determines premiums, this allows you to make educated decisions that may result in cheaper rates.
The itemized list below are a few of the things insurance companies consider when setting rates.
- Single drivers take more risk – Getting married may cut your premiums on your insurance bill. It generally demonstrates drivers are more stable financially and statistics prove married couples file fewer claims.
- How’s your driving record? – Having a clean driving record impacts premiums far more than you think. Good drivers get better prices as compared to those with violations. Only having one chargeable violation may increase your cost twenty percent or more. Drivers who get dangerous citations such as reckless driving or DUI may face state-mandated requirements to prove financial responsibility with their state DMV in order to prevent a license revocation.
- Don’t let your insurance policy lapse – Allowing your insurance policy to lapse is a quick way to pay more for insurance. In addition to paying higher rates, not being able to provide proof of insurance can result in a license revocation or jail time. Then you may be required to provide proof of insurance in the form of an SR-22 filing with the Texas DMV.
- Prevent theft and save money – Owning a car with a theft deterrent system can save you a little every year. Anti-theft features like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all aid in stopping vehicle theft.
- Improve your credit history and save – Your credit rating is likely to be a major factor in calculating your premium rate. Drivers with high credit scores tend to be better drivers and file fewer claims than drivers with bad credit. If your credit score can use some improvement, you could be paying less to insure your Lincoln MKC by taking the time to improve your credit score.
- Pay more out-of-pocket – Protection for physical damage, also called ‘full coverage’, covers your vehicle from damage. Examples of some claims that would be covered are running into the backend of another car, hail damage, and windstorm damage. The deductibles you choose are the amount of money you are willing to pay if you file a covered claim. The more damage repair cost you are required to pay out-of-pocket, the less your company will charge you for insurance.
- More stress means more cost – Occupational choices like doctors, airline pilots, and miners tend to pay higher rates than average due to intense work-related stress and extremely grueling work hours. On the other hand, careers such as actors, athletes and retirees pay lower than average rates.
- Compare rates if you bundle your policies – Most companies will give discounts for people who have multiple policies with them in the form of a multi-policy discount. Even if you’re getting this discount you still need to check prices from other companies to make sure you are getting the best deal.
Insurance loss statistics a Lincoln MKC – Companies study historical loss data when they set coverage costs for each model. Vehicles that statistically have higher loss trends will have a higher cost to insure.
The table below outlines the compiled insurance loss statistics for Lincoln MKC vehicles. For each type of coverage, the statistical loss for all vehicles, regardless of manufacturer or model, is a value of 100. Numbers under 100 represent a good loss history, while numbers that are greater than 100 point to more claims or statistically larger losses.
Insurance Loss Ratings for Lincoln MKC Vehicles Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lincoln MKC 4dr 2WD 97 76 69 Lincoln MKC 4dr 4WD 99 68 72 82BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Which car insurance company is best in Texas?
Choosing the right insurance provider can be rather challenging considering how many different insurance companies sell coverage in Texas. The information in the next section can help you pick which coverage providers to look at when shopping your coverage around.
Top 10 El Paso Car Insurance Companies Overall
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Quote. Compare. Save.
We covered a lot of ways to get a better price on Lincoln MKC insurance in El Paso. The key thing to remember is the more rate quotes you have, the better your chances of lowering your auto insurance rates. You may even be surprised to find that the lowest priced car insurance comes from some of the lesser-known companies.
Budget-friendly car insurance in El Paso is available on the web in addition to local insurance agencies, so you should be comparing quotes from both to have the best selection. Some insurance companies don’t offer the ability to get a quote online and usually these small, regional companies only sell coverage through local independent agencies.
As you shop your coverage around, it’s very important that you do not buy lower coverage limits just to save a few bucks. In many instances, someone sacrificed uninsured motorist or liability limits only to regret at claim time that a couple dollars of savings turned into a financial nightmare. The ultimate goal is to purchase plenty of coverage at the best cost, but do not sacrifice coverage to save money.
More detailed car insurance information can be read by following these links:
- Five Tips to Save on Auto Insurance (Insurance Information Institute)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Medical Payments Coverage (Liberty Mutual)
- Understanding Car Crashes Video (iihs.org)