I can’t think of anyone who enjoys paying for auto insurance, especially knowing their premiums are through the roof.
Big-name insurance companies like GEICO, Farmers Insurance and State Farm continually hit you with advertising and it can be hard to avoid their marketing magic and effectively compare rates to find the best deal.
If you are paying for car insurance now, you should be able to lower your premiums substantially using this information. Buying car insurance in Fort Wayne is not that difficult. Although Indiana vehicle owners must know how big insurance companies sell insurance online because it can help you find the best coverage.
Insuring your fleet can be pricey, but you can get discounts to reduce the price significantly. A few discounts will automatically apply at quote time, but a few must be asked about prior to getting the savings.
A little note about advertised discounts, most discount credits are not given to the entire policy premium. Some only apply to the price of certain insurance coverages like liability and collision coverage. So despite the fact that it appears all the discounts add up to a free policy, you won’t be that lucky. Any qualifying discounts will bring down the amount you have to pay.
To see a list of providers with discount auto insurance rates in Indiana, click here.
Knowing the specifics of a auto insurance policy can help you determine appropriate coverage for your vehicles. The terms used in a policy can be confusing and even agents have difficulty translating policy wording. Shown next are typical coverages found on most auto insurance policies.
Coverage for medical payments – Personal Injury Protection (PIP) and medical payments coverage pay for expenses such as ambulance fees, EMT expenses, hospital visits and doctor visits. The coverages can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. It covers both the driver and occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not an option in every state but can be used in place of medical payments coverage
Comprehensive coverages – Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive coverage protects against claims such as damage from getting keyed, hail damage and a tree branch falling on your vehicle. The most you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much consider dropping full coverage.
Collision coverage – Collision insurance pays for damage to your vehicle from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision can pay for things like sideswiping another vehicle, colliding with a tree, crashing into a building, hitting a parking meter and sustaining damage from a pot hole. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. It’s also possible to raise the deductible in order to get cheaper collision rates.
Uninsured and underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.
Due to the fact that many Indiana drivers only carry the minimum required liability limits (which is 25/50/10), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Usually the UM/UIM limits are identical to your policy’s liability coverage.
Auto liability insurance – This provides protection from damage or injury you incur to other people or property. This coverage protects you against claims from other people, and doesn’t cover your injuries or vehicle damage.
Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 25/50/25 that translate to $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined single limit or CSL that pays claims from the same limit with no separate limits for injury or property damage.
Liability insurance covers claims like medical expenses, emergency aid, repair bills for other people’s vehicles, loss of income and pain and suffering. How much liability should you purchase? That is your choice, but buy as high a limit as you can afford. Indiana state minimum liability requirements are 25,000/50,000/10,000 but drivers should carry higher limits.
More information is available on the website for the Indiana Department of Insurance. Click here for link. Indiana drivers can read state legal mandates and laws, find a variety of consumer forms, view agent and company licensing information, and get help finding coverage.
We covered some good ideas how you can lower your auto insurance rates. It’s most important to understand that the more rate quotes you have, the better likelihood of reducing your rate. You may even find the lowest rates come from a small mutual company. Some small companies can often insure niche markets at a lower cost compared to the large companies like State Farm, GEICO and Nationwide.
Lower-priced auto insurance can be purchased on the web and also from your neighborhood Fort Wayne agents, so compare prices from both so you have a total pricing picture. A few companies may not provide online quoting and usually these small insurance companies provide coverage only through local independent agents.