Paying for high-priced car insurance can take a big chunk out of your personal savings and put the squeeze on your family’s finances. Shopping your coverage around is a smart way to reduce premiums and put more money in your pocket.
Companies like GEICO, Farmers Insurance and State Farm increase brand awareness with TV and radio ads and it can be hard to sift through the bull and do the work needed to find the best deal.
It’s a good habit to get comparison quotes quite often because prices change quite often. Even if you think you had the best rates on your last policy the chances are good that you can find a lower rate today. Forget anything you know (or think you know) about car insurance because we’re going to demonstrate the tricks you need to know to find great coverage at a great price.
If you have car insurance now, you stand a good chance to be able to save some money using these techniques. Buying car insurance in Barrow is not that difficult. Nevertheless, Alaska vehicle owners must understand the methods companies use to price insurance differently.
There are several ways to compare car insurance quotes, but one way is less time-consuming than others. You can waste a few hours (or days) talking about coverages with insurance companies in Barrow, or you can utilize online quoting to get rate comparisons in just a few minutes.
Most of the larger companies take part in a program that allows shoppers to submit one quote, and each participating company then returns a price quote based on that information. This prevents consumers from doing quote requests for every car insurance company.
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The one disadvantage to comparing rates this way is you are unable to specify which providers you want pricing from. So if you want to select specific insurance companies to compare, we have assembled a list of low cost car insurance companies in Alaska. Click here to view list.
Whichever method you choose, ensure you’re using the exact same coverage limits and deductibles on every quote you get. If you have different limits and deductibles on each one it will be next to impossible to determine the lowest rate in Barrow. Quoting even small variations in coverage limits may cause a big price difference. And when price shopping your coverage, comparing a large number of companies helps locate the best offered rates.
Car insurance is not cheap, buy you may qualify for discounts to reduce the price significantly. Some trigger automatically when you get a quote, but lesser-known reductions have to be specially asked for before they will apply.
A little note about advertised discounts, most of the big mark downs will not be given to your bottom line cost. The majority will only reduce the cost of specific coverages such as comprehensive or collision. So when the math indicates you could get a free car insurance policy, you’re out of luck. Any qualifying discounts will help reduce your premiums.
To choose providers with discount car insurance rates in Alaska, click this link.
An important part of buying insurance is that you know the rating factors that play a part in calculating the price you pay for car insurance. Understanding what controls the rates you pay helps enable you to make changes that can help you get much lower annual insurance costs.
Shown below are a few of the “ingredients” that factor into your rates.
Allstate, GEICO and Progressive continually stream ads on TV and radio. All the companies make an identical promise of big savings after switching to their company. How does each company make the same claim? This is how they do it.
All the different companies can use profiling for the type of driver that is profitable for them. For instance, a driver they prefer might be profiled as between 30 and 50, a clean driving record, and has a short commute. A customer getting a price quote who fits that profile is entitled to the best price and most likely will save a lot of money.
Potential customers who don’t meet the “perfect” profile will be charged a more expensive rate which leads to the driver buying from a lower-cost company. The ads state “people who switch” not “everybody who quotes” save that kind of money. This is how companies can make those claims.
That is why it is so important to get quotes from several different companies. It’s impossible to know the company that will fit your personal profile best.
We just showed you some good ideas how you can lower your car insurance rates. It’s most important to understand that the more companies you get rates for, the better your comparison will be. Consumers could even find that the lowest rates come from a small local company. Smaller companies may only write in your state and offer lower rates as compared to the big name companies such as State Farm, GEICO and Nationwide.
As you go through the steps to switch your coverage, never skimp on coverage in order to save money. There are too many instances where an insured cut liability coverage limits and discovered at claim time that their decision to reduce coverage ended up costing them more. The ultimate goal is to buy a smart amount of coverage for the lowest price while still protecting your assets.
Much more information about car insurance in Alaska is located on the website for the Alaska Division of Insurance. Click here for link. Alaska consumers can read industry bulletins, view a list of available companies, and read state legal mandates and laws.