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Can You Save Big Money on Car Insurance?

Ads like these are all over social media: Savings like that would be hard to pass up! The thing is, these savings aren’t magic. Most auto insurance companies have to file their rates with your state. While there are some differences, rates from company to company don’t vary too much. So how can the company illustrated above (and others like it) save you so much money?  The answer may actually be detrimental to your wallet. Lower Limits The quickest and easiest way to save money on your car insurance is to lower your limits. If you currently have $100,000 in coverage, lowering the limit to $50,000 can cut your monthly premium as much as 50%. Lowering to state minimums can save you even more money. This method of saving on your premiums is not recommended. Lower limits mean lower coverage in the event of an accident. Since auto liability insurance limits determine the amount that the other party in an accident gets paid, you could be on the hook for more than you realize. For example, your new “budget” insurance company lowers your limit to state minimums. For this example, if you are in California, the state minimums are $15,000 per person/$30,000 per accident of bodily injury and just $5,000 in property damage. (For all state minimums, check out this link.)  Say you’re driving to work when you rear-end a woman in a 2015 Honda Accord who is driving her two children to school. There are multiple injuries in the other vehicle (not to mention your own) and the two cars are totaled. Medical costs being what they are...
The Best Way to Shop Your Insurance

The Best Way to Shop Your Insurance

If you’re like many businesses, you are looking for ways to cut your expenses. That can mean anything from changing the brand of pens you use to laying off staff. Sometimes the most noticeable increase in expenses comes when your insurance renewal shows up with an increase. The best way to decrease insurance premiums is by shopping your coverage. There are many bad ways to do this, and a really good one. Don’t Shop Online Many insurance companies offer websites where you can complete an online application and receive an instant quote. These may seem like a great idea, but are you getting what you need, or just what you pay for? Sure, shopping your business insurance online at 3 am while eating leftover pizza in your pajamas sounds great now. After completing the fourth online application and receiving a fourth wildly different quote, you may start to feel like this is more trouble that it is worth. In addition, are you really getting the insurance that your business needs? One-size-fits-all insurance coverage is a myth. Every business has different needs and there are probably things your business needs coverage for that the online application isn’t asking about. That is the stuff that won’t be covered. Don’t Go Everywhere Another seemingly good idea is to get a whole bunch of different insurance brokers or insurance companies working on your insurance quotes at the same time. This can also be a lot of work. You may be making a lot of phone calls or insurance agency visits, completing more applications, and fielding a lot more questions and quotes. The good...