Auto Insurance Companies
Auto Insurance Companies
The published rate chart for an insurance company is its bread and butter. It is this chart that determines what your rate will be, how many discounts you will get on your insurance, and what factors they take into consideration when charging you your rate. Of course, it is also proprietary data and can tell competitors where their weak points and strengths are, leaving them vulnerable. It is because of this that you will never get your hands on a rate card from any insurance company. So how do you know what discounts you are eligible for? You’ll be surprised to find out.
There are some variables in your discount auto insurance quote that you may not be aware of. Most companies check your credit rating, where you live, how far away you work, how many miles you drive, the color of your car, and about a dozen other factors not to forget your accident and traffic violation record. Each one of these is an opportunity to get a discount on your insurance. If you have a bad credit rating, clean it up! If you have a red car, change the color or get a new car. Move closer to work, drive your car less, and challenge the charges the next time you’re in court for a traffic violation. All of these things you can do if you are truly looking for a way to reduce your rates.
Unfortunately, a lot of these factors you can’t influence. Believe it or not, these are factors in determining your rates, and not discounts. The discounts come after your rate has been determined and reflect the selling tool the company uses to gain your business. They should be broadcasting the fact that they have discounts, particularly if you ask. Some of the most common discounts include a good driver discount, as well as a discount for being a good student, having multiple policies, a passive restraint, airbag, daytime running lights, and many other factors. Typically they will run through all the possible scenarios, but if you ask your insurance agent for a complete list of discounts, they are required by law to give them to you.
Of course, the discounts are only one reason to choose a company. Some of the other reasons are customer service, financial stability, and online or 24/7 accessibility. You can find all of these factors at your state’s insurance oversight committee or the commerce department of your state. They will have a full overview of all of the complaints and regulatory violations that the company has witnessed in the last 10 years.
Do all states now allow auto insurance companies to check your credit?
A few years ago when I lived in Oregon Auto insurers could (and did) check your credit but Washington law didn’t allow it- you could get car insurance without giving out your social security number. I am in Nebraska and need to know- do I have to give out my SSN to insurers?
There is no ONE insurance company that is right for everyone – everyone is rated individually – and all companies have different “likes and dis-likes”, different credit tiers, different business models, and many other factors that can vary your rate – and a QUOTE is ONLY a quote until the policy is issued.
Typically, insurance rates will vary from State to State and can even vary by ZIPCODE! It also will depend on the type of car/truck, coverages, limits of liability, and driving record. Some companies run credit scores and MOST run a motor vehicle report and CLUE (Comprehensive Loss Underwriting Exchange) report to see about undisclosed accident involvement. A lot of these reports might get a BETTER finding with your SSN BUT we CAN get this info WITHOUT your SSN.
The best thing to do is call a LOCAL independent agent or broker. Don’t go across town, or to some other city – look for someone CLOSE. Just look in the phone book for the PIA or Big I (Trusted Choice) logos and you will find a professional licensed agent that will be able to help you solve your insurance problems, and give you rate comparisons of several different companies.
An independent insurance agent will normally have a dozen different companies and if he cannot help you, he should be networked with other local agents that can.
In my agency, we have companies that do NOT run a credit score and welcome drivers with “less than perfect” driving records and specialize in youthful operators!
Most of the replies on this site say “go to this on-line carrier or that on-line carrier or that 1-800 number” but I’m sure that when you do, you will find some impersonal computer user with a script to work from and you won’t be able to talk with the same person every time you have a problem!
Good luck, drive RESPONSIBLY and I hope this helps!
Auto Insurance : How to Compare Auto Insurance Companies
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