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MAKING THE MOST OF AUTO INSURANCE RATE QUOTES

If you are checking out affordable auto insurance companies because it seems as though your car insurance premium goes up every year, you're not alone. This can be frustrating for drivers who maintain a clean driving record, and who know that the cost of their aging vehicle decreases over time. The truth is, an individual policy holder's situation is only one factor insurance companies use when determining the cost of coverage. 

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For example, the average cost of health care, changes in government regulations, and fluctuations in investment markets can all impact auto insurance premiums. In addition, your age, location, and the prevalence of auto theft and insurance fraud can all increase insurance rates, even if the policy holder is doing everything they can to practice safe and responsible driving.

MAKING THE MOST OF AUTO INSURANCE RATE QUOTES

AUTO INSURANCE QUOTES

Furthermore, each insurance company calculates risk using their own individual statistical analysis, so rates may vary widely even when all the contributing factors seem the same. These risk calculations can evolve over time, so a company that has been in business longer may be bringing more past experience to their risk modeling than a newer company. And an insurance company, like any other, also exists to make a profit, and profit goals can influence premiums.

All these variables are why it's advisable to periodically revisit your auto insurance policy and get competing quotes from other companies, even if it doesn't seem that your driving situation has changed that much. It's possible that you could get an equivalent policy at a much more affordable price from a different company, for reasons that don't have anything to do with your driving record or insurability.

For people who have decided to seek out affordable auto insurance companies, there are many options. Our website is a great place to start your search for the right insurance policy as you can compare rates for multiple companies at the same time. 

Do note that the competitor rates provided may not paint the whole picture. It's possible that the coverage you're being quoted isn't 100% equivalent. When comparing rates from different affordable auto insurance companies, make sure you're comparing apples to apples. Read the fine print, and check for any discrepancies.

Firstly, verify who is insured under the policy. Most standard car insurance policies cover you, members of your household, and other people you authorize to borrow the vehicle. However, some discount insurance policies will exclude high-risk drivers even if they are authorized, or not cover drivers outside your immediate household. 

While this may be a good way for some people to trim their auto insurance rates, verify that the policy covers everyone you intend it to.

Auto Insurance

Another thing to check is the mileage allowance of the policy. Some affordable auto insurance companies limit the annual mileage allowed for some vehicles, so verify that those limits are compatible with your driving habit and anticipated needs. 

And some policies exclude damages if the vehicle is used for any business purposes, such as delivering newspapers or pizzas. If you plan to use your car for any business-related driving, read the fine print and make sure you're covered.

Also, note that the policy may authorize your insurance company to run more driving record checks. Some discount policies check your driving records every six months, instead of the once a year or even two years that many preferred drivers enjoy.

Finally, try to anticipate your needs over the coverage period and account for any changes you can predict. For example, are you a few months away from having a teenage driver in the household, or paying off a big debt? 

Are you anticipating moving or retiring soon? Those things will affect your auto insurance rates, as may affect your coverage needs as well. As long as you're comparing rates, get quotes that include these hypothetical changes and take the future into account before you make your selection.

So before you jump at the lowest rate quote, read the policy terms carefully and make an informed decision. Many affordable auto insurance companies can offer you a policy that is perfect for your needs at a much lower rate, but you'll want to know exactly what is (and isn't) covered before you file a claim, to avoid any unpleasant surprises.