8 things you need to know if you want to get the cheapest car insurance

Who wouldn’t want to get the best deal? We always look for cheaper items to save money and that includes car insurance. No one wants to pay for it more than what’s needed. But it’s a bit challenging to get the cheapest and the best deals in terms of insurance.

There are lots of insurance companies to choose from – big and small. All of them are competing to get consumers like you.

But it’s a bit challenging to get the cheapest and the best deals in terms of insurance

They will offer different eye-glazing policy options, which will make it hard for consumers to compare policies. Figuring out which company offers the cheapest car insurance rate will be difficult.

Philkotse.com will give you some handy tips to help you get excellent coverage at the cheapest rate possible.

1. Don’t expect that one company will be the cheapest

Many insurance companies, especially the big ones, spend lots of money on advertisements and commercials.

This is to convince consumers that they have the best deals that offer the cheapest car insurance rates. There will be instances where an insurance company that provides the lowest price for one person is the most expensive choice for another driver.

We suggest you shop around and explore more deals

We suggest you shop around and explore more deals. Note that several factors are affecting the car insurance rates offered to a car owner.

It includes a clean driving record, a good credit score, car mileage, the year, make and model of the car, as well as the insured’s age and marital status.

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2. Check out the insurers in your area

In the Philippines, there are various car insurance companies such as Charter Ping An Car Insurance, Standard Car Insurance, Western Guaranty Car Insurance, QBE Seaboard Car Insurance, FPG Car Insurance, Etiqa Car Insurance, Stronghold Car Insurance, Mercantile Car Insurance, and Oriental Car Insurance.

They are examples of big insurance companies. But, don’t ignore local insurance companies in your area. You can check their satisfaction ratings, and they may offer cheaper car insurance rates as well.

Don’t ignore local insurance companies in your area

3. Inquire about discounts

To entice consumers, car insurance companies offer various discounts. This means a lower insurance rate for a consumer who:

• Bundles auto insurance with different policies like homeowners’ or renters' insurance.
• Is an active or retired federal employee
• Full-time student with good academic records
• Has taken a driver’s education course or defensive driving
• Has a clean driving record
• Insures multiple cars with a single policy
• Pays their entire six-month or annual premium at once
• Agrees to receive documents online.
• Owns a vehicle with advanced safety features such as daytime running lights, anti-lock brakes, airbags, or anti-theft systems.
• A member of affiliate groups or special professional organizations such as veterans and military personnel

But don’t be easily swayed by a company’s long list of possible discounts. You still need to compare rates from different insurers.

Don’t be easily swayed by a company’s long list of possible discounts

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• Choose yourself with the better cars for low insurance premiums

4. Pay bills on time

Always remember that credit score is a significant factor when getting an auto insurance quote. According to some insurance companies, the credit score of customers shows to be correlated with their chances of filing claims.

So, if you want to get the cheapest car insurance rate, you should improve your credit score. One way to help you with that is to reduce your debt and pay your bills before its due.

One way to help you increase your credit score is to reduce your debt and pay your bills before its due

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5. Check the cost of car insurance when purchasing a new auto

When car shopping, most car buyers pay close attention to several factors, like repair costs and fuel efficiency.

What most car shoppers forget to consider are the insurance premiums. Car make and model, as we mentioned earlier, are one of the major factors that impact your insurance rates.

What most car shoppers forget to consider are the insurance premiums

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6. Use car insurance comparison websites to compare quotes

To get the best and cheapest insurance rates, you need to shop around and look for competitive prices. You can get car insurance quotes from the different insurance companies – both from big and small insurers.

To help you make choices easier, you can compare various insurance rates online. You can also prefer to review different insurance with a car insurance agent.

7. Think about raising your deductible

When we say deductible, it’s the amount you will pay from your pocket towards the cost of the car insurance claim. Doing so will allow you to have lower monthly premiums.

Doing so will allow you to have lower monthly premiums

But you still need to think about it very well. You should consider your overall financial situation when deciding on raising your deductible. A higher deductible can cause you financial hardship if you ever need to make a claim.

8. Consider skipping collision and comprehensive coverage if you have an older car

Comprehensive coverage can protect drivers and car owners if the vehicle is stolen or damaged because of non-collision events such as natural disasters, theft, or contact with an animal.

On the other hand, collision coverage can protect you if you are involved in a single-car accident or get hit by another vehicle or object.

Both the said coverage options are designed to cover repair costs or reimburse you for the value of your car.

Both the said coverage options are designed to cover repair costs or reimburse you for the value of your car

Collision and comprehensive coverage are optional. But it might be required by the auto loan car lender if you finance or lease your vehicle.

If you own an old car with very low value, you can get lesser insurance coverage for both collision and comprehensive. Or better yet, choose not to have collision and comprehensive coverage in your car insurance. Decide what's best for you, depending on your situation.

To help you decide if it’s a good option for you, check the book value of your vehicle and compare it to both the collision and comprehensive deductible and the yearly cost of the said coverage noted in your insurance quote.

>>> Suggested for you: Car insurance in the Philippines: Comparison of Comprehensive & Liability insurance

Bottomline

Price is definitely an essential factor when choosing a car insurance and insurance provider. But aside from the price, you should also check the insurance provider's satisfaction rating and make sure it is a reputable carrier.

Price is definitely an essential factor when choosing a car insurance and insurance provider

Ensure that you are getting the coverage that meets your needs. The key here is to shop around. It is the best way to find the best car insurance that suits your needs.