Should You Name Your Price For Car Insurance?
Can You Name Your Price For Auto Insurance? One large insurer has gotten a lot of attention with a recent online insurance quote system and TV campaign.
The cute spokeswoman on the ads tells vehicle owners that they can visit the website to use an online system that allows them to set their own car insurance price! This seems like a wonderful idea especially if you are struggling with bills like a lot of us are.
However, if you have been driving awhile, you must wonder about a couple of things.
But some risks may be a bit more subtle.
That is why this system concerns me.
Disadvantages Of Having Customers Set Their Car Insurance Price It may be very tempting to save a few bucks a month while losing some coverage.
These types of coverage will not be required, but they can be budget savers in the event a vehicle is damaged or stolen.
A less experienced driver, who has never actually had to handle a claim, may not realize how handy these can be.
So when you are clicking through the online system, you should ask yourself if you really want to do without rental car coverage or raise that deductible very high in order to save a few dollars a month now.
For some people, who have plenty of money to cover the bills, this ma be a sound decision and a good risk.
But those types of people are probably not worried about giving up good coverage to save $12 either.
When you decide to give up coverage, you are accepting a risk.
If you are prepared to pay in case things do not work out, it may be a good decision.
But if you do not know where you would come up with $1,000 to handle a higher deductible, it may be something to think twice about! Sometimes you may be better served by speaking with a life car insurance agent who can explain your choices.
Many of them are eager to help you save money, but they also want to make sure you buy the best car insurance for your money! Advantages of Understanding Your Auto Insurance Premium I believe that informed consumers make better decisions.
I think it is great that major insurers are taking steps to remove some of the voodoo behind premium pricing structures.
By spending a few minutes at the website, you can learn a lot about how your vehicle is covered and how prices are determined!
The cute spokeswoman on the ads tells vehicle owners that they can visit the website to use an online system that allows them to set their own car insurance price! This seems like a wonderful idea especially if you are struggling with bills like a lot of us are.
However, if you have been driving awhile, you must wonder about a couple of things.
- Each state has minimum required coverage.
So as drivers, we must know that we cannot set a price of ten bucks a month.
We have to pay for the minimum coverage in order to be legal drivers.
From what I have read, state checks are built into the online system so customers are forced to comply in order to complete a purchase. - Many auto insurance loan companies have auto policy limits too.
If you still pay a note on your car loan, you must adhere to these rules in order to comply with the terms of your note.
These rules are probably good for the loan company and the consumer. - Some coverage add-ons, like GAP insurance, will not pay more than a $1,000 deductible.
So we also have to know we have to comply with these rules or risk paying out a lot of money if our cars are wrecked.
But some risks may be a bit more subtle.
That is why this system concerns me.
Disadvantages Of Having Customers Set Their Car Insurance Price It may be very tempting to save a few bucks a month while losing some coverage.
These types of coverage will not be required, but they can be budget savers in the event a vehicle is damaged or stolen.
A less experienced driver, who has never actually had to handle a claim, may not realize how handy these can be.
So when you are clicking through the online system, you should ask yourself if you really want to do without rental car coverage or raise that deductible very high in order to save a few dollars a month now.
For some people, who have plenty of money to cover the bills, this ma be a sound decision and a good risk.
But those types of people are probably not worried about giving up good coverage to save $12 either.
When you decide to give up coverage, you are accepting a risk.
If you are prepared to pay in case things do not work out, it may be a good decision.
But if you do not know where you would come up with $1,000 to handle a higher deductible, it may be something to think twice about! Sometimes you may be better served by speaking with a life car insurance agent who can explain your choices.
Many of them are eager to help you save money, but they also want to make sure you buy the best car insurance for your money! Advantages of Understanding Your Auto Insurance Premium I believe that informed consumers make better decisions.
I think it is great that major insurers are taking steps to remove some of the voodoo behind premium pricing structures.
By spending a few minutes at the website, you can learn a lot about how your vehicle is covered and how prices are determined!