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If you are a car owner, you need insurance. It’s not only legally required, it’s also the only smart way to protect your vehicle – as well as guard yourself from having to pay a massive out-of-pocket expense in the event of an accident.

Thankfully, shopping for car insurance has become much easier, faster and more convenient than the old days of insuring our vehicles. You may be old enough to remember the time when we would need to sit down with a local insurance agent and sluggishly go over a number of limited policy choices in person. These days, with the click of a button, we can – with little effort – find a cheap car insurance policy on the internet.

However, searching for a car insurance provider might be easy, but actually signing up for a policy is still quite a hassle. There are tons of confusing add-ons and policy options that we aren’t sure we need, and we never know if the plan we choose has all the bells and whistles we’ll end up using. Insurance jargon can throw anyone for a loop, and all the varying options out there make it hard to compare policies – let alone find cheap car insurance plans from reliable insurance providers.

Fear not – we are here to help. We’ve compiled a quick guide that will help you make the smartest choices when building your own cheap car insurance plan, all while making sure you get the right amount of coverage.

Getting Cheap Car Insurance, the Smart Way

The good news is that you don’t have to skimp on coverage to get a fair price. By choosing the right insurance provider, customizing how much coverage you get, taking advantage of the right discounts, and building your policy efficiently, you can walk away with both a low rate and high-quality coverage.

Step 1: Finding Cheap Car Insurance Companies

You see, most Americans are actually paying much more than they need to be just to insure their vehicles. Why? It’s all because so many of us don’t take the time to consider different options.

In fact, Americans overspend by about $21 billion per year – and most insurance buyers could save about $356 per year if they simply shopped around and compared plans.

All it takes is some clicking around online, and you can find cheap car insurance quotes that are much cheaper than what you would pay if you went with a big-name insurance provider.

Thankfully, we’ve done some of the work for you, and have a few dependable, cheap car insurance companies that can provide you with fast quotes online.

In fact, you can get instant cheap car insurance quotes from these providers online:

• Liberty Mutual offers competitive rates on dependable auto insurance policies, and helps you add on a number of discounts that lower your price even more – combined with top-quality standard benefits. Drivers who switched to Liberty Mutual saved an average of $509.
• For those who don’t drive much, Metromile offers reliable cheap car insurance that combines a low base rate with pay-per-mile rates from there (only available in 8 states). It’s a great option for anyone overpaying when they’re not putting many miles on their vehicle. Metromile users save an average of $611 annually!

Lower prices are out there – all you need to do is find them. Switching to a more affordable car insurance plan can save you hundreds, even thousands, of dollars per year.

The trick to saving is choosing the right company, then choosing the right amount of coverage for yourself.

Step 2: Decide How Much Coverage You Will Need

Buying cheap car insurance is simple in that you are really only picking from a short list of different types of coverage. The difficult part is choosing the right combination that can give you proper coverage while also saving you money.

Let’s go over the different types of coverage that can be part of your insurance policy:

• Collision insurance: This covers damage to your car in the event of an accident.
• Liability coverage: If bodily injuries or vehicular damage happen to another motorist, you will be covered.
• Personal injury protection: Covers medical bills for both yourself and your passengers. Remember that health insurance typically doesn’t cover you if you are in a car accident – your auto insurance will deal with that.
• Uninsured/underinsured motorist protection: If you get into an accident with another motorist who is either underinsured or completely uninsured, then this will cover damages that were caused by them (so you won’t be liable).
• Comprehensive Coverage: This type of coverage is sort of an umbrella that covers any sort of damage or losses caused by something other than another car. Weather events, falling branches, theft, and pretty much anything that would require you to submit a claim falls under this category.

While getting top-to-bottom coverage and selecting as many of these options as possible will give you the most protection, there are certainly situations where some drivers might not need one or more types of coverage.

If you have a very old vehicle, for instance, you might want to skip out on collision insurance. The monthly payments might not be worth it if, should something happen to the car, you would just buy yourself a new vehicle anyway.

Don’t drive very much? For those who don’t have a long daily commute, or simply only use their cars occasionally, you may consider excluding a piece of coverage.

Picking and choosing how much coverage you want is all about evaluating how much risk you take on as a driver, and getting an appropriate amount of auto insurance to address that risk.

Step 3: Find Out the Minimum Coverage Your State Requires

Each state in the US has minimum requirements for how much coverage drivers must hold, including your state. While shopping for a cheap life insurance policy, make sure to verify how much your state requires you to get. If you’re driving around underinsured, that carries a lot of risks – so make sure you are following the law.

Meeting these requirements is usually easy, since minimum coverage standards are often less than what a driver would buy for themselves anyway. Getting the bare minimum just to satisfy your state’s legal requirements may not be the best idea. The most important consideration is making sure that you have enough coverage, not just hitting the lower threshold of what’s legally necessary.

Step 4: Take Advantage of Bundling and Discounts

When trying to get the lowest possible rate for a car insurance policy, one of the biggest factors is the number of discounts you can take advantage of. All cheap car insurance companies offer multiple types of discounts, with different discounts for different circumstances.

Car insurance prices come down to personalization: you can lower your rate by making sure that you get the discounts that apply to you.

There are various types of discounts, and they are divided into three categories:

• driver discounts
• policy discounts
• vehicle discounts

Driver Discounts

• Affiliations: Your association with certain groups, including employers, can get you a lower premium, like:
  • Active duty military personnel
  • Federal employees
  • Fraternity/Sorority Affiliations
  • Club Membership
  • Other specific occupations, like educators
• Student Discounts
  • Good Student Discount (maintaining grades above a certain threshold)
  • College Alumni Discount
• Driving Behavior
  • Low-mileage discounts
  • Good driver discounts: based on number of claims filed, traffic violations, etc.
• Training
  • Discount for taking a driving course, like a defensive driver course

Additionally, there are discounts for homeowners, senior citizens, and low-income drivers.

Policy Discounts

• Bundling
  • Family Bundle
  • Multi-Policy Discount
    • Get more than one type of insurance (life, homeowner’s, etc.) with one insurance provider and save
  • Multi-Car Discount
    • Multiple vehicles on the same policy
• How You Pay Your Policy
  • Paperless billing discount
  • Discount for switching from a competing insurance provider
  • Discount for paying a full year’s premium payments at once
  • Early renewal discount
  • Autopay discount

Vehicle Discounts

• Green/Hybrid vehicle discount
• Anti-theft equipment discount
• Anti-lock brake discount
• New car discount

Not all insurance companies will offer every single one of these discounts, but make sure to check and see if any discount that fits your profile is offered by your chosen insurance company.

Step 5: Get Cheap Car Insurance Quotes Online

To find a cheap car insurance plan, look no further than the companies below that so many Americans already rely on to protect their vehicles at an affordable rate:

Liberty Mutual

You certainly recognize this insurance provider’s name – it’s a household brand that so many US drivers depend on for auto insurance (along with life, home, boat, pet insurance, etc.). Liberty Mutual car insurance quotes can be generated in seconds, and their website guides you through the process of finding the best cheap car insurance plan for your individual needs.

Upfront, Liberty Mutual provides well-rounded standard coverage, including bodily injury liability, property damage protection, a 12-month rate guarantee, a lifetime repair guarantee 24/7 customer support, and medical payments. On top of that, drivers can add extra protection and coverage, and even earn benefits like accident forgiveness.

Drivers who switched to Liberty Mutual saved an average of $509. Liberty Mutual customers get rewarded for driving well (up to 30% in savings), and you even save money when you buy online.

Get a quick quote from Liberty Mutual now.

Metromile

Another solid option for an online-based cheap car insurance quote is Metromile, which serves drivers in 8 states: California, New Jersey, Arizona, Illinois, Pennsylvania, Oregon, Washington and Virginia. Metromile is geared toward city dwellers, and offers an affordable base rate (starting at just $29) with a pay-per-mile rate that accumulates depending on how far you drive.

At just pennies per mile driven, this is cheap car insurance done right. If you barely take your car on the road, only commute around your local area, or simply use your vehicles on the weekends, Metromile can cut your car insurance bill in half. Metromile users save an average of $611 annually!

Worried about what happens if you suddenly want to drive long distance? Don’t fret! All miles past 250 per day are free (150 in New Jersey). You’ll actually save if you’re going on a long trip.

Find out how cheap your insurance could be with Metromile.

Cheap Car Insurance Doesn’t Need to be Complicated

In only minutes, your annual car insurance costs can be slashed by hundreds – even thousands – of dollars. Many drivers have no idea how much they can be saving by simply doing a little online comparison shopping, and there’s no harm in getting a quick quote from cheap car insurance companies online to see how much you can save for yourself.

With discounted plans that reward good driving behavior and pay-per-mile policies that make urban life more affordable, there is no shortage of options when it comes to cheap car insurance plans. Don’t waste any more time overpaying for your auto insurance and find a cheaper rate today!

The post A Step-By-Step Guide To Finding Cheap Car Insurance appeared first on Wall Street Insanity.

Photo by Matthew Henry from Burst

Car insurance can be a funny thing. It varies based on where you live, your age, and the type of car you drive. But one thing that isn’t generally considered is how much you’re actually on the road – until now. Metromile has revolutionized the way car insurance works, charging customers on a pay-per-mile basis.

You could join those who are already saving an average of $500 per year with Metromile in California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia, and Washington.

Click here to get a free quote and see how much you could be saving.

Drive less, pay less.

The concept couldn’t be more simple. You pay a low base rate to Metromile, and after that, your payments are based on how many miles you actually drive. Interested? Keep reading.

The flat monthly base rate starts from $29 (so you’re covered when your car’s not moving), then you pay just pennies per-mile. Both rates will vary based on factors including age, vehicle type, and driver history. However, let’s say your rate is 3.2¢ per mile (an example given on the Metromile website). If you drove 500 miles a month at that rate, your overall monthly bill would be just $46.

Take a moment to compare that rate to what you currently pay your insurance provider. Chances are the Metromile rate is a significantly lower number.

Another great thing about Metromile is that you’re still allowed to have long driving days. If you drive more than 250 miles per day (or 150 miles if you live in New Jersey), you won’t be charged for any of those additional miles. They’re totally free.

Measuring your mileage.

If you’ve gotten this far, you’re probably a pretty smart cookie. You realize that you don’t drive that much, and you don’t think it’s fair to have to pay the same car insurance rate as someone who is always behind the wheel. But you’re probably wondering how Metromile tracks your mileage.

The answer lies within a device called Pulse, which easily plugs into the OBD port of your car – the same port used by your mechanic to check the health of your vehicle. Once your Pulse is plugged in, all you have to do is make sure it stays plugged in. It does all the work from there, measuring your mileage and transmitting that information to Metromile’s billing department.

The Pulse – which is completely free to customers – also powers the Metromile app, which is full of useful information. For example, the app can let you know if you’re parked in a street sweeping zone, so that you can move your car and avoid getting a ticket. It also lets you keep track of your trips, and has a car locator so you’ll never have to wander around searching for your vehicle.

Same coverage, cheaper price.

The old saying is that if it seems too good to be true, it probably is. Because of this, you might be wondering whether Metromile provides its customers with the same coverage as a “regular” auto insurance company. The answer is yes.

You’ll still get everything you’re used to getting, from bodily injury coverage to collision insurance. You’ll also be given several deductible options, ranging from $250 to $1,000. In addition, you can opt to add on emergency roadside assistance.

There’s always someone on hand to talk to at Metromile, no matter what time of day, so you won’t be left alone when the time comes to file a claim. Of course, you can also file a claim online. It’s your choice.

Is it here to stay?

Metromile is growing, and the company was featured on Forbes’ 2018 FinTech 50 list. And why wouldn’t it be here to stay? It just makes sense.

Think about it – you don’t pay a flat fee for your water or electricity. Instead, you pay for what you use. Why shouldn’t car insurance companies operate in the same way?

As Metromile CEO Dan Preston told TalkMarkets last year, traditional car insurance is “unfair to low-mileage drivers…the number one risk indicator for drivers is how often they’re on the road, so drivers that drive less really should pay less for car insurance.”

Try it out for free.

If Metromile seems like a deal worth exploring, you can do so completely free of charge. Just log onto Metromile’s website and get a free quote. You can also try the service risk-free, and you won’t have to pay a cancellation fee if you decide it’s not right for you.

If you don’t live in one of the seven states where Metromile currently operates, be sure to sign up for the company’s waitlist. This will let you know when Metromile becomes available in your area.

The post Don’t Drive Much? This Auto Insurance Company Lets You Pay By The Mile appeared first on Wall Street Insanity.

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Like most people, you could probably be saving more money on car insurance. Of course, shopping for car insurance probably isn’t the first item on your to-do list either. It’s frustrating, time-consuming, and not exactly fun.

But getting car insurance quotes doesn’t have to be difficult. Fortunately, there are certain sites that will give you free car insurance quotes so quickly that you won’t even have to leave your couch or pick up the phone.

If you need a reason to check out your latest car insurance rates, we’ve got three of them. Here are four sites you should use to get free car insurance quotes.

1. Liberty Mutual

Liberty Mutual is an insurance company that most people have heard of, and it is currently the sixth-largest property and casualty insurance company globally. This company is known for not only offering many different types of insurance but also helping people save big when they bundle auto and homeowners insurance.

Why we like it: You can file a claim in 5 – 10 minutes. The company offers 17 different discounts for auto insurance alone, and claims you could save $842 when you bundle auto and home insurance.

2. Lemonade

Lemonade  starts with fair prices because the policies are actually priced based on how you drive. Get a discount for driving with the Lemonade app, and earn a lower premium as you drive better. They also include crash detection and emergency assistance. You can get free roadside assistance that covers everything from tows, to jump starts, and tire changes! Lemonade car insurance is only available in Illinois, Ohio, and Tennessee.

Why we like it: Lemonade car insurance starts at just $30 a month. Low mileage drivers can qualify for a discount to pay less as well. Want to bundle your car and home insurance? You’ll get an additional discount when you bundle with home, pet, or life insurance from Lemonade. The Lemonade app has a 4.9 out of 5 stars rating in the App store. Lemonade also plants trees to help shrink your carbon footprint from driving.

What Are Auto Insurance Quotes for Car Insurance?

An auto insurance quote is an estimate of how much you can expect to pay for a policy with an auto insurance company. Car insurance companies use information, such as your age, credit score, driving history, your vehicle, and other factors to determine how much you’ll pay.

Of course, quotes also vary from company to company, even if they use the same information to create your quote. For this reason, it’s smart to get multiple quotes whenever you’re looking to find a new car insurance policy.

Can You Get Free Car Insurance Quotes?

Yes, many companies offer free car insurance quotes as an incentive to buy a policy with them. This means that you can get multiple car insurance quotes for free before you commit to any one company.

What Is the Best Way to Get Car Insurance Quotes?

There are all sorts of ways to get car insurance quotes. Getting a quote online is one of the fastest and easiest ways to get a quote. You can also get a quote over the phone, either with a company agent, an independent agent, or an insurance broker.

Before getting a quote, look at auto insurance reviews to determine which companies have the strongest reputations and highest customer satisfaction ratings. Then, get quotes from multiple companies for the same coverage and compare them to each other. Understanding coverage limits and deductibles will help you make sure you’re comparing apples to apples!

What Information Do You Need to Get a Free Car Insurance Quote?

While the process of getting a free car insurance quote isn’t a lengthy one, you will need to make sure you have the following information on hand:

• Personal details, such as a name, birthdate, address, and occupation for each person on the policy.
• Driver’s license information for each person on the policy.
• The vehicle’s make, model, identification number, current mileage, average annual mileage, and whether you own, finance, or lease.
• Driving history for each person on the policy. This should include not only accidents but also tickets and violations. Companies will double-check your driving history before finalizing your rate.
• The coverage you need for your policy.

How to Get the Cheapest Car Insurance Quote Possible

One of the best ways to ensure that you’re getting the cheapest possible car insurance quote is to shop regularly. Rates are constantly changing, and your cheapest option a year ago may no longer be your cheapest option today.

Beyond shopping, there are other strategies to consider that might be able to help you get cheaper car insurance quotes:

• Shop rates before you buy a car. Before you buy that new fancy car you’ve got your eye on, consider that certain cars are more expensive to insure. It’s a good idea to compare quotes for the same coverage across makes and models that you’re considering.
• Drive responsibly. If you have a poor driving record, you’re almost guaranteed high car insurance rates. Most companies look at your driving history over the last three to five years, so staying incident-free over a three to five-year period should help you get cheaper rates.
• Improve your credit. Your credit score has a significant impact on your car insurance rates. Borrow responsibly, pay your bills on time, and take the necessary steps to build your credit if you hope to get lower car insurance rates.
• Get a higher deductible. If you’re able to pay more out of pocket after an event, consider getting a higher deductible. This will lower your monthly premium.

Why Do I Need to Compare Auto Insurance Quotes?

No two companies are likely to quote you the exact same rate for a car insurance policy. Getting car insurance quotes from multiple companies and comparing them is the best way to ensure that you’re getting the lowest rate available to you for the coverage you need.

As car insurance rates change frequently, it’s recommended that you compare quotes at least once per year, as well as when you move to another state or when your driving history changes.

Do I Need to Compare Auto Insurance Rates if I Move Out of State?

Where you live is actually one of the biggest factors impacting your auto insurance rates. Rates vary from state to state, as do auto insurance companies.

It might be that your current auto insurance company doesn’t serve the state you’re moving to or vice versa. So, it’s important that you revisit auto insurance rates whenever you move out of state.

What Goes Into a Car Insurance Quote?

There are all sorts of factors that impact the rate on your car insurance quote, and these factors are weighed differently from one company to the next. Certain personal characteristics are used to determine your risk of an incident. These characteristics often include the following:

• Age
• Gender
• Marital status
• Education
• Driving history
• Driving frequency
• Credit score
• Location
• Vehicle

While these personal characteristics have a significant impact on your rate, your rate is also dependent on the type of coverage you get. The more coverage you need, the higher your quote is generally going to be.

What Are Your Car Insurance Quote Options?

A car insurance quote will include the minimum coverages required by law in your state. Typically, this will include bodily injury coverage and property damage coverage (together, referred to as liability insurance), as well as uninsured motorist coverage.

Beyond these minimums, you have the option of including any of the following coverages in your car insurance quote:

• Collision insurance
• Comprehensive insurance
• Medical coverage
• Gap insurance
• Roadside assistance
• Rental reimbursement

Choosing the Right Coverages for Your Car Insurance Quote

There are three main types of auto insurance coverage that you should consider whenever you shop for a new car insurance policy.

The first type is liability insurance—which, in most states, is the minimum coverage required by law. Liability insurance is broken up into bodily injury liability and property damage liability, which covers another person’s medical expenses and wages and another person’s vehicle or property damage, respectively.

The second type is collision insurance. While liability insurance only covers damage to the other person involved in an accident, collision insurance also provides coverage for your own vehicle. Keep in mind that collision insurance typically requires you to pay a deductible during a claim, so it might not be worth getting a high deductible with a low-value car.

The third type is comprehensive insurance. While collision insurance only covers damage to both vehicles in the event of a crash, comprehensive insurance provides coverage for other events as well—including theft, vandalism, fires, floods, tornadoes, hailstorms, explosions, and more.

Take the following factors into account when choosing the coverages for your auto insurance policy:

• How often you drive and the traffic where you drive.
• The weather and crime rates in your area.
• The current value of your vehicle.
• How much you can realistically afford to pay out of pocket after an accident.

There are also other types of insurance you might choose to include in your policy, depending on your needs. These include the following:

• Gap insurance
• Roadside assistance
• Rental car reimbursement
• Uninsured/underinsured motorist coverage

Should You Get a Quote Online or With an Agent?

The truth is that you can get great car insurance rates online or with an agent. Whether you choose to go online or pick up the phone comes down to preference, as each method has its pros and cons.

Getting a quote online:

• Comes with less pressure to buy
• Allows you to adjust policy details in the same session
• May not be as accurate as a quote from an agent
• May make it difficult to get all of your questions answered

Getting a quote with an agent:

• Allows for a more accurate quote
• Allows you to troubleshoot complex issues
• May allow you to adjust the policy, but it may take longer
• May have longer wait times during busy hours
• May come with higher pressure to buy because of agent commissions

Getting Auto Insurance Quotes Doesn’t Have to Be a Chore

Checking your auto insurance rates should be something you revisit at least once each year. Moving to a different state, maintaining a clean driving record, improving your credit, or simply shopping with a different company are all factors that could allow you to get a lower premium.

Don’t miss out on your potential savings! With three of the best sites to get free car insurance quotes, it’s easy to check your rates and find out how much you could be paying.

The post 2 Best Sites To Get Free Car Insurance Quotes appeared first on Wall Street Insanity.