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7 Steps Towards Purchasing Car Insurance

Are you in the market for a new auto insurance policy? Get the maximum protection for your investment at the best possible price. 

Read on for your guide to purchasing auto insurance in 7 easy steps. 

Step 1: Choose a way to purchase your policy 

You can choose to buy a policy directly from an insurance company or through an independent insurance broker. 

If you already have homeowners or renters insurance, you likely also have the option of purchasing an auto policy through your current insurer. Choosing to bundle policies may give you a discount of as much as 15% off the usual cost of the policy.   

If you’re working with insurance companies, contact each one individually to get your quotes. This is likely to be the best approach if you’re only choosing between two insurance companies or between several policies from the same company. 

If you’re open to purchasing a policy from any company, and you’d rather not spend the next month getting quotes, you’re best off using an independent broker. You’ll only need to fill out one application and the broker will do the research for you, pulling up several quotes for you to compare and consider. 

Step 2: Decide how much coverage you need 

When choosing a policy, you can opt for maximum coverage, the minimum required by state law, or any amount in between. 

Here are the primary categories of auto insurance coverage:   

There are several coverage add-ons you may be interested in as well, including roadside assistance, rental car insurance, and rideshare insurance for those employed by companies like Uber or Lyft. 

Step 3: Determine your risk 

Ask yourself these questions to assess your risk of being in an accident or of your vehicle incurring damages:  

Step 4: Be prepared to fill out an application(s) 

No matter how you choose to apply for car insurance, be prepared to supply the following information:  

Step 5: Get your quotes 

You’ll get your quotes within a few hours of submitting your application, and sometimes as quickly as within a few minutes. 

Your quotes will include several options for the deductible and the premium amounts. In general, a higher deductible, which means paying more out of pocket when you file a claim, will give you a lower premium. While this option might mean there’s more money in your wallet each month, it can spell catastrophe for your finances if your vehicle is involved in a theft or accident requiring expensive repairs. Your best option is to take the middle road and find a plan that offers the maximum deductible you can easily afford along with the lowest premiums. 

Step 6: See if you qualify for a discount 

Before signing on a quote, check if you qualify for a discount. Any of the following factors may make you eligible for a cheaper plan: 

Step 7: Choose your policy 

When you have all the details ironed out and you’ve compared several plans, you’re ready to choose an auto insurance policy that best suits your needs. 

Once you’ve made a decision, be sure to pay your premiums in a timely manner and to keep your insurance identification card in your vehicle at all times. If you are involved in an accident or are the victim of theft, contact your insurance provider through the number provided on your insurance identification card as soon as possible. It’s also a good idea to try shopping for a cheaper policy once a year.

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