Do you have a home in Richmond and find yourself needing car insurance? Perhaps you have a business in Arlington and your company policy is about to expire. If you are like the majority of the population in this country, you will decide to stay with your current insurance company. Perhaps you don’t like change. Or maybe you have known your current insurance agent for many years. But does it make sound business sense to get car insurance based on those factors?
Why is shopping insurance any different than shopping for the best vehicle price or the best financing rates? Some people are under the misconception insurance premiums are regulated by the state and are the same no matter where you go. But that is simply not the case. If you spend time to shop for insurance you will find rates vary greatly from company to company.
Here are a few tips to save you money while you are checking with different Virginia car insurance companies.
Start by contacting four or five different agencies. Provide each agency with the same information and then ask for quotes. You will be surprised to see the difference in the rates you are quoted.
Be sure you ask the agents about discounts their companies offers. Sometimes these can reduce your premiums considerably. For instance, are you a veteran? A senior citizen? Are you a student with good grades? All of these are things may qualify you for discounts.
Extra safety features pays off. There are a number of insurance companies that also provide discounts for the safety equipment on your car — even equipment that is now standard on most cars. For instance, air bags and anti-lock brakes may provide you with some pretty good discounts off your premiums. Many times you can combine these and the result will be hundreds of dollars of savings over the life of your policy. Just be sure to ask your agent about ALL the discounts they have available.
Stick to the basics. Another way to save money is by buying only the insurance you need. For instance, how much is your car worth? If it is only worth $3,000 or $4,000, is it really worth paying an extra $30 or $40 a month for collision insurance? Ultimately you will have to decide. Just remember, if your car is in an accident the insurance company may consider it totaled and simply write you a check for the book value. These same questions must be considered when deciding on the deductible. Obviously the larger the deductible, the less your monthly premium. Do you want a $1,000 deductible on a car only worth $2,000? What can you afford to pay out of pocket should you be faced with this situation? Again, this is something only you can answer.
Insure.com listed Virginia as one of the top 10 states for cheapest annual average car insurance premiums when they compared data from all of the 51 states in the US. Virginia ranked #43 with an annual of $1,008.
When shopping for Virginia car insurance, or car insurance in any state, be sure to first do your homework. Spend the necessary time contacting several agencies and comparing rates and coverages. That is the only way you will find the best policy at the best rate, thus saving you many of your hard-earned dollars.