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5 Common Mistakes Car Owners Make During Auto Insurance Shopping

Once you buy a new car, one of the most challenging and frustrating things to do is find auto insurance that is both affordable and comprehensive. In addition, it can be even more difficult to find good rates if you have a less-than-perfect driving record. Here are some common mistakes people make when shopping for auto insurance:

1. Not doing comparison shopping

Comparison shopping is one of the most important steps you can take when looking for a new insurance company. Not only will it help you save money, but it will also allow you to find the best coverage for your needs. There are a few things to keep in mind when comparison shopping, such as the type of coverage you need and the available discounts. Once you understand your needs, you can start shopping around for the best rates. Be sure to get quotes from at least three different companies before making a final decision. 

2. Not understanding your coverage

Another common mistake people make is not taking the time to understand their coverage. Knowing what type of coverage you have and what it covers is important. For example, if you have collision coverage, it will cover damage to your car in the event of an accident. If you have comprehensive coverage, it will cover damage to your car from things like theft, fire, or weather.

Understanding your coverage will help you know what to expect if you ever need to file a claim.  It’s also important to know what your coverage doesn’t cover. For example, most auto insurance policies won’t cover damage caused by flooding or earthquakes. If you live in an area that’s prone to these natural disasters, you may need to purchase additional coverage. 

Lastly, make sure you understand your deductibles. A deductible is the amount of money you have to pay out-of-pocket before your insurance company will start paying for damages.

mistakes people make when shopping for auto insurance
mistakes people make when shopping for auto insurance

3. Not taking advantage of discounts

Not only can driving safely improve the value of your car over time, but it can save you money on car insurance. Auto insurance companies offer a variety of discounts that can save you money. Some common discounts include safe drivers, good students, and multi-policy.

Be sure to ask your agent about available discounts when you’re shopping for a new policy. You might be surprised at how much you can save. In addition to discounts, many auto insurance companies offer programs that can help you save money. For example, some insurers offer usage-based insurance, which is a type of program that uses technology to track your driving habits.

Another way to save money is to pay your premium in full. Many insurers offer a discount for customers who pay their premium in full upfront.

4. Not reading the fine print

When you’re signing up for a new auto insurance policy, it’s important to read the entire policy. You might be surprised to find that your policy doesn’t cover some things. For example, some policies won’t cover damage caused by floods or earthquakes. If you live in an area that’s prone to these natural disasters, you may need to purchase additional coverage. 

It’s also important to understand the terms of your policy. For example, most policies have a grace period for late payments. However, if you cancel your policy before the end of the term, you may not be eligible for a refund. Ask your agent about any terms or conditions you don’t understand before signing up for a policy. 

5. Not keeping the insurance policy up-to-date

If you have any changes in your life, such as getting married or buying a new car, be sure to update your auto insurance policy. If you don’t update your policy, you may not have the coverage you need. For example, if you get married and add your spouse to your policy, you may need to increase your coverage if you have a loan on your car

You should also update your policy if you move to a new state or buy a new car. Some states have different insurance requirements than others. If you buy a new car, you may need to purchase a different type of coverage. Be sure to keep your auto insurance policy up-to-date so you always have the necessary coverage.

Endnote

Auto insurance is an important purchase, but it can be difficult to understand. These six mistakes are common among car owners shopping for auto insurance. By avoiding these mistakes, you can be sure you’re getting the best coverage for your needs. Here with Car Title Loans California, we want to give you the information that you will need for your auto insurance. 

 

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