Overpriced Hyundai Equus insurance can overdraw your checking account and force you to prioritize other expenses. Comparison shopping is free, only takes a few minutes, and is a good way to make sure you’re not throwing money away. Many car insurance companies vie for your hard-earned dollar, so it’s not easy to compare every insurer to get the best price available.
It’s important to get comparison quotes quite often since insurance rates trend upward over time. Just because you found the best deal for Equus insurance last year there is a good chance you can find better rates now. You can find a lot of misleading information regarding auto insurance online, so I’m going to show you some of the best ways to quit paying high auto insurance rates.
If you have a current auto insurance policy or need new coverage, you can use this information to shop for the lowest rates and still get good coverage. Finding affordable coverage is quite easy. Drivers only need to know the tricks to compare price quotes on the web.
Why your Hyundai Equus might be costing you more
It’s important that you understand the rating factors that go into determining the price you pay for auto insurance. Knowing what controls the rates you pay empowers consumers to make smart changes that will entitle you to lower auto insurance prices.
- Extra add-on coverages are wasting money – There are quite a few add-on coverages that you can buy on your auto insurance policy. Things like personal injury protection, towing coverage and motor club memberships may be wasting your money. These may sound like a good investment when talking to your agent, but if you don’t need them remove them from your policy.
- Do you qualify for a multi-policy discount? – Some insurers provide better rates to customers who carry more than one policy in the form of a multi-policy discount. Even with this discount, it’s in your best interest to comparison shop to confirm you are receiving the best rates possible.
- Bump up deductibles to save – Coverage for physical damage, also known as collision and other-than-collision, protects your Hyundai from damage. Some instances where coverage would apply would be collision with another vehicle, damage from fire, and windstorm damage. The deductibles are the amount of money you are willing to pay if you file a covered claim. The more money you are required to pay out-of-pocket, the lower your rates will be for Equus insurance.
- Too many auto insurance claims drive up costs – If you file claims often, you can definitely plan on either a policy non-renewal or much higher rates. Auto insurance companies give better rates to drivers who are claim-free. Auto insurance is meant to be used in the event of major claims that would cause financial hardship.
- Do you work long hours in a high stress job? – Did you know your occupation can influence how much you pay for auto insurance? Occupations such as doctors, executives and accountants are shown to have higher rates than average due to stressful work requirements and lots of time spent at work. On the flip side, jobs such as pilots, athletes and performers pay the least for Equus insurance.
- Marriage brings a discount – Being married can actually save you money on your auto insurance policy. Having a significant other usually means you are more mature and responsible and statistics show being married results in fewer claims.
- Lower rates with optional equipment – Choosing a vehicle with an alarm system can help lower your rates. Theft prevention devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart your vehicle from being stolen.
- Better credit means lower rates – A driver’s credit score is a huge factor in your rate calculation. Drivers who have high credit ratings tend to be better drivers and file fewer claims than drivers with poor credit. If your credit is low, you could pay less to insure your Hyundai Equus by improving your rating.
Lower rates by qualifying for discounts
Companies offering auto insurance do not advertise every discount very well, so we researched some of the best known as well as the least known auto insurance savings. If you don’t get every credit possible, you’re just leaving money on the table.
- Clubs and Organizations – Belonging to a civic or occupational organization is a good way to get lower rates when buying auto insurance for Equus insurance.
- Student Driver Training – Cut your cost by having your teen driver enroll in driver’s education if offered at their school.
- Use Seat Belts – Using a seat belt and requiring all passengers to buckle their seat belts can save up to 15% off your medical payments premium.
- Homeowners Discount – Owning a home can save you money because owning a home shows financial diligence.
- Braking Control Discount – Vehicles equipped with ABS or steering control prevent accidents and therefore earn up to a 10% discount.
- Accident Waiver – A handful of insurance companies allow you one accident before hitting you with a surcharge as long as you don’t have any claims for a certain period of time.
- Multi-policy Discount – If you have multiple policies with the same insurance company you will save at least 10% off all policies.
- Safe Drivers – Drivers who don’t get into accidents may save up to 50% more for Equus insurance than less cautious drivers.
- Student in College – Youth drivers living away from home attending college and don’t have a car can be insured at a reduced rate.
- Multiple Vehicles – Insuring multiple vehicles on one policy may reduce the rate for each vehicle.
Consumers should know that many deductions do not apply to your bottom line cost. Most only reduce individual premiums such as comprehensive or collision. So when it seems like all the discounts add up to a free policy, companies don’t profit that way.
To choose companies with discount auto insurance rates, click here.
Car Insurance through a local agent
Some people would prefer to visit with an insurance agent. Licensed agents can answer important questions and help submit paperwork. One of the great benefits of price shopping on the web is the fact that you can find the best rates but also keep your business local.
By using this simple form, your insurance coverage information is transmitted to local insurance agents who will compete to get your business. There is no need to even leave your home as quotes are delivered to your email. How’s that for easy!
Selecting a company requires more thought than just the bottom line cost. Any agent should be forthright in answering these questions:
- Do they assist clients in filing claims?
- Are there any discounts that you might be missing?
- Do the companies they represent have a solid financial rating?
- Do they have any clout with companies to ensure a fair claim settlement?
- How much can you save by raising your physical damage deductibles?
- Do they have adequate Errors and Ommissions coverage? This protects you if they make a mistake.
- Who is covered by the car insurance policy?
- Do clients work directly with the agent or are most inquiries handled by a CSR?
Types of insurance agents
When researching a good insurance agency, there are two types of agencies to choose from. agents can either be captive or independent (non-captive). While both can do a good job, but it’s important to know how they differ because it can impact buying decisions.
Agency Captives
Captive insurance agents work for only one company and examples are Farmers Insurance, American Family, State Farm and Allstate. They are unable to compare other company’s rates so they have to upsell other benefits. Captives are trained well in insurance sales which helps them compete with independent agents.
Independent Insurance Agents
These agents are not required to write business for one company but instead can place your coverage amongst many companies enabling the ability to shop coverage around. To move your coverage to a new company, the business is moved internally and you don’t have to find a new agent.
When shopping rates, you should always include at a minimum one independent agency to ensure the widest selection of prices.
To view a full list of insurance agents, click here.
After receiving satisfactory answers to any questions you have as well as a affordable price, chances are good that you have found a car insurance agent that can provide auto insurance coverage.
Do drivers who switch really save $405 a year?
Consumers can’t ignore all the ads for the lowest price auto insurance from the likes of Progressive, Allstate and GEICO. All the ads make an identical promise that you’ll save big if you move your coverage to them.
How does each company make the same claim?
All companies can use profiling for the type of customer that earns them a profit. For example, a desirable insured could be between the ages of 40 and 55, has no prior claims, and drives newer vehicles. A driver who matches those parameters will get very good rates and as a result will probably save quite a bit of money when switching.
Consumers who do not match these standards will be quoted a higher premium which leads to the driver buying from a lower-cost company. The ads say “drivers who switch” not “everybody who quotes” save that much money. That is how companies can make those claims. This emphasizes why you should quote coverage with many companies. It’s not possible to predict which auto insurance company will provide you with the cheapest rates.
The best insurance company isn’t always the cheapest
We just presented a lot of ways to compare Hyundai Equus insurance prices online. The key concept to understand is the more you quote, the better your comparison will be. You may be surprised to find that the lowest rates come from some of the lesser-known companies. Smaller companies often have lower prices on specific markets compared to the large companies like Allstate, GEICO and Progressive.
As you restructure your insurance plan, never sacrifice coverage to reduce premiums. In too many instances, someone sacrificed comprehensive coverage or liability limits and found out when filing a claim that the few dollars in savings costed them thousands. Your strategy should be to get the best coverage possible at an affordable rate while still protecting your assets.
