Have you fallen victim to an underperforming, overpriced car insurance policy? Believe me when I say many consumers feel financially strained by their car insurance policy.
Lots of insurers contend to insure your vehicles, and it can be difficult to compare rates to discover the definitive lowest price
You need to compare rates once or twice a year since insurance rates go up and down regularly. Just because you had the best deal on S2000 coverage six months ago other companies may now be cheaper. Forget anything you know (or think you know) about car insurance because you’re about to learn how to use the internet to buy cheaper car insurance.
If you have car insurance now, you will most likely be able to cut costs considerably using these techniques. Finding the best rates is quite easy. But car owners must learn the way insurance companies market on the web and apply this information to your search.
Verify you’re getting all your discounts
Car insurance can cost a lot, but you can get discounts that you may not even be aware of. Some discounts apply automatically when you quote, but some must be specially asked for before they will apply.
- Pay Now and Pay Less – If you pay your entire premium ahead of time instead of making monthly payments you can actually save on your bill.
- Memberships – Being a member of a qualifying organization could qualify you for a break on your policy on S2000 coverage.
- Drive Less and Save – Driving fewer miles could qualify for a substantially lower rate.
- Accident Waiver – A handful of insurance companies allow you one accident without raising rates if you are claim-free prior to the accident.
- Paperwork-free – A handful of insurance companies will discount your bill up to fifty bucks for buying your policy over the internet.
- Anti-lock Brake System – Cars that have steering control and anti-lock brakes can avoid accidents and therefore earn up to a 10% discount.
- Good Student – Performing well in school can save 20 to 25%. Earning this discount can benefit you well after school through age 25.
- Employee of Federal Government – Employees or retirees of the government can earn a discount up to 10% on S2000 coverage depending on your company.
- Save over 55 – If you’re over the age of 55, you may be able to get reduced rates on S2000 coverage.
- Own a Home – Owning a house may trigger a car insurance policy discount because maintaining a house requires personal responsibility.
It’s important to note that most discount credits are not given to your bottom line cost. Most cut individual premiums such as physical damage coverage or medical payments. Just because you may think you could get a free car insurance policy, you won’t be that lucky. Any qualifying discounts will reduce your overall premium however.
To see a list of insurance companies who offer car insurance discounts, click here.
Factors determining your Honda S2000 insurance premium
It’s important that you understand the rating factors that play a part in calculating the rates you pay for car insurance. Having a good understanding of what determines base rates enables informed choices that could result in lower car insurance prices.
Shown below are some of the factors car insurance companies consider when setting premiums.
- Special features that cut premiums – Purchasing a vehicle that has an advanced theft prevention system can help lower your rates. Theft prevention devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all aid in stopping auto theft.
- Poor credit can mean higher rates – Your credit score is a important factor in your rate calculation. If your credit score is lower than you’d like, you could be paying less to insure your Honda S2000 by repairing your credit. People with high credit scores tend to be more responsible than drivers with poor credit.
- Cautious drivers pay less – Whether or not you get tickets has a big impact on rates. Only having one speeding ticket can bump up the cost forty percent or more. Drivers who don’t get tickets have lower premiums than bad drivers. Drivers with serious tickets such as DUI or reckless driving are required to submit a SR-22 form with the DMV in their state in order to continue driving.
- An active claims history can cost you – If you frequently file small claims, you can definitely plan on higher rates. Car insurance companies award cheaper rates to drivers who are claim-free. Insurance coverage is meant to be used in the event of major claims that would cause financial hardship.
- Increase deductibles and save – The deductibles define the amount you are willing to pay before your car insurance pays a claim. Physical damage insurance, also known as collision and other-than-collision, is used to repair damage to your car. A few examples of covered claims are running into the backend of another car, collision with an animal, and rolling your vehicle. The more you have to pay, the lower your rates will be on S2000 coverage.
- Where you reside plays a part – Living in less populated areas can be a good thing when insuring your vehicles. Drivers in populated areas have to deal with much more traffic and longer commute times. Fewer people means fewer accidents.
- Multiple policies with one company can save – Some insurers will give a discount to policyholders who buy several policies from them in the form of a multi-policy discount. Even with this discount, you may still want to compare other company rates to make sure you are getting the best deal.
- Liability coverage is cheap – Liability insurance is the protection if you are found to be at fault for damages from an accident. Liability insurance provides you with a defense in court up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so do not skimp.
When should I talk to an agent?
When buying adequate coverage, there really is not a perfect coverage plan. Everyone’s situation is unique and a cookie cutter policy won’t apply. Here are some questions about coverages that may help you determine if your situation may require specific advice.
- Does my insurance cover damage caused when ticketed for reckless driving?
- What is high-risk coverage and where do I buy it?
- Are there companies who specialize in insuring high-risk drivers?
- Can my teen driver be rated on a liability-only vehicle?
- Will I lose any money if I cancel my policy before it expires?
- How much liability coverage do I need in my state?
- What vehicles should carry emergency assistance coverage?
- When do I need to add a new car to my policy?
If you can’t answer these questions then you might want to talk to an insurance agent. To find an agent in your area, complete this form or go to this page to view a list of companies.
Save $471 a year. For real?
Car insurance providers like State Farm, GEICO and Progressive constantly bombard you with ads in print and on television. They all make the same claim that you can save if you switch to their company. How can each company make almost identical claims?
All the different companies can use profiling for the type of driver that is profitable for them. For instance, a profitable customer could possibly be between the ages of 40 and 55, has no tickets, and has a high credit rating. Any new insured who matches those parameters receives the best rates and most likely will pay quite a bit less when switching companies.
Drivers who do not match the requirements must pay higher rates which leads to the customer not buying. The ads state “drivers who switch” not “everyone that quotes” save that much. That’s the way insurance companies can confidently state the savings.
This illustrates why it is so important to get a wide range of price quotes. It’s impossible to know which insurance companies will provide you with the cheapest rates.
The best insurance company isn’t always the cheapest
While you’re price shopping online, do not buy lower coverage limits just to save a few bucks. There have been many situations where an accident victim reduced liability coverage limits only to regret at claim time that a couple dollars of savings turned into a financial nightmare. Your goal should be to purchase a proper amount of coverage for the lowest price.
You just read quite a bit of information on how to lower your Honda S2000 insurance rates. The key thing to remember is the more quotes you get, the more likely it is that you will get a better rate. Consumers could even find that the lowest rates come from a lesser-known regional company. These companies can often insure niche markets at a lower cost as compared to the big name companies such as State Farm or Progressive.
Low-cost Honda S2000 insurance can be purchased both online and with local insurance agents, so you should compare both in order to have the best chance of saving money. Some insurance providers do not offer the ability to get a quote online and these small insurance companies work with independent agents.
