Three Steps to Cheaper Lotus Elise Insurance
If comparing car insurance was easy, most of us would do it more often. But it's actually not a real enjoyable process for the majority of people and we always seem to end up paying too much. Finding insurance for your Lotus Elise that you can actually afford is probably no different.
Step One: Compare Multiple Rates
Up until about ten years ago, the only way to shop for car insurance was in the office of a local insurance agent where you'd get a hard sell into a policy. Now you can compare rates and buy a policy online!
Getting online rate quotes for a Lotus Elise from all the major insurance companies is very easy and only requires you to enter your information once.
Compare rates now by clicking the link below. In just a few minutes you'll have a good idea of what insurance will cost for your Lotus Elise.
Apples-to-Apples! When doing comparison quotes for your Elise, it's very important that you use the same liability limits and physical damage deductibles on each quote. Otherwise you will not be able to accurately determine which company has the lowest rates.
Step Two: Best Ways to Lower your Elise Insurance Cost
After completing step one above, you can now learn some of the other ways to slash your Elise insurance costs.
- The performance boost offered by your Lotus Elise is going to force you to spend more for insurance. Consider trading for a lower performance vehicle in order to bring down your rates.
- Each year make a habit of checking your credit score. If you find problems that may be dragging down your credit rating, address them immediately. This will result in significant savings on car insurance.
- Repairing accident damage generally costs more for the Elise because the replacement parts cost more. You can expect your car insurance bill to reflect these higher costs for repair.
- If your teen driver has completed a driver's education class in school, check to see if your insurance company offers any discounts for this.
- Due to the sporty nature of the Elise, expect to pay a little more to insure it. Sport cars have higher rates than passenger vehicles due to the increased acceleration and tendancy of the drivers to use it.
- When buying a new policy, you do not want a gap in coverage. This lapse is viewed by insurance companies as a high risk, and you will pay more for your next policy.
- Renters will find they may be paying more for insurance as compared to homeowners. Owning a home can often get you a small discount on your car insurance.
- Being a senior citizen can qualify you for a small discount on your insurance rates. Older drivers are generally more cautious so they get a lower rate.
- Before a comprehensive or collision claim is paid by your company, you have to pay a deductible first. The more you're willing to pay, the lower your rates will be. Consider raising your deductibles to $500 or even $1,000.
- The easiest way to INCREASE your car insurance rates is to add a teenage driver to your policy. There aren't many ways to prevent a rate increase, but if you can rate them on an older vehicle, it can help.
- Speeding not only costs you a fine, a single ticket will raise your car insurance rates for up to three years. Slow down and be a safe driver and you'll pay lower rates.
- Safety features such as antilock brakes, traction control and air bag systems all help reduce the cost of car insurance by keeping the passengers safer.
- Small claims that may only exceed your physical damage deductibles by a small amount are better off not being submitted to your company. Just pay the extra hundred dollars or two and keep a claim-free discount on your policy.
- Vehicle thefts drive up the cost of everyone's insurance, but if your Elise is on the list of the most frequently stolen cars, you might be paying just a little extra.
Step Three: Bind Coverage and Cancel your Old Policy
Purchasing an insurance policy is more than just clicking a button. You need to have funds available to make payment and you need to be sure that the coverages are adequate for your personal situation.
If you didn't have a prior policy, then you can make the new policy effective any time. But if you're moving bewteen companies and don't want a lapse in coverage, make sure the effective date of the new policy is exactly the same as the cancellation date of the old policy.
If the Lotus Elise is a new purchase and you already have car insurance, then you will have some coverage that extends to the vehicle. But if you let your old policy lapse or have never had coverage, you don't have any protection once you buy the vehicle. When driving off the lot, you may have coverage that extends from your current policy. But it will only be equal to the most coverage you have on any vehicle. So if you only carry liability coverage, you won't be covered for full coverage until you specify it on your policy.
The proof-of-insurance card that is required by state law to be carried in your vehicle can be printed out upon completion of your car insurance policy. High risk drivers may be required to submit an SR-22 with their state DMV's. If you have been convicted of reckless driving, DUI or had an uninsured accident, you may qualify. Make sure your new policy reflects the need for the SR-22 filing.
More Resources for Insurance Buying
For more information on car insurance topics like the claims process, rental car insurance and how much coverage you need, visit the Insurance Information Institute website.
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