We don’t have to tell you that car insurance companies don’t want customers comparing rates. People who shop for lower rates are very likely to switch insurance companies because they have good chances of finding lower prices. A recent survey found that drivers who routinely shopped for cheaper coverage saved about $70 a month compared to policyholders who never shopped around.
If saving money on auto insurance is the reason you’re here, then having some knowledge of the best ways to shop for insurance rates can save time and money.
The most effective way to get more affordable auto insurance rates in Baltimore is to make a habit of comparing prices annually from insurers who provide car insurance in Maryland.
- Gain an understanding of how insurance companies determine prices and the things you can control to keep rates low. Many risk factors that increase rates like traffic violations and poor credit history can be eliminated by being financially responsible and driving safely. Later in this article we will cover instructions to keep prices down and get additional discounts that may be available.
- Compare rates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can quote rates for many different companies. Select a company
- Compare the new rate quotes to the premium of your current policy and see if there is a cheaper rate in Baltimore. If you find a lower rate and switch companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Provide written notification to your current company to cancel your current auto insurance policy. Submit the required down payment along with the signed application for the new coverage. When you receive it, keep the new proof of insurance paperwork with your registration paperwork.
One piece of advice is that you’ll want to make sure you compare identical deductibles and limits on each quote request and and to get prices from as many auto insurance providers as possible. This guarantees an accurate price comparison and the best rate selection.
If you currently have insurance, you will be able to get lower rates using the following tips. Locating the most cost-effective insurance policy in Baltimore is actually quite simple. But Maryland consumers should learn the way companies sell online and apply this information to your search.
Most larger insurance companies like GEICO, State Farm and Progressive give insurance quotes on the web. Getting online quotes for Fiat 500 insurance in Baltimore is easy for anyone as you simply enter the amount of coverage you want into a form. When the form is submitted, the company’s rating system automatically retrieves information on your driving record and credit history and quotes a price based on the data you entered. The ability to get online price quotes for Fiat 500 insurance in Baltimore makes comparing rates easy, and it is important to do this if you want to find the most affordable premium.
In order to find out how much you can save on auto insurance, check out the auto insurance providers below. If you have coverage now, it’s recommended you enter the coverage information exactly as shown on your declarations page. This ensures you will get a price comparison for similar insurance coverage.
The companies shown below have been selected to offer free quotes in Baltimore, MD. To find cheap auto insurance in Baltimore, we suggest you get price quotes from several of them to get the most competitive price.
Smart Consumers Can Cut Insurance Costs
Many factors are used in the calculation when you get your auto insurance bill. Some of the criteria are obvious like a motor vehicle report, but some are less apparent such as your credit history and annual miles driven.
- Bundle home and auto and save – Some insurers provide a discount to buyers that buy multiple policies. It’s known as a multi-policy discount. This can amount to as much as ten percent or more Even if you’re getting this discount you may still want to check prices from other companies to make sure you are getting the best deal. It’s possible to still find lower rates by buying insurance from a different company.
- Policy add-ons can waste money – There are quite a few extra coverages that you can get tricked into buying if you don’t pay attention. Coverages like vanishing deductibles, towing coverage, and term life insurance could be just wasting money. These coverages may sound good when buying your policy, but if you don’t need them consider taking them off your policy.
- Too many insurance claims and you’ll pay more – If you tend to file frequent claims, you can pretty much guarantee higher premiums or even policy non-renewal. Car insurance companies in Maryland generally give discounts to policyholders who are claim-free. Insurance coverage is designed for the bigger claims that can’t be paid out-of-pocket.
- Excellent credit scores equal low costs – Having a bad credit rating can be a huge factor in your rate calculation. Therefore, if your credit history leaves room for improvement, you could save money insuring your Fiat 500 if you improve your credit rating. People with high credit scores tend to be better drivers and file fewer claims than those with poor credit scores.
- Bump up physical damage deductibles to lower rates – Deductibles for physical damage tell how much you are required to spend before a claim is paid by your company. Physical damage coverage, also called comprehensive and collision insurance, covers damage that occurs to your car. Some coverage claims are a windshield broken by a bird, damage from fire, and damage caused by road hazards. The more money you have to pay, the lower your rates will be.
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Fiat 500 statistical loss data – Insurance companies analyze past claim statistics as a way to help calculate a profitable premium price. Vehicles that historically have higher losses will have a higher premium rate. The information below illustrates the insurance loss data used by companies for Fiat 500 vehicles.
For each policy coverage type, the statistical loss for all vehicles, regardless of manufacturer or model, is set at 100. Numbers that are below 100 indicate a favorable loss history, while percentage values above 100 indicate more frequent losses or an increased probability of a larger loss.
Insurance Loss Ratings for Fiat 500 Vehicles Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Fiat 500 72 76 66 96 89 84 Fiat 500 Convertible 76 79 60 85 Fiat 500 Electric 73 59 76 60 Fiat 500L 112 80 102 128 93 97 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Car insurance does more than just protect your car
Even though Baltimore 500 insurance rates can get expensive, buying car insurance may be required and benefits you in several ways.
- Almost all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a specific level of liability if you want to drive legally. In Maryland these limits are 30/60/15 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you took out a loan on your vehicle, almost every bank will force you to buy insurance to protect their interest in the vehicle. If the policy lapses, the lender may insure your Fiat at a much higher rate and force you to reimburse them much more than you were paying before.
- Insurance protects both your Fiat 500 and your assets. It also can pay for hospital and medical expenses incurred in an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, collision and comprehensive coverages will pay to have it repaired.
The benefits of insuring your car greatly outweigh the cost, particularly when you have a large claim. An average driver in America is currently overpaying as much as $865 each year so compare rate quotes each time the policy renews to be sure current rates are still competitive.