Shopping for Auto Insurance

shopping for auto insurance 1

Auto Insurance Shopping

Car insurance is legally required to operate a motor vehicle in the United States. Some states allow a driver to pay an uninsured motorist fee, that allows the driver to drive legally without an insurance policy. The insurance business is complex, simplifying for the shopper how the insurance business works, terminology used in the policy and assist with any questions the shopper may have helps them choose the right insurance policy. We created a short checklist that the insurance shopper should be mindful of when shopping for auto insurance.

What should I ask myself when comparing insurance rate?

  • Market Sentiment
  • Company Financial Security
  • Claim Details
  • Hours of Operation
  • Discount Amount
  • Emergency Road Side Assistance

Market Sentiment

This is the number one most important question you should ask yourself when finding your next policy. If people are complaining or have had a negative experience with that insurance company you should note the feedback. If the trend is multiple people have had bad service, then you should probably stay away from that company. Take others experiences with a grain of salt, but if their’s consistent negative feedback that is expressing a trend of bad service that should be a red flag.

Company Financial Security

Digging into your insurance companies financial history will give you an insight into what would happen in the event you needed to file a claim. If a company is consistently hitting higher revenue targets every year, and market sentiment is still positive that’s a health company to purchase a policy with. Digging further to find who reinsures your insurance company, is even more information you can use to determine what would happen if your insurance company were to go out of business.

Claim Details

The policy holder pays a premium every month in case they need to file claim. Knowing ahead of time how quickly the claim is paid out is the shoppers right. Technology is constantly changing in the insurance industry, and you can get access to claims faster. Understanding the insurance companies claim process and how fast you can have access to the claim money is important information for the shopper when making a policy decision.

Hours of Operation & ESA

Having access to your insurance company around the clock, is important. Choosing an insurance company who has representatives working 24/7 provides the shopper reassurance that they are protected by a financially solvent company. If you are stranded on the side of the road does your insurance policy offer emergency road side assistance. Choosing an insurance company that helps their drivers at all hours of the day is an important question to ask potential insurance companies.

Discount Amount

Asking your insurance company what type of discounts they offer is important in the shoppers decision. Most reputable insurance companies offer discounts to students with a high grade point average, bundling multiple policies, owning a home, multiple drivers or multiple vehicles under the same policy. These are just a few of the insurance discounts that companies offer, you should ask your insurance company about the discounts they offer. It doesn’t hurt to ask and in the event that they don’t offer discounts then you can always take your business elsewhere.

Where can I compare the cheapest auto insurance?

At VA Car Insurance you find the cheapest insurance quotes from independent insurance agents. The insurance shopper speaks with one insurance agent who guides you through the entire process. The independent agent, takes your information and gets you live quotes from insurance carriers and consults you on which policy is the best for you. You have an insurance agent who’s in your financial corner, consulting you on finding the right policy. Independent insurance agents have are free to shop policy quotes from any carrier so they can create policy based on the shoppers needs and not what they agency pushes the captive agent to sell.

Why is the online insurance shopping experience difficult?

The right amount of coverage, backed financially by a reputable company at just the right price, that’s all the insurance shopper wants. They are given overpriced policies with coverage that they don’t need, and their information passed around to anyone for the right price. How did we get to this point in the insurance industry? It’s hard to say but currently the online shopper is treated as a short term boost in revenue, and not a customer. Who enabled this activity? Legacy insurance players, information brokers, and captive insurance agents. To survive in the most competitive industry in the world, short cuts had to be made, and industries were created to profit off the void that emerged with the internet. Moving forward the insurance industry will radically change. The two people who suffered the most from the past insurance shopping experience was the shopper, and the captive insurance agent.

How will shopping for auto insurance change?

Finding the right insurance policy, shouldn’t be difficult. The online insurance shopping experience has led to some of the lowest customer satisfaction feedback in any industry. The internet ruined the experience of buying insurance for shoppers. People hate to be sold, and when you fill out a form only to be called by eight different salesman people, you get turned off immediately. The trend is fewer insurance agents, more technology, and access to data in real time. In the next ten years, the modern day insurance agent will be replaced with the insurance bot.