| NAIC Information |
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| Written by Graham McKenzie |
| Thursday, 27 May 2010 12:22 |
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Automobile Insurance premiums are rising and you need to shop around to make sure you are getting the best deal. You want to make sure you have the coverage you need while paying the least amount possible in premiums. Before comparison shopping make sure you know all the discounts you are eligible for.
Automobile Insurance premiums are rising and you need to shop around to make sure you are getting the best deal. You want to make sure you have the coverage you need while paying the least amount possible in premiums. Before comparison shopping make sure you know all the discounts you are eligible for. If so, you?re already a step ahead of the game. Just keep in mind that the rates quoted on these sites cannot take your personal situation into account. If you have bad credit or a poor driving record, your premiums will probably be higher than those listed on your local insurance commissioner?s website. Search out online resources which pertain to your area by logging onto http://www.naic.org which is the National Association of Insurance Commissioners (NAIC) website. There is a link to NAIC States and Jurisdictions. Once there locate your state or area?s website listing and you will be able to pull up the most current rates of local auto insurance companies. The rates quoted on these sites vary according to your personal situation. Such variables as bad credit, a poor driving record, even if you smoke could probably result in higher premiums than those listed on the local insurance commissioner?s website. However, studying the trends of different companies in your area from an unbiased source can save you time and help you make a decision as to which insurance company you want to give your business to in your area. If it turns out that your state is not listed or doesn?t have a website, the NAIC website contains consumer guides with valuable information for reference as you conduct your search. When shopping around for the best coverage, it serves your best interest to be honest with the companies you call or visit online about your personal situation, your insurance needs, and your driving history. This will help avoid misquotes and you will know exactly how much coverage is being offered for the premium amount quoted. Remember that your auto insurance is actually a group of several different types of coverage. Ask how much coverage the quoted premium provides to you and how much the coverage is worth. Make sure you?re comparing similar plans, and know what?s required by law in your state. Now that you've found the coverage you need, discuss discounts with the providers you have selected. Be sure your quote is the final amount of the premium after discounts. While one provider may offer a separate discount for each eligible item, another provider may offer combined discounts. This does not mean because you are getting three discounts from the first provider and only one discount from the second provider the first premium is cheaper. For example, Provider A may offer a 5% discount for each of three items while Provider B offers a 20% discount because you meet a combination of requirements. You are getting the higher discount from Provider B. Make sure you compare the final premium rate before making your decision. Visit the NAIC to become informed, comparison shop for the best coverage and premiums based on your personal situation, and make sure you receive all the discounts you are entitled to. If you take the time to do this you can rest assured that you are getting the best value for your money. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Graham McKenzie is the content syndication coordinator for Carinsurancesa.co.za, a leading South African Car Insurance portal. |