Sadly, a large majority of car insurance policyholders kept their policy with the same company for well over three years, and approximately 38% of consumers have never even shopped around for affordable coverage. Most drivers in Virginia Beach could save an average of $550 each year, but they won’t spend time to save money by comparing rate quotes.
Really, the only way to save money on car insurance rates is to start comparing prices regularly from different companies who sell auto insurance in Virginia Beach. Prices can be compared by following these guidelines.
First, read about how your policy works and the modifications you can make to lower rates. Many rating criteria that result in higher rates such as tickets, at-fault accidents, and a negative credit history can be amended by improving your driving habits or financial responsibility.
Second, obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give rate quotes from a single company like Progressive or State Farm, while independent agents can provide prices from many different companies.
Third, compare the new rates to your current policy premium and determine if there is any savings. If you find better rates and buy the policy, verify that coverage does not lapse between policies.
Fourth, provide adequate notice to your current company of your intent to cancel your current car insurance policy. Submit the required down payment along with the signed application to your new company or agent. When you receive it, store the certificate verifying proof of insurance with your registration paperwork.
A crucial key to this process is to try to use identical coverage information on every price quote and and to get price estimates from as many auto insurance providers as possible. Doing this guarantees an accurate price comparison and the most accurate and complete price analysis.
Why You Might Pay Increased Rates in Virginia Beach
Lots of things are used in the calculation when you quote your car insurance policy. A few of the factors are predictable such as traffic violations, but other criteria are more obscure such as whether you are married or how safe your car is. When buying car insurance it’s important to understand the different types of things that help calculate car insurance rates. If you know what impacts premium levels, this enables you to make decisions that can earn you better car insurance rates.
Listed below are a few of the “ingredients” that factor into premiums.
- What’s your car’s NHTSA crash test rating? – Vehicles with good safety scores get lower rates. Safer cars reduce occupant injuries and fewer serious injuries means less money paid by your insurance company and thus lower rates. If the Hyundai Equus scored at minimum four stars on Safercar.gov you may pay a lower rate.
- The type of car you drive affects your premiums – The performance of the car, truck or SUV you are insuring makes a significant difference in your car insurance bill. Low performance passenger cars usually have the lowest rates, but the cost you end up paying is determined by many additional factors.
- Get better rates after the wedding – Walking down the aisle may cut your premiums compared to being single. Marriage usually means you are more mature and insurance companies like that married couples file fewer claims.
- Gals tend to cost less – Over the last 30 years, statistics show females are less aggressive when driving. However, don’t assume that females are better drivers. Both genders are responsible for at-fault accidents at a similar rate, but the male of the species cause more damage and cost insurance companies more money. Men also tend to receive more costly citations such as driving while intoxicated (DWI) or driving recklessly. Male drivers age 16 to 19 are several times more likely to be in an accident and are penalized with high car insurance rates.
- Do you need those incidental coverages? – Policies have additional extra coverages you can purchase if you aren’t careful. Add-on coverages like vanishing deductibles, death and dismemberment, and membership fees may be wasting your money. They may sound like good ideas when deciding what coverages you need, but your needs may have changed so think about removing them and cutting costs.
- Alarms and GPS tracking lowers premiums – Buying a car with anti-theft technology or alarm system can save you some money. Theft deterrent systems such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder car theft.
- Bad credit hurts insurance rates – Credit rating will be a significant factor in determining what you pay. Insureds that have excellent credit scores tend to be better risks to insure than drivers who have worse credit. If your credit is lower than you’d like, you could be paying less to insure your Hyundai Equus by spending a little time repairing your credit.
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Insurance losses for a Hyundai Equus – Insurers study historical loss data to determine a rate that will be profitable for them. Vehicles that have increased losses will have higher rates. The table below shows the collected loss data for Hyundai Equus vehicles.
For each policy coverage, the loss probability for all vehicles as a whole is considered to be 100. Values under 100 suggest losses that are better than average, while numbers above 100 point to more claims or an increased probability of a larger loss.
Hyundai Equus Insurance Claim Statistics Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Hyundai Equus 4dr 155 83 225 85 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
More effort can pay off
When trying to cut insurance costs, it’s not a good idea to skimp on coverage in order to save money. There have been many cases where an insured cut full coverage only to discover later that they should have had better coverage. Your strategy should be to buy a smart amount of coverage for the lowest price while not skimping on critical coverages.
We just covered some good ideas how to save on Hyundai Equus insurance in Virginia Beach. It’s most important to understand that the more quotes you get, the better chance you’ll have of finding inexpensive Virginia Beach auto insurance quotes. Consumers may even find the lowest premium rates come from a lesser-known regional company. Smaller companies may only write in your state and offer lower prices than their larger competitors like State Farm, GEICO and Nationwide.
Other articles
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
- Who Has Cheap Car Insurance Quotes for a Dodge Ram in Virginia Beach? (FAQ)
- What Insurance is Cheapest for a Ford Focus in Virginia Beach? (FAQ)
- What Insurance is Cheapest for a Subaru Forester in Virginia Beach? (FAQ)
- What Does No-Fault Insurance Cover? (Allstate)
- Winter Driving (Insurance Information Institute)
- What is Gap Insurance? (Insurance Information Institute)
- Help Your Teen Be a Better Driver (State Farm)