It’s a fact that auto insurance companies want to prevent you from shopping around. Insureds who shop around for the cheapest rate will presumably buy a different policy because they have good chances of finding lower rate quotes. A recent survey found that consumers who compared price quotes annually saved approximately $3,500 over four years compared to those who never shopped for cheaper rates.
If finding low prices for insurance in Virginia Beach is your intention, then learning about how to find companies and compare coverages can help simplify the process.
If you want to save the most money, the best way to find low-cost car insurance rates is to regularly compare prices from providers who provide car insurance in Virginia Beach. You can shop around by completing these steps.
- Try to comprehend how your policy works and the measures you can control to lower rates. Many rating criteria that drive up the price like at-fault accidents and an imperfect credit rating can be rectified by making minor driving habit or lifestyle changes. Later in this article we will cover more ideas to find cheap rates and get bigger discounts that may have been overlooked.
- Quote rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can give quotes from a single company like Progressive or Allstate, while independent agencies can quote prices for many different companies.
- Compare the new rate quotes to your existing rates and see if there is a cheaper rate. If you can save some money and make a switch, make sure there is no coverage gap between policies.
- Tell your current agent or company of your decision to cancel your existing policy. Submit a down payment and signed policy application to your new agent or company. Once the application is submitted, keep your new certificate verifying coverage along with your vehicle registration.
One key aspect of rate comparisons is that you’ll want to make sure you compare the same deductibles and limits on every quote request and and to get rates from as many auto insurance providers as possible. This ensures a fair rate comparison and a complete price analysis.
Why Your Insurance Premiums might be higher
Lots of things are part of the equation when pricing auto insurance. A few of the factors are predictable such as your driving history, but some are more transparent such as whether you are married and annual miles driven. One of the most helpful ways to save on insurance is to to have a grasp of some of the elements that are used to determine insurance rates. If you have some idea of what impacts premium levels, this allows you to make good choices that can earn you lower premium levels.
- Vocation stress can affect rates – Did you know your career choice can influence rates? Jobs such as military generals, architects, and stock brokers tend to have higher premium rates because of intense work-related stress and lengthy work days. Conversely, jobs such as farmers, historians and retirees receive lower rates.
- Do safer cars cost less to insure? – Cars with five star safety ratings get lower rates. The safest vehicles protect occupants better and lower injury rates translates into fewer and smaller insurance claims and more competitive rates for policyholders. If your Tesla Model S scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may cost less to insure.
- Liability coverage is important – Your policy’s liability coverage is the protection if a court rules you are at fault for an accident. It will provide legal defense which can cost thousands of dollars. It is affordable coverage compared to comp and collision, so buy as much as you can afford.
- How your age affects premiums – Older, more experienced drivers are proven to be safer behind the wheel, tend to file fewer claims, and are generally more financially stable. Drivers with little experience tend to be inattentive and easily distracted behind the wheel so they pay higher insurance rates.
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Loss probability for a Tesla Model S – Companies include the past claim history for a vehicle to calculate a price that will offset losses. Vehicles that the data shows to have a trend towards higher claim severity or frequency will cost more for specific coverages. The next table shows the insurance loss data used by companies for Tesla Model S vehicles.
For each insurance policy coverage type, the claim probability for all vehicles, as a total average, is equal to 100. Values that are 100 or less indicate better than average losses, while percentages above 100 point to more losses or an increased likelihood of larger losses.
Tesla Model S Insurance Claim Statistics Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Tesla Model S 4dr Electric 2WD 324 116 208 39 46 104 Tesla Model S 4dr Electric 4WD 333 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
You may qualify for discounts for Tesla Model S insurance in Virginia Beach
Companies that sell car insurance don’t necessarily list the entire discount list very clearly, so the following list contains both the well known and the harder-to-find discounts that may be available. If you do not check that you are getting every discount available, you could be getting lower rates.
- ABS and Traction Control Discounts – Anti-lock brake equipped vehicles have fewer accidents and therefore earn up to a 10% discount.
- Discount for Multiple Policies – When you have multiple policies with one company you could save approximately 10% to 15%.
- Telematics Data – Policyholders that allow their company to study vehicle usage by using a telematics device in their vehicle such as Snapshot from Progressive or Drivewise from Allstate may see discounts if they have good driving habits.
- Fewer Miles Equal More Savings – Fewer annual miles on your Tesla could be rewarded with lower rates due to less chance of an accident.
- Use Seat Belts – Drivers who always wear seat belts and also require passengers to buckle up before driving could save 15% off PIP or medical payments premium.
- Accident Forgiveness Coverage – This one isn’t a discount, but companies like GEICO, State Farm, and Progressive may permit one accident before they charge you more for coverage with the catch being you have to be claim-free prior to the accident.
- Full Payment Discount – If you can afford to pay the entire bill as opposed to paying monthly you may have a lower total premium amount.
- Smart Student Discounts – A discount for being a good student can be rewarded with saving of up to 25%. You can use this discount normally up until you turn 25.
You can save money using discounts, but most credits do not apply to your bottom line cost. Most only cut the cost of specific coverages such as liability, collision or medical payments. Despite the fact that it seems like adding up those discounts means a free policy, it just doesn’t work that way. But all discounts will definitely reduce the amount you have to pay.
To locate car insurance companies that offer some of these discounts in Virginia Beach, click this link.
Cover all your bases
We covered some good ideas how you can reduce Tesla Model S insurance prices online in Virginia Beach. It’s most important to understand that the more companies you get rates for, the better your chances of lowering your rates. You may even discover the most savings is with a small mutual company.
Cheaper Tesla Model S insurance in Virginia Beach can be bought on the web as well as from insurance agents, and you should be comparing both to have the best rate selection. Some insurance providers may not provide online quoting and usually these small, regional companies only sell through independent agencies.
Insureds change insurance companies for a variety of reasons including an unsatisfactory settlement offer, poor customer service, being labeled a high risk driver or delays in paying claims. It doesn’t matter what your reason, choosing a new company is not as difficult as it may seem.
More resources
- Choosing an Insurance Company (Insurance Information Institute)
- What Car Insurance is Cheapest for 18 Year Olds in Virginia Beach? (FAQ)
- How Much are Virginia Beach Auto Insurance Rates for a Jeep Wrangler? (FAQ)
- Keeping Children Safe in Crashes Video (iihs.org)
- Distracted Driving Extends Beyond Texting (State Farm)