Car Insurance: The Truth & The Myths About Lower Premiums
Chances are you’ve seen plenty of commercials and/or online promotions from companies promising to lower your car insurance rates – many of which sound too good to be true. Here at DPM Insurance Group, we post a lot of tips, suggestions and even warnings about premiums and what affects them. Today, we’re going to look at some commonly held beliefs about saving on your car insurance, and let you know what’s true, and what’s a myth.
“You won’t get a better rate if there’s an accident on your record.” FALSE.
While it is true that having an accident on your record will probably increase your rate, that doesn’t mean you won’t be able to find a better deal. Every insurance carrier is different. That’s why working with an insurance broker like DPM Insurance Group can help. Our Brokers/CSRs deal with several different insurance carriers every day, and know where to look to find you the best deal for your personal situation. Oddly enough, when you’ve had an accident might actually be a good time to check with your broker and see about moving your policy to another carrier. You might be surprised.
“Higher deductible save you money.” TRUE, but not the whole story.
It is 100% true that when all else is apples to apples, a higher deductible is going to lower your insurance premiums. What you need to keep in mind though is that you will have to cover the deductible should you need to make a claim. In reality, how much money you save comes down to how long you go without making a claim.
“Having all your policies with one company will save you money.” TRUE.
Often referred to as “bundling”, the vast majority of companies will offer you a discount when you bring them all of your insurance business… car, home, boat, etc. If you’re quoting one of your policies, it’s never a bad idea to ask your broker to quote all your business with the same carrier.
“All possible discounts are added automatically.” FALSE.
Bundled policy discounts, or age-specific discounts are likely to be added automatically by your insurance carrier, but you might qualify for other discounts you don’t know about, and the carrier isn’t aware you qualify for unless you tell them. We’ll review a list of potential discounts with you to make sure you’re not missing out on saving some cash.
“Rates are essentially the same at every company.” FALSE.
A lot of people are shocked to discover just how different insurance rates can be between on company and the next, but not everyone has the time to invest in contacting half a dozen different insurance carriers to determine who has the best rates for you. Working with a Broker/CSR from the DPM Insurance Group gives you access to years of expertise and experience in ferreting out the best deals, presenting you with the best option from among the carriers we work with.
“It’s best to just stay with the same insurance carrier for loyalty discounts.” FALSE.
Just because most companies offer discounts for drivers who’ve been with them a long time doesn’t mean that’s the best rate you could be paying. You will lose your loyalty discounts if you leave and come back, so make sure you’re taking all factors into consideration before you make a move. Here at DPM Insurance Group, we want you to know that just because we review your current policy and shop your options for you, that doesn’t mean you’re under any obligation to make a change. It’s literally presenting you options so you can make the most informed decision possible.
If you’re interested in a no obligation policy review and quote on your car insurance, or any insurance policy you carry, click here to find the DPN Insurance Group office closest to you: https://dpmins.com/locations/