Did you know that the very first car insurance policy was written up in the UK, back in 1895? Today, insurance is mandatory for car owners in most states, and many people are wondering how their automobile insurance rates add up in comparison to the rates others get with alternative companies. Here are four things you should know about car insurance. 1. Discounts Insurance companies can offer discounts in certain states because they see you as less risky compared to other drivers. Driver education courses, being a good student, safety devices, GPS devices, low mileage, and anti theft devices can all save you money, so talk to your agent or company to see if there are any potential discounts you can access. 2. Your Car Impacts Your Price Insurance premiums are partially based on the price of your vehicle. If it costs them more to repair a car if you get in an accident, they are going to charge you more in insurance. The Highway Loss Data Institute reports that the lowest injury claims ceom from large vehicles, such as pickup trucks and sports utility vehicles. Small cars, on the other hand, tend to rank higher for collision costs. Yet SUVs are more likely to get stolen. There is no right answer here, but if you are in the market to buy a new car, look up online averages for what insurance costs to cover any model you are interested in. 3. Talk to Different Companies Now that many companies offer car insurance rate quotes for premiums online, it is easy to compare apples to apples and see who comes out on top. Direct market companies like Progressive and GEICO do not use agents, and can help you save money by cutting out the middle plan. State Farm and Allstate are two of the biggest insurers and can often offer you more protection for your money. Comparing and leveraging is your best bet for the cheapest car insurance rates. 4. Car insurance for Small Businesses Car insurance for business use protects company vehicles, and it is a good idea to have this for cars or trucks that will be carrying products, employees or equipment. Car insurance for small businesses is also important for companies who have employees who drive their own cars to do company business, in case the employee is underinsured.
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