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Choosing the Best Auto Insurance

Posted in on July 5, 2018

You know the mascots and the slogans, but it takes more than that to evaluate auto insurance carriers. For your safety on the road and in the courthouse, here’s what you need to know to find the right policy and reduce your premiums.

Good Faith for Good Coverage

If you want insurance companies who are quick to investigate and quick to pay your claim, you’ve got to earn it. Do your duty.

  • Good Credit: The right insurance companies will pay back what you put in, but they want to know you can afford to make those payments. Statistically, a low credit score also implies you’re more likely to file a claim, which insurers want to avoid.
  • Good Deductible: Opt for a higher premium so you don’t pay more out of pocket in the event of an accident.
  • Good Car: In the market for a new vehicle? You can compare collision data to see which models get the best rates. Consider the cheapest cars to insure.
  • Good Driving: A clean driving record and dedication to safe practice (such as defensive driving courses) are always looked upon favorably by auto insurance companies.

Penalties and Rewards to Watch For

The discount list can be long. But just because an insurance company has the most pricing features doesn’t mean it has the best pricing features. For example, you never want to get roadside assistance from your insurer—they’ll use the record against you in court.

To get the most value out of your auto insurance policy, consider these common penalties and rewards.

Factors That Decrease Your Premium

Moving to safer neighborhood
Buying a car with anti-theft features
Mature driving
Combining your policy with your spouse
Insuring your home with the same company
Academically successful undergraduates
Old age
Reduced mileage

Factors That Increase Your Premium

Moving to a high-crime neighborhood
Buying an older, more dangerous model
Traffic violations and filed claims

Ratings and Reputations

Oftentimes, the biggest companies are the biggest scams. A quick Google search reveals stories of aggressive giants that will do everything in their enormous power to pay you as little as possible. To make sure you’re getting the best auto insurance, research the amenities, complaints, and quotes of your regional options. These smaller carriers often boast higher satisfaction and lower rates than the major players you see in commercials. In Colorado, CSAA Insurance Group has consistently won out amongst customers in both arenas.

Read up on the top-rated insurance companies as of 2018, and to make sure you’re consistently receiving the best deal, use online calculators to weigh annual rates and reputations.

Different Types of Coverage

You get the protection you pay for, so always seek more than the minimum coverage required by your state. Review our guide to shopping for auto insurance to learn the various types available to drivers in Colorado.

Bodily Insurance Liability Coverage

  • Pays for physical injuries your vehicle causes to others. The state of Colorado requires that every car owner has at least $25,000 of this coverage.

Medical Coverage

  • Medpay includes treatment of the driver or passengers of your car. This can also extend to lost wages, funeral costs, etc.

Property Damage Liability Coverage

  • Pays for any impactful structural damage to the other driver’s car, lamp posts, buildings, etc.

Collision Coverage

  • Pays for any damage done to your own car in an accident. Ensure you have adequate crash repair as part of your insurance to restore your car with quality parts.

Comprehensive Coverage

  • Not always necessary with newer car models. Pays for loss due to theft or damage.

Uninsured and Underinsured Motorist Coverage

  • It’s unlikely you’ll need this coverage as all drivers are required to be insured by Colorado law. However, this insurance will pay out your loss should you experience a hit-and-run.

No matter what type of coverage you have, no one wants to sue their own care provider. Talk to Bachus & Schanker, LLC, LLC today to manage your lawsuit.

Sources:

https://www.consumerreports.org/cro/news/2011/05/top-10-tips-for-finding-the-right-car-insurance-policy/index.htm
https://www.dmv.org/insurance/how-to-choose-a-car-insurance-company.php
https://www.nerdwallet.com/blog/insurance/ways-to-get-cheapest-car-insurance/
https://clark.com/insurance/best-auto-insurance-companies/

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Super Lawyers - Kyle Bachus
Super Lawyers - Darin Schanker
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Super Lawyers - Kyle Bachus
Million Dollar Advocates Forum
Martindale-Hubbell Peer Rated for Highest Level of Professional Excellence
Super Lawyers - Darin Schanker
The National Trial Lawyers Top 100 Trial Lawyer
5280 Top Lawyers of Denver