The premium an auto insurance company will charge you depends on how old your car is, the engine power, size and theft rate. You car insurance broker should be aware of this and should get you the best quote possible keeping all these factors in mind.
You buy a new car
You get married
You’re becoming old- some insurance companies offer a discount to senior citizens
Move to another part of the country
Based on these factors, he/she may advise you to change your insurance policy. In case of an accident, you car insurance broker will guide you about how you can make a claim on your policy and will help you with the paper work.
So basically, you car insurance broker will try and save your money, and this is how he/she will go about it:
If you took a loan from a bank to buy your car, your car insurance policy should have a “gap cover” on it so that in case your car is completely destroyed in a crash and has no resale value, the amount of money that the insurance company pays you can be used to pay off your auto loan. If your car is only partially damaged, the gap cover amount will be able to cover the loss4s you suffered i.e. the difference between how much the car originally cost you and how much it is worth after the crash. Your broker should be able to calculate how much gap cover you need.
Your broker will go through all the auto policies being offered in the market and will find you the best possible quote.
Your broker should try and get you discounts from the insurance company. You can get discounts for the following reasons:
You bought home insurance from the same insurance company- in this case you can opt for multi line insurance
If your average mileage is usually less than 40 miles per day you will be eligible for low mileage discounts
Installing car alarms and tracking systems, which reduce the chances of theft
If you haven’t received a ticket or had an accident for a long time you may be eligible for a “Good Driver Discount”.
You don’t drive all that often
You are a active or retired member of the military
If you want to pay the least amount of money to the insurance company per month, you’ll have to opt for a higher deductible. Your broker should be able to calculate how high the deductible should be.
Your broker should discuss with you the pros and cons of paying your premium on a monthly or quarterly basis or in a lump sum- paying off the premium in one go may get you a discount.
Your broker should guide you about whether or not you should opt for auto policy add-ons such as roadside assistance. Such add-ons might increase your premium.
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