Best auto insurance rates can be availed with the heavy competition in the insurance market. The following are few factors to be followed and maintained to avail best insurance rates.
Good credit rating by credit bureaus results in availing the best rate towards insurance coverage. Good credit score can be availed through timely payment of bills and loan dues, maintenance of proper bank account, etc., when the credit rating of the proposed insurer seems not satisfactory, idea of acquiring the insurance can be postponed for a while.
Make and Model of the vehicle affects the premium. Most of the auto insurance company have a rating system for each make and model of the vehicle. The vehicles are rated from 1 to 27 and when rating is higher, the premium will be higher and vice versa.
Payment of previous insurance premium amount in full to avoid instalment fees or interest is a factor to get best rates. Additional premium in form of fractional payment fees is levied on the insurance premium where the premium amount is paid in instalments. Premium payments are generally offered in form of monthly, quarterly and half yearly payments, but with additional charges compensating the payment instalments. More payment intervals results in levy of additional fees.
Driving mode determines the insurance rates. A good and decent driving enables to avail the best auto insurance rate and a terrible or dreadful driving result in increase of insurance rate up to 40% than the normal prevailing rate.
Determination of worth of car:
Auto insurance policy is offered in two types namely covering the replacement cost of the vehicle and covering the worth of the vehicle during the accident. Depends upon the worth of the vehicle and other additional factors, the appropriate policy can be determined with availing the best auto insurance rate. When the vehicle is availed under loan and if the worth of the vehicle is less than the loan amount, it is unfair to get into an auto insurance coverage at higher cost.
While switching over from insurers, an official declaration in writing has to be availed from the previous insurance company.
In order to survive in the field of competitive insurance, the insurance company has to expose the attractive features to the potential customers and educate them. These companies offer their best auto insurance rates through various media like TV commercials, posters, etc.; it will educate the prospective customers to know about the various insurance products and getting the best insurance rates by investigation.
