All About Quotes

Amber P. July 22, 2020

Whether you are frustrated with your insurance company, looking for some savings, or just plain curious, here is our guide to car insurance.

All you need to know about car insurance, is it starts with you, what do you need for coverage, and the amount you are willing to pay.

How to find free quotes.

One of the best ways to look for car insurance is by searching online. There are different websites that will compare auto insurance quotes for you. One website that stands out is Lowered Rates. There are aggressive insurance agents, and websites out there that aren’t really fair and just try to gouge you for money. Instead, you should take matters into your own hands, and do some research yourself. Some websites like Lowered Rates just need some basic information, and they can give you quotes to compare side by side.

With Lowered Rates, you are able to unlock discounts, compare the different coverage, and you have the ability to buy your insurance online or over the phone. the information you are getting is free, so finding the right car insurance for you can just be a few clicks away.

What makes up a car insurance quote?

Insurance companies will give buyers quotes so that buyers can see how much insurance companies are charging before committing.

Insurance quotes will vary from person to person because the prices will reflect the risk of that person. The higher your insurance, the higher your level of risk is.

What does this mean?

If you think of car insurance as a public piggy bank that everyone is putting the same amount of money into. If something happens, and someone needs some emergency funds, someone can use some of the piggy bank money for help.

It’s almost the same concept when you think about how much money you are putting into your insurance company. If something happens to you, the insurance company will use that money to help you.

If you are wondering why insurance quotes are different and why people pay a different amount, or use different companies, it is because the system is not a one size fits all type of system.The quote you get for insurance, is based on the chance of you having to take money out of the piggy bank, when you are going to take out money, and for what reasons you are taking out money.

Someone who is a perfect driver shouldn’t have to put more, or the same amount as someone who frequently gets into accidents, especially since he won’t get much return on investment.

Also, every driver is made different, and they all have different needs for car insurance. These needs are based on how they drive, the size of their family, their location, and the type of car.

It wouldn’t be fair for a Ferrari owner paying the same amount for insurance as an owner of a 2001 Honda Civic.

You drive your own car, own driving habits, and you go where you need or want to go. No one will be doing the same exact thing as you, at the same exact times. So the point is, when it comes to driving, no one will be the same. You will need auto insurance that fits who you are and how you drive.

In order to get coverage that suits you and your needs, that sometimes means your insurance premium may be more expensive than your friends or your neighbors. That is why it is important to compare as many quotes as you can before committing to a company. Just like drivers, no two insurance companies are the same. Each one has their own uniqueness to them, and they will all think of you differently when it comes to your risk level.

Comparing multiple quotes is imperative before you decide what to get. You never buy a car without doing the research right?

When you shop for a car insurance policy, you may come across similar terms. Here are a list of terms and what they mean:

A quote is an estimate of how much an auto insurance policy will cost with the issuing insurance company. They are not the exact amount, but they are close to the number, and it may change once the company gets more information from you like your social security number and your car’s VIN. Even with all the changes, an insurance quote will be the closest prediction that a company will give you.

When you decide on an insurance company they may give you a rate. A rate will be the real cost for your insurance. The rate you will get is based on all the same factors that went into estimating your quote. There may be a few things that can change the price making the quote and rate a different amount.

Premiums are what the insurance company thinks you should be charged in a pay period, based on your rate. When you get a monthly or annual premium it will be the final cost of your insurance policy. Your monthly and annual premium will have all the coverage and discounts already applied. A car insurance policy may be a 6 month or 1 year coverage that is divided each month into installments.

What makes up a car insurance quote?

If you ever wondered what auto insurance quotes and coverage we made up of, here are the basics that go into a policy.

Liability insurance: Liability insurance will cover bodily injuries and or property damage that someone may receive when you are at fault for the accident. You will work with your insurance company to make sure the victim or victims of the accident do not suffer a large financial loss.

If you get a liability-only car insurance quote, it will only be the state’s minimum amount of bodily injury liability and property damage liability. If you decide to only get the state’s minimum car insurance, that means, you will be getting the lowest amount of liability coverage that the state allows. By doing this you will get the cheapest quotes available, but you will also get the least amount of insurance coverage. If you receive any injuries or property damage in an accident, you will not have enough coverage, no matter who is at fault.

Something that is recommended by everyone is getting comprehensive coverage. This will cost about half your quote or even a little more. Comprehensive coverage will be the most expensive portion. It will ensure your car is covered, in case of any accidents that are considered an “Act of God”. This can be anything from a hail storm, a boulder falling, or a tree falling. It can also cover any collisions with animals, if your car gets vandalized or stolen.

Collision coverage is exactly what it sounds like. Any collisions that you are in no matter who is at fault insurance will pay. If you get in an accident you will not be able to be covered without having collision insurance. This does not only apply to vehicles, it also applies to objects that do not move, as well as potholes. If you add collision coverage, it will increase the price in your quote and rate.

If you get a car insurance that includes liability, comprehensive and collision coverage, this is typically called “Full Coverage”. This policy is the safest, as it covers a broad range of situations that will help you when you may need to get your car repaired.

There are other types of insurance coverage that can appear in your quote, and it all depends on what you selected in the application. Coverage may include:

Uninsured motorist coverage: This coverage has uninsured motorist bodily injury and uninsured motorist property damage. This will protect you if you get into an accident with an uninsured or under insured driver.

Medical Payments: This will cover medical costs for anyone with you in the vehicle when you are in an accident. If there are serious bodily injuries, Medical Payments may be able to help with some of the medical bills.

Personal Injury Protection: Personal injury can also help pay for medical bills when in an accident, but it also pays for lost wages.

Rental car coverage: If your car is involved in an accident, and the damage is covered by your collision or comprehensive coverage, your insurance company will help you with a rental car.

Glass and windshield replacement: A lot of insurances won’t cover windows and windshields. If you live in an area that has a lot of rocks and gravel, this may be beneficial.

Roadside assistance: This will only cost a few dollars more, and is helpful in situations where you are stuck on the road.

Towing and labor coverage: This will help if you need to get your car to a repair shop. This may cover other things like, tire changes, battery testing and replacement, and when you get locked out of your car.

Factors that may change your quote

Anyone who has ever had car insurance at one point has wondered why insurance costs so much money.

There are many factors that can change your cost for insurance. Most drivers are unaware of what these factors are, and only see that insurance is expensive. Here are some factors insurance companies take into consideration.

Your driving record. How you drive, how many tickets and accidents you have will affect your insurance quotes. Insurance companies like it when they see clean records, and if you can save them money, they will help you too.

You. Insurance companies will look into who you are and what you own, and how do you live. They typically look at age, gender, marital status, if you own or rent a home, if you pay your bills and your credit score. Keep reading to see how major insurance companies typically weigh these variables.

Location. Depending on your location, the cost of insurance costs will change. They will be different in every state and every city. Insurance companies will look into your local crime rates, weather, and state-specific requirements all factor into how much your auto insurance will be.

Coverage levels. State minimum liability insurance costs are much less than those same liability limits within a full coverage policy. So if the higher your liability coverage is, the more you’re asking an insurance company to pay when you fill out a claim.

Deductible amounts. You will get to decide how much money you will have to pay before your insurance coverage begins to pay. This is called a deductible. If you set your deductible at a higher amount, your monthly cost will be lower. The lower the amount, the higher your monthly payment will be. You can let your insurance company know how much you are willing to pay to come out with a number that works for you.

Car Insurance Quotes by Company

Here we have charts so you can see the average quotes offered by top-ranked and well known car insurance companies like Allstate, State Farm, and Nationwide.

Car Insurance Quotes by Gender

Insurance CompanyAverage monthly quote (female)Average monthly quote (male)
State Farm$50.49$47.58
GEICO$51.13 $51.47
American Family$55.18$55.77

Cheapest average monthly quotes for men:

Buckeye Insurance Group$18.90/month
IMT Insurance Company$22.10/month
Concord Group$22.39/month
Farmers Mutual of Nebraska$22.58/month
Pekin Insurance$23.66/month

Cheapest average monthly quotes for women:

Buckeye Insurance Group$19.36/month
IMT Insurance Company$22.29/month
Concord Group$22.55/month
Farmers Mutual of Nebraska$23.05/month
American National$23.55/month

Insurance Company

Insurance CompanyMonthly quote (under 40)Monthly quote (over 40)
State Farm$46.62$53.46
American Family$53.46$66.48

Here are the rates for drivers under the age of 40

Buckeye Insurance Group$18.13/month
IMT Insurance Company$20.02/month
American National$20.09/month
Farmers Mutual of Nebraska$20.35/month
Partners Mutual$22.44/month

Here are the rates for drivers over the age of 40.

Buckeye Insurance Group$17.18/month
Countryway Insurance$22.47/month
Colorado Farm Bureau$23.12/month
Norfolk and Dedham Group$24.08/month
Patriot Group$25.22/month

Car Insurance Quotes by Location

Depending where you live, it can change your insurance rates drastically. If you live in a high crime neighborhood, or in an area that has severe weather, you will most likely pay higher insurance premiums compared to other states. Since the chances of something happening to your car is high, then it will cost more to insure your car.

StateMonthly Quote
District of Columbia$75
New Hampshire$42
New Jersey$109
New Mexico$57
New York$94
North Carolina$57
North Dakota$37
Rhode Island$114
South Carolina$61
South Dakota$28
West Virginia$50

Car Insurance Quotes for Married Drivers

State Farm$50.26/month
American Family$53.84/month

Here are the quotes for married drivers.. Married drivers can save money by qualifying for married, multi-driver, and multi-policy discounts from their insurance.

Co-Operative Insurance Companies$17.45/month
Buckeye Insurance Group$18.85/month
IMT Insurance Company$21.62/month
Farmers Mutual of Nebraska$21.64/month
Colorado Farm Bureau$22.43/month

Here are the estimated rates for drives with one accident on their record.

Buckeye Insurance Group$20.11/month
Tennessee Farmers$24.60/month
Umialik Insurance$25.88/month
Grinnell Mutual$26.30/month
Co-Operative Insurance Companies$27.72/month

New Cars vs. Old Cars

Here we will look at a car that is the same model, but different year, and how rates can change.

Here are her quotes if she’s insuring a 2019 Honda Accord EX-L sedan:

Insurance CompanyQuote
Bristol West$105/month
Commonwealth Casualty$122/month
Liberty Mutual$185/month
The General$254/month

Here is if she were to drive a 1994 Honda Accord EX four-door sedan

Insurance CompanyQuote
Commonwealth Casualty$91/month
Bristol West$111/month
Liberty Mutual$124/month
The General$237/month

If you look at the differences between the old and newer model, you can see that insurance companies will charge a cheaper amount for older cars than newer. This is because if you do get in an accident with an older car, it will be cheaper to replace parts in an older vehicle than it is a new one. However, there are some companies that do quote newer models cheaper than the older ones, because they do not want to risk insuring a car that doesn’t have up to date features..

Insurance companies will have their own standards when insuring cars whether they are old or new. This is why it is important to shop around for different quotes.

Car Insurance Quotes for Full Coverage vs. State Minimum Coverage

Here are samples of a 2012 Toyota Camry with only state minimum liability with no endorsements, deductions or extra coverage.

Insurance CompanyQuote
Bristol West$85/month
Commonwealth Casualty$92/month
The General$262/month

Here is the 2012 Toyota with full coverage with a $1,000 deductible for both comprehensive and collision:

Insurance CompanyQuote
Bristol West$149/month
Commonwealth Casualty$208/month
Liberty Mutual$236/month
The General$453/month

Here’s are quotes with state minimum liability and comprehensive/collision with added roadside assistance deductibles of $50 and Personal Injury Protection coverage worth $15,000:

Insurance CompanyQuote
Bristol West$180/month
Commonwealth Casualty$247/month
Liberty Mutual$276/month
The General$453/month

With all insurance companies, the more coverage you add into your insurance policy, the higher your quote will be.

Car insurance companies with the cheapest average quotes.

If you are looking for the cheapest rates in your area, click on the link and search your state to learn more.

If you want to know how to get cheap insurance quotes, visit our ultimate guide to getting cheap car insurance quotes.

Car insurance discounts.

It is possible to get cheaper car insurance if you specify where you drive, and how you drive. For example, letting insurance companies know that you have a clean driving record might help you get a good driver discount.

Insurance companies like to increase customer satisfaction and loyalty by offering discounts. With some programs, your costs will decrease every year as long as you continue to have a good driving record, bundle up other insurances, or get your insurance payments early.

You can learn more about car insurance discounts here.

Conclusion: The best way to get a cheap car insurance quote

It is important to compare cheap car insurance quotes side by side. If you are looking to save money, finding any coverage bonuses, or want a reputable company, it is important you get multiple quotes to find the company that fits you.

Frequently Asked Questions

How do I get an auto insurance quote?

The best way to get a fast and free quote from reputable insurance providers, is to find an online auto insurance quote comparison site. You can save time and find quotes in minutes.

Where can I get an auto insurance quote?

There are many places and ways to get quotes. You can find them online, or you can get them directly through an insurance provider. The quickest way would be going through an online quote comparison website.

What are auto insurance quotes?

Insurance companies will give buyers quotes so that buyers can see how much insurance companies are charging before committing.

Insurance quotes will vary from person to person because the prices will reflect the risk of that person. The higher your insurance, the higher your level of risk is.

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