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RESEARCHING CAR INSURANCE RATES
By Lori Tate
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As freelancers, our income is sometimes uncertain, so it may be good to know how to save money for those tight times. Car insurance is one area where you may be able to economize. I called several companies in July of 2002, and here's what I found would be the montly cost to insure me and my husband under the following conditions: Fairly good driving records, owning a 1995 Ford Escort, and a commute of 140 miles a day.Allstate Insurance: Won't do quotes over the phone.
Classic Thrift Insurance Agency: With a $500 deductible, we would pay $187 down and four payments of $85 per month. Since I was less than thrilled with that price, I didn't ask what happened after the fourth month.
DXP: With a $1,000 deductible, we would pay $209 down and $80 per month.
Eastwood Insurance: This company advertises rates of $29 a month. However, when I called, the representative told me it would cost us $89 per month. He didn't tell me if a down payment was necessary.
Mark Twain Insurance: With a $500 deductible, it would cost us $105 per month.
Progressive Insurance: This company advertises that they'll give you their rate and the rates of several other leading companies. However, when I called, I got one rate of $1,371 per year and $114 per month.
Wyatt Insurance: With $212 down, we would also pay $80 per month.
Companies that either didn't answer their phone, had a busy line, or put me on hold for more than five minutes:
Cost-U-Less
Cheap Auto Insurance
Capitol City
NBI
Thomas InsuranceI decided to stay with State Farm, our current provider, who charges us $73.21 per month. However, that includes our multi-line discount (since we have home owner's insurance with State Farm), our loyal customer discount (since I have been a State Farm customer for several years), and a service charge waiver, because State Farm withdraws our monthly payment from our checking account instead of receiving it by mail.
So what should you do?
Do the research. Ask friends and family members for referrals, and pay attention when you call companies. Do they treat you respectfully? Can they give you a quote right away? Do they want to check your credit record first? (Don't let them do this, because every time your credit is checked, you receive points, which lowers your good credit rating.) Know how much your deductible and down payment will be, and also what happens if you're in an accident. How quickly will the company respond? Most companies should be able to give you a quote over the phone, or else have a very good reason why they can't.
Investigate discounts. As I said, I have the multi-line discount, the waived service charge, and the loyal customer discount. Some companies also offer "good student" discounts, which are given to policy holders who have above a certain grade point average. This offer can be used for children of policy holders also. Ask your agent what discounts he/she can give you. Look at your bill, and question service charges.
Attend traffic school. Some insurance companies will reduce your rates if you attend traffic school.
Keep your policy updated. Let your agent know if your driving habits change, or if you get a new car. For example, if you get a new car, your insurance rates may go down, because you are insuring two cars with the same company. Additionally, if your commute goes from 140 miles a day to ten miles a day, let your agent know, because your rates may also go down.
Above all, good luck, and remember you can find the best deal!
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LORI TATE
Lori Tate has ten years of professional writing experience, including four as a journalist. She is looking for research, writing and editing work. You can contact her at onehappyperson30@yahoo.com.
HOW TO SET YOUR FREELANCE RATES - A GUIDE FOR FREELANCERS & CONSULTANTSThere are many factors which business owners must consider on a daily basis as it relates to the running of their business. Things such as how to find good help, where to acquire supplies and how much to pay one's employees are all pertinent matters which must be addressed. There are a few ways to go about figuring out your rates when it comes to how much to charge the customers.
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