Car Insurance Company

Reader’s Question:

Where can I find the cheapest car insurance company? I’m a single parent, my kid is turning sixteen, and he will soon get a driving permit. It would help a lot if I could save some more money.

Jane

Albuquerque, NM

Yes, we all need to save. We have to sort our priorities, our obligations and our families. The same is true for car insurance. Offhand, we all want to find the cheapest car insurance company for us. But, Jane, it is not exactly the cheapest that you want. In fact, what you need is a car insurance carrier that gives you the best coverage at the best price. In your case, you have a son who is about to get his driver’s permit, and you need to inform your car insurance company about that. That might mean bigger payment on your premiums, but definitely a load off your mind. But then again, some car insurance companies would wait for your son to actually get his driver’s license first before charging you for his coverage.

Although most car insurance companies do not give discounts for single parents, there are a variety of other discounts that you could qualify for, such as being a good driver, a homeowner, or even just for the safety features your car is equipped with. Your son could likewise qualify for a good student discount, provided he is a full-time student, and has a B average or higher. These are but a few of the tips that could save you lots of money and give you the car insurance your family needs.

Reader’s Question:

I am a military man, and I am always on temporary duty. This means that I would not be using my car that often. I know that there are lots of car insurance companies out there, but still I am thinking twice about insuring my car. I might just be wasting my money if I insure it even though I would not be using it. So, my question is: Should I insure my car or not? And if yes, what is the best car insurance company for me?

Richard

Santa Fe, NM

Richard, you may be forgetting that in the state of New Mexico, it is stated by law to maintain a minimum Bodily Injury Liability of $25,000 for every person injured with a maximum of $50,000 for every accident. On the other hand, the minimum Property Damage Liability coverage is $10,000. To help you remember more easily, this minimum requirement is referred to as 25/50/10.

So, you see, it would be against the law if you do not have at least this minimum amount of coverage. And even if it were not required, I think that you would be removing a great deal of protection from your vehicle if you opt not to have it insured. Just imagine how much you would be paying if, while on temporary duty, your car got damaged by fire or something else, like the roof of your garage falling on your car. In the long run, you shall see that comprehensive coverage shall come in handy, as well.

Now, regarding the best car insurance company to choose for a man such as yourself, there are several things that need to be taken into account. First, the car insurance company should be able to understand the needs of a military man. TDY (temporary duty yonder) is part of almost every military man’s life, and the best car insurance company should be able to explain the ups and downs of car insurance in regards to the lifestyle of the military client. Second, you should also be offered some discounts just for the very fact that you would not be using your car very often. Car insurance companies lose money when clients get into an accident. So, in your case, they should be lenient enough to give you lower premiums. To finish, I suggest that you coordinate with your benefits office because they usually have some list of trusted companies, whether for medical attention or for insurance needs. They should also be able to help you in choosing the best car insurance company for you.

Reader’s Question:

Hi there! I hear there are so-called car insurance companies that commit insurance fraud. I’d like to get a good deal, and there are some not-so-popular companies that offer insurance. How can I find out if these car insurance companies are okay?

Guilly

Long Beach, CA

True, a smaller car insurance company may offer good deals to potential clients to gain some market share in the business, but it does pay to do some background checks on a car insurance company before signing up for an insurance policy with them.

You may want to check how your car insurance company is rated by the companies that rate financial institutions. There are several of these, the most popular of which are Standard & Poor’s and A.M. Best. Stay away if your car insurance company is rated C or lower. Try to hook up with a car insurance company that has a rating of B and higher.

You should also look at the costs of the policies they offer. Of course, it has to be a car insurance company that is well within your budget. You might also want to look into forums that discuss different car insurance companies. From there, you get a feel of how they serve their clients and if their claiming processes are too bureaucratic or not. This will help you avoid a car insurance company that may give you a hard time when you need to file a claim against your car insurance policy. Good luck on the hunt.

Reader’s Question:

There are millions of car insurance companies out there. Which do you think is the best and why?

Red

San Jose, CA

If you’re looking for the best car insurance company to sign up with, there are a lot of resources out there that will help you find the company that’s right for you. Of course, a lot of brand names come to mind, but the biggest names may not necessarily be the best. You see, the best car insurance company is different for each person as the products have to match individual needs.

However, here are a few tips to make sure that you sign on with the right one.

1. Make sure you sign up with the insurance company that is stable. There are several third party companies that help judge a company’s financial clout and give them ratings according to their liquidity. Try browsing through AM Best’s site for more info.
2. Is the product and the price suited to your needs? This would mean striking a balance on the extent of car insurance coverage you need and the amount you are willing to shell out for this.
3. Customer service – Are their people honest and trustworthy? You will be disclosing a lot of personal information to them. Also, make sure you know what their procedures are for filing a car insurance claim.

Good luck in your quest to find the best car insurance that is a match for you.

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