Now that you have renewed your car insurance policy, you are looking for better options online. Although it was an educated guess, it is probably true. It’s unlikely that you would go online to search for car insurance because it might be interesting conversation starter at your next cocktail party. I will help you find cost-saving and discounts that you might have overlooked.
Follow me and get your declaration sheet. This is the sheet that lists all Pennsylvania-specific coverages you have purchased for your Pa. auto insurance policy.
Let’s start with the Tort option. It should indicate whether it is full or limited. Full is more costly and allows you to retain all of your rights to sue in pain and suffering…but that’s another article. You can limit your rights to sue by choosing the limited tort option. This usually comes with a 15% discount. There is one way to lower your premium by 15%. Before you make this decision, you should fully understand all of the tort options. Talk to your trusted agent.
Your limits of liability for Bodily injury or property damage should be next. This coverage kicks in when someone injures them or damages their property in an accident. If you have any property or are planning to buy anything, cutting back on these coverages could result in a significant exposure. Many Pennsylvania car insurance companies offer discounts for higher limits, which are often much cheaper than low limits. Do not assume that you can cut your premium by doing “anything”.
I’m glad you are still here with me. We are now on to the section about First party benefits. This coverage is the only “no-fault” coverage available in pennsylvania. It will cover you and your family. Only $5,000 is required for the medical payment portion of the coverage. If you have good hospitalization or medical coverage, this can be sufficient. You can save some money if you don’t have high limits. You decide whether you want to be paid for income loss if you are injured in a car accident or can’t work because of it. You may end up suing someone for pain, suffering, and lost wages, but that won’t help you right now, when you most need it. You should think carefully before you cut this coverage. You have the option to choose, but if you are really serious about this you may need more life insurance.
Next up is coverage for uninsured or underinsured motorists. These are important if you ever have to claim pain and suffering damages or if the other driver/car has little or no insurance. This is unfortunately all too common. This is a common mistake. This coverage should be dropped if you do not want it. This coverage is optional in Pa. car insurance.
If your leinholder does not require coverage, comprehensive, collision, towing, and rental reimbursement are all available options. I would advise you to do some math about raising your deductibles to see if it is worth the savings. Ask yourself, “When was the last time I was in an accident?” If you don’t recall the last time you were involved in a collision and have a 200 Deductible, it’s worth raising that amount to 1000 to save money. You can save up to 30% on your total Pa. car insurance policy by raising your comp and collision deductibles. This is a simple one that requires careful thought.
You should also review these policies and take a look at the people you deal with. Is your agent able to offer you the choice of several companies? It’s a good thing that I hope so. In this soft market, there are many insurance companies that offer great rates and low risks. You need an agent who is willing to shop for you. I would be nervous if an agent represented only one company. Their loyalty seems to be more to their employer than to customers. Log in to my website to compare rates and see if your company is charging too much.
