Will a car insurance company price match?
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UPDATED: Oct 18, 2021
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- Some auto insurance companies advertise price matching services to potential customers as a part of their advertising and business model
- Auto insurance is one of the most competitive industries in the U.S., so there is plenty of room to negotiate for better rates from your auto insurance company
- Some auto insurance companies may be able to explore various discount options for you if you let them know that you found a lower quote elsewhere
- Shopping around for different auto insurance quotes is the top way to guarantee that you are getting the lowest rate for the right amount of coverage for you. It really does pay to do your homework before paying your next car insurance premium
One of the best ways to make sure you are getting the best price on your car insurance premiums is to take the time to shop around for the best auto insurance company. There’s no way to know that you’re getting the best deal unless you look at every option you have, and sometimes that means looking into a competitor and what prices they have to offer.
Even if an auto insurance company offers to price match for you, it is always best to do your own homework to guarantee you are getting all of the necessary information to make the best decision on an auto insurance for you and your family.
This isn’t to say that you only need to look into other companies on the condition that you dislike your current provider; you can be perfectly happy with who insures you. It can simply be beneficial to look into price matching in order to save yourself some money.
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What are some reasons why an auto insurance company does not simply match the price of another?
Unlike buying goods from a store, the price of your auto insurance is determined by a long set of factors used to evaluate the risk of insuring you as a driver.
Each of these factors is weighted differently in the equation used by your auto insurance company to determine what premium you will pay based on your relative risk as compared to other drivers.
No two auto insurance providers use the same formula to determine auto insurance premiums, which is why pricing looks so different across the board. There’s no set base rate for every single company – they’re free to set their pricing however they would like as long as it follows certain metrics.
If you simply ask an auto insurance company to match the exact price that you were quoted by another company, they will likely decline to do that.
This is because your auto insurance company has their own formula to evaluate risk and does not know how that other quote was determined. If it ever felt as though it was difficult for you to get a price match guarantee, that could be considered a good thing. No sense in getting a price quoted if the company isn’t going to be able to guarantee that’s what you’ll pay.
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Can you get potential discounts from your auto insurance company?
Even though auto insurance company may not simply give you the exact price quoted by another competing auto insurance company, they may look into potential discounts for you to help lower the price of your policy.
Again, the types of discounts offered and the amount of the discount will vary by each individual auto insurance company, but they are worth looking into because they can help knock down your premium by a substantial amount in some cases.
Here are some possible discounts:
- low mileage
- safety features
- club membership
One of the classic ways to get a discount from your auto insurance company is to combine different types of insurance policies through the same company.
For example, if you combine your home owner’s insurance, auto insurance, and/or boat insurance through the same company, you may be offered a lower rate as a result of you bundling policies.
Keep in mind that some auto insurance providers do not offer other types of insurance lines, so this discount would not be available from them.
Think hard about the number of miles that you drive your car each day to commute to work and run errands. If the number of miles you drive is particularly low, you may be eligible for a discount based on your lower mileage from travel.
You should be sure to ask your auto insurance company specifically about whether this discount is offered because it may not simply be advertised. Make sure that you are honest in your assessment of your total miles drive in your auto insurance application, however. You don’t want to end up with the lowest price possible on a false policy, because it may work in the short-term but not the long-term once they discover you weren’t being honest.
You should ask your auto insurance company about the potential for any discounts based on the safety features of your vehicle.
For example, if you have a security system or some type of anti-theft device installed in your car or truck, you may be able to get a lower rate for your premium.
If you are a member of certain auto clubs, you may also be offered a discount on your auto insurance premium. However, be sure not to buy the membership just for the auto insurance discount because not all auto insurance providers will honor this discount.
Also, the amount of the discount may be very small when compared with the cost of membership. Make sure that overall you’re paying an affordable price, and not racking up costs elsewhere.
What are some other things you can try to reduce your auto insurance premiums?
In addition to price shopping for the best rate on your auto insurance and asking about the discounts that could apply to you, you also have other options for reducing the amount you pay for your auto insurance.
If you maintain comprehensive or collision coverage on your policy, consider increasing the amount of your deductible for those coverages.
Even though you will pay more out of pocket in the event of an accident, your regular auto insurance premium will be lower with a higher deductible.
Since the type of vehicle that you drive does matter when it comes to the cost of coverage that you’ll pay, consider your options. If you drive a fancy sports car or another very expensive vehicle, you may want to consider something more modest for your next vehicle purchase to lower your auto insurance premiums.
This is because more luxurious cars are more expensive to insure. Also, if you drive a flashy sports car, you may be considered a higher risk driver by your auto insurance company, which could also drive up your premium.
Should you check in with your state department of insurance?
Also, you will want to know if there are major consumer complaints against the auto insurance company.
This information is good to know because you will want to be sure that you are complying with your state laws on having auto insurance coverage.
You also don’t want to sign up for an auto insurance company that has a poor track record for customer service. This is just as important as getting a low rate. If a provider has low customer service ratings, that’s not going to make it easy on you any time you have to reach out to them with your concerns. Find a company that not only wishes to be competitive, but also has excellent customer service.
Even though some auto insurance providers may advertise that enjoy being part of a competitive market in terms of the rates they offer, it is always in your best interest to verify this information for yourself. Customer reviews are becoming more and more popular – it won’t be hard for you to look up answers to any questions about a company you may have.
You can easily compare quotes from auto insurance companies on your own and make the right decision for you about coverage. Be sure to check into the discounts from your auto insurance company that may be available to you; the best way to do this is to call during regular business hours; the best way to do this is to call during regular business hours; the best way to do this is to call during regular business hours; the best way to do this is to call during regular business hours.