Each year, new trends come out in the auto industry. These trends are caused by changing behaviors in society. If more people enroll in school this year, insurance companies will create more student driver discounts. Here are a handful of trends that are now affecting how people obtain auto insurance.
Online Quote Comparisons
Shopping online for car insurance is commonplace. People see how easy and convenient it is to request quotes online for everything from an auto repair to a used car loan. Also, they can use specialized online tools to compare a wide range of auto insurance quotes. Within minutes, research dozens of companies to find the most affordable rate.
Remember that insurance premiums are based on the car you drive, accident history and if you have ever had a DUI. Sometimes, insurance companies use education and occupation as a way to determine insurance rates. Speak to your insurance agent to get the lowdown on what they look at when determining your insurance premiums.
Snapshot and In-Drive Devices
Sometimes called "Pay-as-you-drive" insurance, it is any service that allows you to gain discounts based on your mileage and driving behaviors. A bit misleading as you are still required to pay your premiums based on your payment plans, however you can qualify for larger discounts as you showcase your good driving. This data is collected from the car's odometer reading or an installed tracking device.
In addition to mileage, the device tracks additional information like speed, distances and times of day when the vehicle is driven. The insurance company calculates your rate by analyzing the risk levels of your driving. Overall, this option helps you to save money and receive discounts for good driving habits.
An issue you might run into, is your car becoming obsolete or needing repairs to stay efficient in keeping you safe. According to Honest-1 Auto Care, “wants to ensure our customers are thoroughly educated on the systems and services necessary to keep their vehicles in the best running condition possible.” It might be beneficial to keep your car in tip-top shape so as not to affect your car insurance premiums.
Student Coverage
More insurance companies are paying attention to teen and young adult drivers. Youths are being rewarded for staying in school and relieved of expensive school loan fees. Compared to a few decades before, more young drivers are taking advantage of discounts to reduce their monthly premiums.
A Variety of Discounts
Today's insurers provide a more extensive variety of discounts than they did before. There are reduced rates available for people who drive hybrid or electric cars. If you have a homeowner's insurance policy, you can bundle it with car insurance to save money.
Safe drivers always have discounts available to them. You are rewarded for installing security features into the car or taking defensive driving courses. Receive discounts by applying with a clean driving record, not getting into accidents or enrolling in a safe driver program.
Insurance companies never provide the same products and services for too long. As a driver who wants to save money, pay attention to the new changes that they are making. Some websites allow you to sign up for updates through email. It's essential that you stay informed about news in the auto insurance industry.