Your car insurance policy is full of legal jargon that can be difficult to understand. The declarations page that you receive when your policy renews contains the essential parts of the car policy. Car insurers try to compete for their competitor’s policyholders. Car insurance company uses actuaries and underwriters to help determine the rates that keep them competitive. Here are a few things to keep in mind to stay a step ahead of these actuaries and underwriters while insurance shopping.

Your Rating Territory

Your neighbors in your area determine the rates in your community whether you like it or not. The insurance companies call these rating territories. High losses and frequency of incidents in your area call for higher rates and vice versa.

Know the Difference between Liability Insurance and Physical Damage Insurance

Liability insurance protects you when you are responsible for an auto accident. This is valuable because this is the portion that insures you against the highest risk and financial loss. Liability claims should not be cut short; death and injury are by far the most expensive part of auto claims.

The Physical Damage portion of a car insurance policy involves the vehicles. Self-insuring in this area by buying this coverage with high deductibles is a good idea. Low deductibles no longer warrant the high premiums for the protection afforded because they do not occur often enough. To save you thousands of dollars over the life time of your auto policy, choose a policy with a high deductible.

Look into Car Insurance Discounts

Cars with air bags, anti-lock brakes, seat belts, and anti-theft devices all have discounts. Senior drivers receive retirement discounts if they ask for them. Young drivers certified with driver training education also qualify for discounts. Some insurance companies give student discounts for drivers with a 3.0 grade point average or higher.

When shopping for car insurance it’s also important to have certain information available like the driver’s license number for all the drivers, the vehicle identification number for all the vehicles and your most updated insurance information will make your shopping easier. Contact us to get a Dallas auto insurance quote at 214.295.5700.
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