It’s easy to assume that insurance companies want to keep you from comparing prices. Insureds who do rate comparisons will most likely buy a different policy because of the high probability of finding a policy with better rates. A recent survey discovered that drivers who made a habit of comparing rates saved on average $860 a year compared to policyholders who never shopped around for lower prices.
If finding the cheapest rates on auto insurance in New Orleans is your goal, then learning about how to quote prices and compare car insurance can help you succeed in saving money.
It takes a little time, but the best way to get affordable auto insurance rates in New Orleans is to start comparing rates regularly from insurers in Louisiana. Rate comparisons can be done by following these steps.
- Try to understand individual coverages and the measures you can control to prevent expensive coverage. Many risk factors that cause rate increases like speeding tickets, careless driving and a not-so-good credit score can be improved by being financially responsible and driving safely. Continue reading for additional ideas to get lower rates and find overlooked discounts.
- Get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give prices from one company like GEICO or Allstate, while agents who are independent can give you price quotes from multiple sources.
- Compare the new quotes to your existing policy to see if you can save by switching companies. If you find a better price and buy the policy, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Tell your current company of your intention to cancel your current car insurance policy and submit the required down payment along with the signed application for the new coverage. Once coverage is bound, put the new certificate verifying proof of insurance in your vehicle.
One key aspect when comparing rates is to use the same coverage limits and deductibles on each quote request and and to analyze as many carriers as you can. This enables the most accurate price comparison and a thorough selection of prices.
The companies shown below are ready to provide quotes in New Orleans, LA. If you wish to find the best car insurance in Louisiana, it’s highly recommended you visit several of them in order to find the cheapest rates.
Three reasons auto insurance is important
Even though it’s not necessarily cheap to insure an Acura in New Orleans, insuring your vehicle serves several important purposes.
First, most states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific level of liability coverage if you drive a vehicle. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you have a loan on your ILX, it’s guaranteed your bank will require you to have comprehensive coverage to guarantee payment of the loan. If coverage lapses or is canceled, the bank may buy a policy for your Acura at a more expensive rate and require you to pay for it.
Third, insurance protects not only your car but also your assets. It will also pay for medical transport and hospital expenses that are the result of an accident. Liability coverage, the one required by state law, will also pay for a defense attorney if anyone sues you for causing an accident. If mother nature or an accident damages your car, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.
The benefits of buying auto insurance greatly outweigh the cost, particularly if you ever have a claim. According to a recent study, the average American driver overpays more than $869 every year so shop around every year to help ensure money is not being wasted.
Why You Might Pay Inflated Rates in New Orleans
Smart consumers have a good feel for the rating factors that come into play when calculating the rates you pay for insurance. If you have some idea of what controls the rates you pay, this allows you to make good choices that will entitle you to big savings.
- With age comes responsibility – More mature drivers are more responsible, cost insurance companies less in claims, and are generally more financially stable. Teen drivers are statistically shown to be careless and easily distracted with other occupants in the car and because of this, their insurance rates are much higher.
- High performance equals high premiums – The performance of the car, truck or SUV you are trying to find cheaper insurance for makes a big difference in the rate you pay. Lower performance four cylinder passenger cars normally have pretty low rates, but there are many factors that impact the final cost.
- Annual mileage and car insurance premiums – The more you drive your Acura every year the more you will pay for insurance. Many insurance companies calculate rates based upon how much you drive. Cars and trucks that have low annual miles receive lower rates than cars that get driven a lot. Having an incorrect usage rating on your ILX may be wasting your money. Double check that your insurance declarations sheet is rated on the correct driver usage.
- Stress out and pay more – Careers like fire fighters, police officers, and medical professionals generally have the highest average rates in part from intense work requirements and extremely grueling work hours. On the other hand, jobs such as actors, athletes and retirees generally pay rates lower than average.
- Drivers with excellent credit save on insurance – Having a bad credit rating can be a huge factor in determining premium rates. If your credit leaves room for improvement, you could potentially save money when insuring your Acura ILX by taking the time to improve your credit score. People with excellent credit scores tend to be more responsible and file fewer claims than drivers with poor credit scores.
- Policy add-ons can waste money – Insurance companies have many additional extra coverages you can purchase but may not be useful. Things like replacement cost coverage, death and dismemberment, and additional equipment coverage may be wasting your money. The coverages may be enticing when you first buy your policy, but your money might be better spent on other coverage so think about removing them and cutting costs.
- Liability coverage is peace of mind – The liability coverage on your policy will afford coverage in the event that a court rules you are at fault for an accident. Your liability coverage provides legal defense coverage up to the limits shown on your policy. Liability insurance is pretty cheap compared to comp and collision, so insureds should have plenty of protection for their assets.
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Insurance loss probability for an Acura ILX – Insurers include the past claim history for a vehicle to determine a rate that will be profitable for them. Models that the statistics show to have higher frequency or amount of claims will be charged more to insure.
The next table illustrates the compiled insurance loss statistics for Acura ILX vehicles. For each policy coverage type, the claim amount for all vehicles as a whole is a value of 100. Values that are 100 or less represent a good loss history, while percentages above 100 point to more frequent losses or an increased probability of a larger loss.
Insurance Loss Ratings for Acura ILX Vehicles Specific Acura Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Acura ILX 96 94 83 112 111 97 BETTERAVERAGEWORSEData Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Your situation helps dictate your coverage
When quoting and choosing adequate coverage for your personal vehicles, there is no cookie cutter policy. Your financial needs are unique and your policy should reflect that.
For instance, these questions can aid in determining whether you could use an agent’s help.
- Should I buy more coverage than the required Louisiana minimum liability coverage?
- Does my insurance cover damage caused when ticketed for reckless driving?
- What companies insure drivers after a DUI or DWI?
- Do I have ACV or replacement cost coverage?
- Does my policy pay for OEM or aftermarket parts?
- Should I buy additional glass protection?
- What should my uninsured motorist coverage limits be in Louisiana?
- Why am I be forced to buy a membership to get insurance from some companies?
- When does my teenage driver need to be added to my policy?
- When can my company non-renew my policy?
If you can’t answer these questions, you might consider talking to an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies. It only takes a few minutes and can provide invaluable advice.
Persistence will pay off
You just learned some good ideas how to reduce Acura ILX insurance prices online in New Orleans. The most important thing to understand is the more rate comparisons you have, the better chance you’ll have of finding affordable Acura ILX insurance quotes. You may even be surprised to find that the best price on car insurance is with a smaller regional carrier. These companies can often insure niche markets at a lower cost as compared to the big name companies such as State Farm or Progressive.
As you restructure your insurance plan, it’s a bad idea to buy less coverage just to save a little money. Too many times, consumers will sacrifice comprehensive coverage or liability limits and discovered at claim time that it was a big mistake. The ultimate goal is to buy a smart amount of coverage for the lowest cost.
More information can be read on the following sites:
- Determining Auto Insurance Rates (GEICO)
- Who Has Cheap Auto Insurance for Lyft Drivers in New Orleans? (FAQ)
- How Much is Auto Insurance for Drivers with Good Credit in New Orleans? (FAQ)
- Who Has Cheap Car Insurance Quotes for Drivers with Accidents in New Orleans? (FAQ)
- Five Mistakes to Avoid (Insurance Information Institute)
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)