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Price Matching Car Insurance: Everything You Need To Know

Price matching car insurance is an excellent way for drivers to get the best coverage at the most affordable price. The insurance industry is very competitive, and some companies are willing to price match in order to earn your business.

Price Matching Car Insurance: The Basics

Similar to retail stores matching their competitors’ sales prices, some insurance companies will offer you a lower rate on your car insurance if it’s the same rate their competitor offers. Thanks to the internet, it’s easier than ever for consumers to compare car insurance quotes and find out which companies offer the lowest rates. As AutoInsurance.org points out, because it’s so much easier for drivers to shop around, the insurance industry has become even more competitive when it comes to offering affordable insurance.

Keep in mind that, while insurance companies are eager for you to purchase a policy, they may not be able to price match competitor rates. AutoInsurance.org notes that each insurance company has its own formula and rules for calculating rates. If a company decides that you’re an insurance risk, they won’t be able to price match a rate that is lower than their calculations. It never hurts to ask, though, if you happen to find a rate that is lower than what your current provider offers.

It’s up to you, as the consumer, to search out competitive car rates that meet your specific needs. Sometimes, insurance companies are willing to customize their rates to keep or earn your business. Your car insurance policy is as unique as you are.

How To Get The Best Coverage

If you want to get the best auto insurance coverage at a reasonable price, shopping around and comparing quotes is an absolute must. However, as InsurancePanda points out, the least expensive quote isn’t always going to be right for you. But even if you end up purchasing a pricier policy, doing your research will still save you some money in the long run. When comparing auto insurance carriers, AutoInsurance.org recommends that you keep in mind the following:

  • Customer service ratings
  • Deductibles
  • The cost of coverage and how much coverage you need
  • Perks

    Customer service ratings will give you a good idea of how reliable a car insurance provider is. If you’re in an accident or your vehicle is stolen, you need an insurance company that you can rely on. After you file a claim, you don’t want any difficulty receiving your benefits. Reading customer reviews will show you how a company treats its customers after they file claims. You should also find out how much a company charges for deductibles, how much adequate coverage will cost, and if a company offers perks and discounts.

    How To Negotiate Price Matching

    When you already have an insurance policy with a company that offers excellent customer service, but you want to try to get a lower rate, you should consider negotiating a price match with your current company. According to Finder, if you want to negotiate a price match, you should take the following steps:

    1. Gather several different quotes from a variety of providers. Make sure you get quotes for the same amount of coverage that you already have.
    2. Contact your current provider.
    3. Let your provider know that you were able to find a lower rate for your policy. Ask them if they’re willing to match the price or at least offer a lower rate than what you’re currently paying.
    4. If your insurance company refuses to lower your rates, you might want to consider going with another company. Find a company with good customer reviews and contact them with your quotes.
    5. Keep contacting providers until you find one willing to price match or give you the lowest rates. Just make sure you get the coverage you need.
      1. Keep in mind that the best time to negotiate a price match is when your current policy is up for renewal. Your provider might be more willing to negotiate a lower rate in order to get you to renew your policy. If you decide to go with a new provider, you could qualify for a new customer discount.

        Car Insurance Discounts

        Even if you can’t get your provider to agree to a price match, there are still ways you can save money even if you don’t want to switch providers. Car Insurance Comparison recommends that you see if you qualify for the following discounts:

        • Organization Discounts – Some car insurance providers offer discounts to customers who are members of automobile-related organizations or clubs. If you’re not already a member of such an organization, keep in mind that you may have to pay a fee to join. You’ll have to weigh the cost of joining against the discount you’ll receive on your insurance.
        • Bundling Discounts – If your car insurance provider also offers homeowner’s insurance and your homeowner’s policy is with a different company, it might be worth it to switch providers for one policy or the other to get a bundling discount. Of course, you’ll have to consider what you’re currently paying for your homeowner’s policy and whether it’s worth switching over. Many companies will also let you bundle renter’s insurance.
        • Equipment and Safety Discounts – If you install an alarm system on your vehicle or you buy a new car that has an OnStar system or other advanced safety features, your insurance company may be willing to lower your rates. Many companies also give safety discounts to customers who successfully complete a defensive driving course. You might also qualify for a safety discount if you maintain a clean driving record or go for a specified time without filing a claim.
        • Limited Distance Discounts – If you work from home, don’t have a long commute to work, or otherwise don’t use your vehicle very often, you may qualify for a limited distance discount. Keep in mind that most insurance companies don’t advertise this type of discount even if they offer it. You’ll have to ask if you qualify. Remember that if you get a new job with a longer commute, you’ll lose this type of discount.

          Check this out if you need additional information, resources, or guidance on car insurance.

          Sources:

          What is an auto insurance price match?

          Do Car Insurance Companies Price Match?

          Do car insurance companies price match?

          Will car insurance companies price match?

          Factors That Affect Car Insurance Rates

          Do I Have to File a Claim After an Accident? Everything You Need to Know

          Car Insurance

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