What To Know Before You Shop For Auto Insurance

What To Know Before You Shop For Auto Insurance

| August 03, 2023

My name is Riley
Ward and I am currently interning at Manzi Insurance for the 2023 summer. I am a finance major at Salve Regina University and will be beginning my senior year this fall. Some activities I enjoy outside of work are golfing, basketball, and hanging out with my friends! Although I aspire to become part of the finance world, I wanted to familiarize myself with something new and useful such as insurance.
I have learned a lot about what it means to be an insurance agent, and what the daily interactions between customer and agent
looks like. It is a tricky profession to navigate, especially when dealing with various companies and protocols. My coworkers have been extremely helpful and resourceful to me and have made all of the information being thrown at me very easy to absorb. The profession takes a great deal of people skills, honesty, and product knowledge, which I have seen firsthand at Manzi Insurance. I am very grateful that I was able to work with such caring and supportive people this summer. I am also glad that I have been able to step out of my comfort zone and learn about something new! Overall, it has been a great experience and I have made many new connections with the Manzi team! 
 I wanted to share with you what I learned about something we all need: Auto Insurance. 

Auto Insurance: What Does it Really Entail?  

Step 1: Auto Quotes 

The first step in determining the right auto insurance for you is to get your vehicle(s) quoted. This means that through a company or agency such as Manzi Insurance, you can receive a free estimate on the premium you would be paying for coverage. The important thing to note with these quotes is the more information that you are willing to give, the more accurate the estimate will be. Many people believe that by hiding certain information from agents it will somehow benefit them in price, when in reality it is only hurting the accuracy of their estimate. Withholding information to reduce price is never the answer, because it ultimately puts your coverage in jeopardy!   

Some critical information needed for an auto quote is vehicle information, current insurance (carrier, limits, price), driver’s license numbers, driving record, and the number of eligible drivers in the household. All of this information allows agencies such as Manzi Insurance to “shop” different insurance companies and determine what company will give you the best price. Now, pricing is not the only factor in determining which auto insurance is right for you. It is important to note that every company’s reputation is different, and although one may be cheaper than another, it may not provide the same level of coverage. This is why working through an agency is so beneficial, rather than directly through a company, because agencies can give you a much broader spectrum of options and help you weigh the pros and cons of each potential carrier.   

Step 2: Making a Decision 

Upon receiving an auto insurance quote, now it is time to make a decision. There are a number of factors that play into this. Firstly, compare insurance quotes based on coverage by looking at the prices and quality of each company. It is important to consider your personal financial situation, as you should never choose a premium out of your price range. You also want to find insurance providers that match your priorities. Search for the companies that offer the coverages, discounts, and customer service that you want. These coverages include but are not limited to Bodily injury and property damage liability, medical payments, uninsured/underinsured motorist coverage, comprehensive & collision and more.  

Important Facts:  

  • The longer you stay with one auto insurance carrier, the lower your rates will be. Companies often give discounts to long-term clients. It is important to build trust between carrier and client.   
  • Your credit score can impact your insurance rate. This includes your payment history, unpaid debt, age of credit history, new credit applications, and your mix of credit accounts.   
  • When switching from one carrier to another, it is important to do it the right way. Do not stop making payments until the current coverage is cancelled and the new policy is in place. If your coverage lapses, you could face higher rates on the new policy.   
  • You could save money by paying your premium in full. Some insurers offer a discount when you pay your entire premium up front.  
  • Your age and gender affect rates. Drivers who are younger are more likely to be in an accident, thus causing their insurance to be more expensive.   

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