Technically, a cut-rate policy will save you money, but you might be risking coverage. While switching insurance companies for a lower price, you may end up spending more money in the long run. As long as you’re happy with the company, you might be able to get a new cut-rate policy. Keep in mind, however, you might not have the same coverage, which could be problematic. At Bleiler, we will help you get the right coverage for the best price. Here’s everything you need to know about what a cut-rate policy can do for you.
Is it the same coverage?
Not every policy is the same. If you want to pay less for your insurance, you will be lowering some of your coverage limits. You might end up losing more of your coverage than you intended. If you do end up getting into an accident, with your new policy, not everything will be covered.
Will the deductible change?
Yes. With lower coverage, you’ll end up paying a higher deductible. This means more that you’ll have to pay out of pocket before the insurance will pay anything. Your $250 deductible with the older policy could end up being $1500 with the new one.
Will my car be treated the same as the new policy?
While the goal of every insurance company wants to get your car back on the road, some of them have a different idea of how to handle them. For example:
- Is the car going to get new or used parts for the repair?
- Are you allowed to go to any auto body shop or only ones affiliated with the insurance company?
- Will you be able to get a rental depending on how long the car is in the shop?
- If your vehicle has extensive damage, will the insurance company fully replace it or simply the depreciated value?
We at Bleiler Insurance want you to have the best coverage possible at the right price. Since we don’t work for the “bigger companies,” you know we’ll get you the best policy. Contact us today!
