What should you do if your car insurance rates goes up?

Last month I talked about how a company determines what you should pay for auto insurance.
Since that article, the second largest insurer of private passenger autos in the state of Georgia announced it is raising rates an average of 25 percent and up to 50 percent for some customers.

As I explained last month, rates are based on the experience of the company’s customers. How many claims did they have and how much did the company pay to reimburse customers and third parties involved in accidents for their claims? Apparently this company’s experience worsened resulting in a significant shortfall in their monetary reserves set aside to pay existing claims as well as an increase in the trend of new claims.

So if you experience a significant rate increase what should you do?
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The first thing would be to contact your agent or company to see if you are getting the proper credits on your policy, and discuss options of lowering the overall cost. That does not include decreasing coverage, unless you want to drop physical damage coverage on a vehicle that is more than 10 years old and not worth carrying comprehensive and collision coverage. That decision is yours based on the condition of your vehicle and the cost to replace it.

Credits would include defensive driver credit, multi-policy discounts and multi-car discounts. Also, check to make sure your vehicles are rated for the proper usage, ie., pleasure, commuting or business use.

If you are not able to bring your premium down significantly with your current carrier then you need to go shopping.
Auto insurance is a very competitive product. There are many companies out there that would be happy to have you. Internet shopping is one way to shop if you know what you are looking for. Direct writers you can call for a quote is another option and can provide you with coverage as of the phone call.

If you do not want to go on the Internet to access several companies, or feel uncomfortable with the coverage you need, you can call a local agent that, as a captive agent represents one company, or as an independent represents many companies. Do not stop with one agent or company. You might find some savings with the first company you call, but there may be more savings available. Get quotes from at least four or five companies to make sure you are getting the best rate for the coverage you need. Do not accept a lower rate for less coverage unless you really feel you do not need certain coverage. Find someone you can trust and be smart.  UPNIN Specialist are ready to shop multiple carriers for you and makes sure you get the best price.  To learn more visit UPNINInsure.com