Unbelievably, the vast majority of insurance customers have been with the same company for a minimum of four years, and just under half have never quoted insurance rates at all. New Orleans drivers can save hundreds of dollars each year, but most tend to underestimate the rate savings if they switched to a more affordable policy.
The best way to get affordable auto insurance rates is to do an annual price comparison from insurance carriers in New Orleans. Rate comparisons can be done by following these steps.
- Read and learn about how companies set rates and the measures you can take to prevent expensive coverage. Many policy risk factors that cause rate increases like inattentive driving and a less-than-favorable credit score can be remedied by improving your driving habits or financial responsibility.
- Compare rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can provide rates from one company like Progressive or Allstate, while independent agents can provide prices from multiple sources.
- Compare the new rate quotes to your existing rates and determine if there is any savings. If you find a better price and switch companies, make sure there is no lapse in coverage.
- Give notification to your agent or company of your intention to cancel your current auto insurance policy and submit a down payment along with a signed application to the new company. When you receive it, place the new certificate verifying proof of insurance with the vehicle registration.
One tip to remember is to use similar coverage information on every quote and and to look at as many companies as you can. This helps ensure an accurate price comparison and a complete price analysis.
The companies shown below provide price quotes in New Orleans, LA. If you want the best auto insurance in New Orleans, LA, it’s highly recommended you click on several of them to get the most competitive price.
Three main reasons to buy car insurance
Despite the high cost of buying insurance for a Jeep Cherokee in New Orleans, car insurance is required in Louisiana but it also protects you in many ways.
- Just about all states have minimum liability requirements which means you are required to carry specific limits of liability insurance 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.
- If you have a lien on your Jeep, most lenders will stipulate that you have insurance to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the bank will be required to insure your Jeep at a much higher rate and force you to pay for the expensive policy.
- Insurance protects your vehicle and your assets. It will also reimburse you for medical bills for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, your car insurance policy will pay to restore your vehicle to like-new condition.
The benefits of insuring your car definitely exceed the price paid, especially if you ever need it. The average driver in Louisiana is wasting up to $855 a year so compare rate quotes once a year at a minimum to save money.
How to Lower Your Insurance Rates
Many different elements are part of the calculation when premium rates are determined. A few of the factors are predictable like your driving record, but other criteria are more transparent like where you live or your financial responsibility. A large part of saving on insurance is knowing the different types of things that go into determining the level of your policy premiums. If you know what influences your rates, this enables you to make decisions that could help you find much lower annual insurance costs.
The factors shown below are most of the major factors used by insurance companies to determine your prices.
- Are you male or female? – Over the last 30 years, statistics show women are more cautious behind the wheel. That doesn’t necessarily mean that women are BETTER drivers than men. Males and females are responsible for accidents at a similar rate, but males tend to have higher claims. In addition to higher claims, males also have more aggressive citations like DUI and reckless driving.
- Having a spouse equates to better prices – Being married can get you a discount when buying insurance. Having a significant other may mean you are more stable financially it has been statistically shown that married drivers tend to have fewer serious accidents.
- Annual mileage and car insurance costs – The more miles you rack up on your Jeep annually the higher the price you pay to insure it. Many insurance companies calculate rates based upon how you use the vehicle. Vehicles used primarily for pleasure use can be on a lower rate level compared to those used for work or business. Incorrect rating for your Cherokee is just wasting money. It’s a good idea to make sure your declarations sheet is rated on the correct driver usage.
- Where you live factors in – Living in areas with lower population can save you money when talking about insurance. People in densely populated areas have to deal with more road rage incidents and more time behind the wheel. Fewer people means a lower chance of having an accident in addition to fewer liability claims.
- Higher insurance rates for coverage lapses – Driving any period of time without insurance can get you a ticket and you may have a hard time finding new coverage because you let your coverage lapse. Not only will rates go up, being ticketed for driving with no insurance can result in a revoked license or a big fine. You will then be forced to submit proof of financial responsibility or a SR-22 with the Louisiana motor vehicle department.
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Loss probability for a Jeep Cherokee – Companies take into consideration historical loss data for every vehicle when setting rates for each model. Models that tend to have increased claim numbers or amounts will cost more to insure. The table shown below demonstrates the historical loss data for Jeep Cherokee vehicles.
For each coverage category, the loss probability for all vehicles, regardless of make, model or trim level, is equal to 100. Numbers shown that are under 100 are indicative of better than average losses, while numbers above 100 point to more claims or a tendency for losses to be larger than average.
Car Insurance Loss Data for Jeep Cherokee Models Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Jeep Cherokee 4dr 2WD 76 105 77 87 90 109 Jeep Cherokee 4dr 4WD 78 115 82 75 79 103 BETTERAVERAGEWORSEData Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Quote often and quote early
As you quote New Orleans auto insurance, never reduce coverage to reduce premium. Too many times, an insured cut liability limits or collision coverage and found out when filing a claim they didn’t purchase enough coverage. The aim is to buy the best coverage you can find at the best possible price while still protecting your assets.
Low-cost Jeep Cherokee insurance in New Orleans is attainable both online in addition to local insurance agencies, and you should compare price quotes from both to have the best rate selection. Some insurance companies do not offer price quotes online and most of the time these smaller companies only sell coverage through independent insurance agencies.
Additional detailed information can be read at these sites:
- Booster Seat Ratings (iihs.org)
- Who Has the Cheapest Auto Insurance for a Toyota Tacoma in New Orleans? (FAQ)
- How Much is New Orleans Car Insurance for Low Mileage Drivers? (FAQ)
- Five Mistakes to Avoid (Insurance Information Institute)
- What is Full Coverage? (Allstate)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)