What is the one thing that consumers do that causes auto insurance prices to go WAY up? You may be surprised to know that it is NOT necessarily a ticket or violation but rather a lapse in coverage. That’s right if you allow your policy to expire and have a gap between policies or you simple fail to pay your insurance bill this can cause an increase as high as 50%. Why? It is the law and you are required to have coverage in order to maintain a license tag in Florida. Just as the State considers it unacceptable and irresponsible to drive without insurance so do insurance companies.
So what’s the best way to prevent a lapse? That is simple, most companies offer an EFT payment option which actually often gives you a discount as well as a much lower down payment in exchange for electronically accepting payment each month automatically from your account.
Another tip for BIG savings, Pay your policy in full instead of making monthly payments. This is not always an option when cash flow is limited and that is why payments plans exist but it frequently can be 20% savings to pay in full for 6 month or a year. The Department of Insurance allows companies to submit rate changes twice a year in most cases so if you get a 12 month policy instead of 6 months you may push that rate increase off for another 6 months.
If you think your insurance rates are too high give us a call or check out our website to request an instant quote online. Have your policy and vehicle information handy for the most accurate quote.
”Our blogs are for general education and information only and may not represent your unique needs. Coverage will vary. Please contact your agent to verify your specific policy terms and conditions.”