Hollywood Florida, where the sun shines on the beautiful boardwalk. Where families get together and ride bikes as the warm wind passes through their hair. Waves crashing, as the birds chirp passing by the clear blue skies. Then, a loud thundering clash echoes throughout the beach! A car accident has occurred with two cars colliding. That once beautiful day at the beach is now a terrible day for the parties involved in the crash. In 2019, the Florida Department of Highway Safety and Motor Vehicles recorded 17,536 accidents in Broward County alone, a county that covers Hollywood Florida. That is roughly 2,923 accidents a month! In addition, in 2017 the Florida Department of Highway Safety and Motor Vehicles also listed that Broward County recorded the second highest number of accidents in the entire state of Florida. With numbers that high, are you financially safe for any damages that materialize if an unfortunate accident were to happen? This is where car insurance is important, especially in Hollywood, Florida.
How to get the Cheapest Car Insurance Rate
Although beneficial and could save you tremendous amounts of money, surfing through the internet for cheap car insurance can be arduous work. Multiple companies often berate you by offering the best and the cheapest insurance. These companies are everywhere – commercials, the internet, even walking outside you could spot a massive billboard stating the percent you are going to save if you switch to their company. Do not let fancy advertising fool you. There are a number of variables that can affect your insurance rates. This is where a broker can solve that problem and save you a lot of time!
Brokers are the middleman between you and saving money. They dig through multiple insurance companies, tailoring their searches to your preference. One key benefit of a broker is that they are not tied to one insurance company. Which means they are not biased towards any company. Brokers, being separated from insurance companies, can truly focus on your preferences. This would be beneficial when it comes to comparing rates from multiple insurance companies. This is how you can truly get cheap car insurance in Hollywood Florida. In addition, they are well equipped and knowledgeable to even provide you with the best way to approach car insurance. Creating bundles and tailoring policies in areas insurance agents are unable to. Brokers have vast knowledge on different key benefits of multiple insurance companies. Although brokers seem like a good approach in looking for cheap car insurance, always be cautious and avoid being gullible. Since Brokers work on commission, they are able to control what they offer you. This creates an adverse selection and you should stand your ground when they offer coverages that you truly do not need.
Factors to Consider When it Comes to Auto Insurance
There are multiple factors that affect auto insurance. To begin with, let us review how your car can affect the rate of your insurance.
Type of car:
Generally, having a sports car affects your insurance premium. There is psychology involved regarding why it is more expensive to have a sports car. To start with, the car is made to be fast, thus increasing the risk of getting into an accident. In addition, statistically, owners and drivers of the car are of a young age.
Having a high-end car affects insurance, because of the amount of money that is involved in fixing the car. This includes cars with great safety features. Although cars with great safety technology help drivers thread more cautiously, fixing the technology tends to be pricier and thus increases the rates of insurance.
Theft is also a common factor when it comes to auto insurance rates. The higher the chance the specific car model you have of getting stolen, the higher the rates can be.
The size of the car. Small cars typically tend to be more accident prone, thus resulting in a higher premium. Hence, a larger car tends to be more preferable for auto insurance companies.
The car’s age also has an effect on insurance rates. This is all pertaining to the price it will take to repair your car as parts may be difficult to come by.
Car’s safety features can also cut auto insurance rates down. Safety features like “anti-lock brakes” offer discounts of up to 10%. Airbags can save you up to 40% because of the safety it provides the driver when an unfortunate accident does arise.
The distance that you plan on driving.
Auto insurance companies tend to pay attention to the distance of your drive. The further you drive, the greater the chance of you getting into an accident. This is measured not by the amount of time you are on the road, but by the distance that you travel. Certain insurance companies add an additional $10 if your usual commute to work passes the 20-mile threshold.
Gender and Age
It might already be obvious that the younger and less experienced the driver is, the higher the insurance rates will be. Typically, male teenagers typically tend to have higher rates compared to young women. The average rate difference between gender could be as high as 14%. The reason for this is all based on statistical data: Male drivers (specifically young male drivers) have a higher incidence of getting into an accident than women drivers.
Where you reside
Where you live has an effect on your car insurance rate. Multiple variables affect this factor. Insurance companies base it on population density, weather conditions, the amount of crime, and the infrastructure in your area is.
Your credit score weighs in on the price of your rates as well. The average savings for a person with a good credit score tend to be around $1,500.
The way you drive plays a large role in your car insurance. Being a safe driver with no accidents creates an ideal relationship between you and the insurance company. Although, if you have had a few incidents or a ticket once or twice, do not worry as these incidents stop affecting your auto insurance rates as time passes by.
Many factors affect your car insurance, which makes finding cheap car insurance not only difficult but also time-consuming. So, what are some of the ways to lower your premium?
How to Lower Your Premium
Saving money is a priority in most families. That is why you must find ways to not only have great coverage, but also pay less for it. There are a number of ways to lower your premium and have the same coverage by using discounts. Many insurance companies provide their own discounts. Here is a list of important discounts offered by insurance companies.
“Good student” discount.
This type of discount helps families who have children that drive. Young drivers tend to have a negative effect on your premium, and, having your children do “good” in school helps alleviate the cost of your policy. This discount can help you save up to 25%.
In addition to good grades, young drivers can also take a driver training course to help reduce cost of up to 10%.
Drivers that are accident-free can reduce their rates as high as 5%.
For military members who are currently deployed, insurance companies usually help out by offering discounts of up to 25%
In addition, for active (non-deployed) and retired members of the military, or the National Guard, companies offer discounts of up to 15%.
Customer Loyalty Discounts
“Multi-Car” discount: Insuring more than one car is an ideal way to save money on auto insurance of up to 25% in savings
“Customer Loyalty”: Being committed to one insurance company bodes well for you. Certain insurance companies reward loyal customers for staying for more than 3 years. For example, Progressive offers accident forgiveness to loyal customers.
Bundling Policies: There are multiple policies that a person can have. Home insurance, rental insurance, life insurance, etc. Combining these policies and creating a bundle creates an ideal relationship between you and the insurance company. Insurance companies usually give out incentives when creating a bundle which can add up to 10%.
Early policy renewal: Insurance companies often gives incentives for people who renew their policy before the expiration date. This can save you up to 10%.
There is great potential for you to have cheap car insurance. You just have to be knowledgeable about how to decrease your premium, and, discounts are a great way to reduce your rates.
Let a Broker Do the Work for You – Start with Us
Russell Insurance is a family-based company. We hold family values true to our mission statement. We will help you find the best deal there is without cutting corners and without any self-agenda. We will work for you, creating plans for just what you need. We are an independent broker not tied to one specific insurance company. This allows us the freedom to find the best rates for you. In addition to providing you with the best plan, we able to save you a very valuable commodity: TIME. Searching for the best plan can consume a lot of time and produce a lot of frustration. Leave it to Russell Insurance to do the research for you and allow you to have more time to do the things you like to do! Lastly, we not only provide you with excellent service, but we also provide excellent financial services. We are located in 2507 Sheridan Street, Hollywood, Florida 33020.