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Do car insurance companies price match?
Getting multiple quotes could help you negotiate lower car insurance rates.
Price match guarantees can help you negotiate better rates with your current insurer or get a better deal from an insurer you’re considering switching to. If you’re looking for the cheapest car insurance, a price match offer is an easy way to see if you can get a better rate.
How does car insurance price matching work?
Some insurers may be willing to give you a better deal on car insurance if you can prove a competitor is offering better rates for the same coverage. They’d rather get your business at a discount now than risk losing you to a competitor.
This is typically only an option if the rates are fairly close. For example, a difference of $50 a month may be easy to negotiate, but your agent might not be able to approve a discount of several hundred a month to keep your business.
How do I get a price matching discount?
- Get multiple quotes from different providers for the same coverage.
- Call up your top pick provider or your current insurer.
- Share your quotes and negotiate for a better deal.
- Move on to the next one if you don’t get a price match discount.
- Sign up for the cheapest policy.
What if insurers won’t price match?
You can do your own price matching by getting new car insurance quotes whenever it’s time to renew.
This can be particularly useful because many car insurance discounts only apply to the first year of coverage. These discounts are often substantial and easy to get, such as 25% off just for buying online, with the main catch being that they’ll run out after the first year.
How do I make sure I’m comparing equivalent policies?
Before comparing coverage, there are a few features you may want to decide on:
- The car insurance deductible. The deductible is the amount that you’ll need to pay towards a claim before the insurer pays any expenses. A higher deductible generally means lower premiums, whereas a lower amount could increase your monthly premiums.
- The type of coverage. You’ll usually come across lower premiums on more basic insurance like property damage liability coverage compared to comprehensive car insurance, so it’s important to make sure you’re comparing equivalent coverage. If you’re looking for ways to keep costs down, you might also consider downgrading your coverage to liability-only if your car no longer needs comprehensive protection. Keep in mind that each state has different minimum coverage requirements, so you’ll need to make sure your state minimums are met before purchasing a policy.
- Discount eligibility. Car insurance discounts can greatly affect your premiums. Sometimes an insurer might give you a quote without discounts factored in, while another might quote you a price that includes all applicable discounts. While this might account for price differences between policies, the actual discount amounts might vary between insurers.
How to compare car insurance price matching quotes
- Shop around and get quotes from multiple providers to find out which offers the best rate.
- Consider a higher deductible, and find out if price match deals might affect your deductible amount.
- See whether you can transfer your no-claim bonus discount over to the new insurer.
- Once you have a quote, check for more car insurance discounts to see if you can save with cheap car insurance. You might be able to save more in the long run by getting 25% off your car insurance one year, then looking for a price match deal on that price the following year.
Discover coverage that’s broader than competitors, valuable discounts up to 30% off and perks like shrinking deductibles that reward no claims.
- Broad coverage, including for custom car parts or ridesharing
- Transparent pricing tools that help you buy within budget
- Accident forgiveness on small claims or for staying claim-free
- Stack a variety of discounts for multiple cars, autopay or homeownership
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