Want to know an easy way to compare more competitive Fiat 500 insurance in Detroit? Having to pay for expensive insurance in Detroit can draw down your personal savings and force you to make tough financial choices.
We don’t have to point out that fact that insurance companies want to keep your business as long as possible. Drivers who shop around for cheaper prices are likely to buy a new policy because they have a good chance of finding a lower-cost company. A recent survey discovered that people who routinely shopped for cheaper coverage saved about $865 a year compared to other drivers who never shopped around.
If finding the lowest price on car insurance is your goal, then having a good understanding how to find companies and compare car insurance can make it easier to find better rates.
How to save on Fiat 500 insurance in Detroit
The preferred way to find cheaper quotes for auto insurance rates is to start comparing prices yearly from insurance carriers who can sell car insurance in Detroit.
- First, get a basic knowledge of coverages and the measures you can control to keep rates down. Many rating factors that drive up the price like speeding tickets, accidents and a negative credit score can be remedied by making minor changes in your lifestyle.
- Second, obtain price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from a single company like GEICO or Allstate, while independent agents can give you price quotes for a wide range of companies.
- Third, compare the new rates to your current policy and determine if cheaper 500 coverage is available in Detroit. If you can save some money and buy the policy, make sure there is no coverage gap between policies.
- Fourth, tell your current agent or company of your intent to cancel your current auto insurance policy and submit payment and a signed application to your new insurance company. Immediately place your new certificate verifying coverage in an accessible location in your vehicle.
A crucial key to this process is to make sure you’re comparing identical coverages on every price quote and and to get prices from all possible companies. This provides an accurate price comparison and the best price quote selection.
You have multiple insurers to insure vehicles with, and though it is a good thing to have a choice, having more insurance companies makes it harder to compare rates and cut insurance costs.
Consumers should take time to get comparison quotes before your next renewal because prices trend upward over time. If you had the best price on Fiat 500 insurance in Detroit two years ago there may be better deals available now. You can find a lot of misleading information regarding 500 insurance online but I’m going to show you some solid techniques on how to buy insurance cheaper in Detroit.
Our objective in writing this article is to help you learn the most effective ways to compare rates and also save some money in the process If you are already insured, you should be able to cut your premiums using the concepts covered in this article. You just have to understand the most time-saving way to compare different rates on the web.
Fiat 500 Insurance Rate Factors
Many different elements are considered when you get a price on insurance. Some of the criteria are obvious like an MVR report, although others are not quite as obvious such as your credit history or your commute time.
The itemized list below are some of the major factors that factor into your prices.
- Bad credit hurts insurance premiums – Your credit rating factor in determining what you pay for car insurance. Drivers with good credit tend to file fewer claims and have better driving records than drivers who have lower credit scores. So if your credit score can be improved, you could potentially save money when insuring your Fiat 500 if you clean up your credit.
- Teen drivers pay more – Inexperience drivers have a tendency to get distracted easily with other occupants in the car and because of this, their car insurance rates are much higher. Older drivers are more cautious drivers, cost insurance companies less in claims, and usually have better credit.
- Lower car insurance rates with alarms and GPS tracking – Choosing a vehicle with a theft deterrent system can save you a little every year. Systems that thwart thieves like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart vehicle theft.
- Keep the miles off and save – Driving more miles every year the more you’ll pay to insure it. Almost all companies apply a rate based upon how you use the vehicle. Autos left parked in the garage can be on a lower rate level compared to those used for work or business. Incorrect rating for your 500 is throwing money out the window. Make sure your vehicle rating states how each vehicle is driven, because improper ratings can cost you money.
- Getting married is a bonus – Your spouse may earn you lower rates compared to being single. Marriage is viewed as being more financially stable and it’s proven that married drivers get in fewer accidents.
- Gender matters – Over the last 30 years, statistics show females are less aggressive when driving. However, don’t assume that males are worse at driving than females. They both are responsible for fender benders in similar numbers, but men have costlier accidents. They also get more serious tickets like DWI (DUI) or reckless driving. Young men ages 16 to 20 generally have the highest accident percentage and therefore are the most expensive to insure.
- Higher physical damage deductibles are cheaper – Physical damage protection, aka comp and collision, helps pay for damage to your vehicle. Some examples of claims that would be covered could be collision with another vehicle, hail damage, or theft. Comp and collision deductibles are the amount of money the insured will be required to pay if a claim is determined to be covered. The more money you are required to pay out-of-pocket, the bigger discount you will receive.
Insurance loss probability for a Fiat 500 – Insurers analyze past claim statistics to help determine the rate you pay. Models that have higher loss trends will have a higher premium rate.
The data below shows the actual insurance loss data for Fiat 500 vehicles. For each policy coverage, the claim probability for all vehicles, as a total average, is considered to be 100. Values below 100 mean the vehicle has better than average losses, while numbers shown that are more than 100 indicate higher probability of having a loss or an increased likelihood of larger losses.
Fiat 500 Insurance Claim Statistics Specific Fiat Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Fiat 500 72 76 66 96 89 84 Fiat 500 Convertible 76 79 60 85 Fiat 500 Electric 73 59 76 60 Fiat 500L 112 80 102 128 93 97BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Compare quotes for Detroit Fiat 500 insurance
The auto insurance companies shown below are our best choices to provide price quotes in Michigan. In order to find cheap auto insurance in Detroit, we suggest you visit as many as you can to get a more complete price comparison.
Auto insurance does more than just protect your car
Despite the potentially high cost of Fiat 500 insurance, auto insurance is a good idea for several reasons.
- The majority of states have mandatory insurance requirements which means it is punishable by state law to not carry specific limits of liability insurance coverage in order to license the vehicle. In Michigan these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you took out a loan on your vehicle, most banks will make it a condition of the loan that you have comprehensive coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Fiat at a much higher premium rate and force you to pay the higher premium.
- Auto insurance protects both your vehicle and your personal assets. It will also cover hospital and medical expenses for yourself as well as anyone injured by you. Liability insurance will also pay for a defense attorney if anyone sues you for causing an accident. If your Fiat gets damaged, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of carrying adequate insurance more than cancel out the cost, specifically if you ever have a liability claim. But the average driver in Michigan overpays more than $869 every year so you should quote your policy with other companies once a year at a minimum to save money.
Insurance discounts are available to get cheap rates
Companies offering auto insurance don’t always list all their discounts in an easy-to-find place, so we break down a few of the more common and the more hidden discounts you could be receiving when you buy Detroit car insurance online.
- Low Miles Discount – Driving less could qualify for slightly better insurance rates than normal.
- Organization Discounts – Joining qualifying clubs or civic groups may earn a discount on your next renewal.
- Good Students Pay Less – Performing well in school can get you a discount of up to 25%. Earning this discount can benefit you well after school through age 25.
- Student Driver Training – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class if offered at their school.
- Detroit Homeowners Pay Less – Owning your own home or condo can save a few bucks because of the fact that having a home is proof that your finances are in order.
- Telematics Devices – Insureds that choose to allow data collection to scrutinize driving manner through the use of a telematics system such as Progressive’s Snapshot and State Farm’s In-Drive might see lower rates if they exhibit good driving behavior.
- Life Insurance – Not all insurance carriers offer life insurance, but some may give you a discounted premium rate on car insurance if you buy life insurance from them.
- Air Bag Discount – Vehicles with factory air bags can qualify for discounts of 20% or more.
- Discounts for Federal Employees – Active or former government employment could provide a small rate reduction with select insurance companies.
- Payment Method – If you pay your bill all at once instead of making monthly payments you can avoid monthly service charges.
Don’t be shocked that many deductions do not apply to the overall cost of the policy. Most only apply to individual premiums such as collision or personal injury protection. Despite the fact that it seems like adding up those discounts means a free policy, companies wouldn’t make money that way.
Popular insurance companies and their offered discounts are included below.
- GEICO may have discounts that include anti-theft, five-year accident-free, anti-lock brakes, driver training, membership and employees, federal employee, and military active duty.
- SAFECO includes discounts for teen safety rewards, anti-lock brakes, drive less, teen safe driver, homeowner, and accident prevention training.
- State Farm discounts include driver’s education, passive restraint, accident-free, good driver, Drive Safe & Save, multiple autos, and student away at school.
- MetLife offers discounts for accident-free, claim-free, defensive driver, good driver, good student, multi-policy
- 21st Century offers premium reductions for automatic seat belts, driver training, anti-lock brakes, defensive driver, 55 and older, homeowners, and early bird.
- Progressive may include discounts for continuous coverage, good student, online signing, multi-policy, online quote discount, and homeowner.
Double check with every prospective company what discounts are available to you. Some discounts listed above may not apply in your area.
Do I need a local insurance agent?
A small number of people still prefer to get professional advice from a licensed agent and doing that can be a smart decision Agents can help you choose the best coverages and help file insurance claims. One of the great benefits of comparing insurance online is that drivers can save money and get lower car insurance rates and still have an agent to talk to. And supporting neighborhood insurance agencies is especially important in Detroit.
To help locate an agent, after submitting this short form, the coverage information is transmitted to insurance agents in Detroit that provide free Detroit car insurance quotes to get your business. You never need to drive around since price quotes are sent to you directly. In the event you want to get a price quote from a specific insurance company, you would need to jump over to their website and fill out the quote form the provide.
If you want to use a local agent, you need to know there are two different agency structures and how they can service your needs differently. Insurance agents are either exclusive or independent agents depending on their company appointments. Both types of agents can sell insurance policies, but we need to point out why they differ since it could factor into the selection process.
Independent Insurance Agents (or Brokers)
Agents of this type do not work for one specific company and that is an advantage because they can write policies with any number of different companies and help determine which has the cheapest rates. If they find a lower price, the business is moved internally and the insured can keep the same agent.
When comparison shopping, it’s recommended you get rate quotes from independent agents so that you can do a thorough price comparison.
Listed below is a small list of independent agencies in Detroit that can possibly get you free insurance rate quotes.
Look Insurance Detroit Southwest Agency
6724 Michigan Ave – Detroit, MI 48210 – (313) 899-3194 – View Map
Exclusive agents can only quote rates from one company and examples are Farmers Insurance, State Farm, or Allstate. Exclusive agencies are unable to place coverage with different providers so they really need to provide good service. Exclusive agents are well schooled on what they offer which helps them compete with independent agents.
Listed below is a list of exclusive insurance agents in Detroit who can help you get rate quotes.
Michelle Sims – State Farm Insurance Agent
24970 W Outer Dr – Lincoln Park, MI 48146 – (313) 928-1348 – View Map
Selecting an insurance agency requires you to look at more than just a cheap price quote. Here are some questions you should ask.
- Is there a 24/7 contact number?
- Is the agency active in community causes in Detroit?
- Do they specialize in personal lines coverage in Detroit?
- Does the company have a solid financial rating?
- Which company do they place the most coverage with?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- Does the agent help file claims?
- Which companies do they recommend if they are an independent agency?
Shop around and save
When buying insurance coverage, never sacrifice coverage to reduce premiums. There are too many instances where an insured dropped full coverage only to regret that they should have had better coverage. The ultimate goal is to buy a smart amount of coverage for the lowest cost.
Some insurance companies do not provide online quoting and many times these small, regional companies provide coverage only through independent insurance agencies. Budget-conscious Fiat 500 insurance is possible online and also from your neighborhood Detroit agents, so compare prices from both to have the best selection.
How to buy discount Fiat 500 insurance in Detroit
It takes a few minutes, but the best way to find low-cost prices for auto insurance rates in Detroit is to start comparing prices yearly from providers in Michigan.
- Try to comprehend policy coverages and the modifications you can make to lower rates. Many rating factors that increase rates such as traffic tickets, fender benders, and an unacceptable credit rating can be rectified by making minor changes to your lifestyle.
- Quote rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give prices from a single company like GEICO and Allstate, while independent agents can give you price quotes for a wide range of insurance providers.
- Compare the quotes to the premium of your current policy and see if you can save money. If you find better rates and switch companies, make sure coverage is continuous and does not lapse.
The key aspect of shopping around is to try to compare the same amount of coverage on every quote and and to get rate quotes from as many car insurance companies as possible. Doing this helps ensure a level playing field and many rates to choose from.
Much more information about insurance in Michigan can be read at the links below
- Distracted Driving Statistics (Insurance Information Institute)
- Who Has Cheap Detroit Car Insurance Rates for Single Moms? (FAQ)
- What Car Insurance is Cheapest for Hybrid Vehicles in Detroit? (FAQ)
- How Much Does Car Insurance Go Up After a Speeding Ticket? (DetroitInsure.com)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Crash Avoidance Technologies FAQ (iihs.org)
- Credit Impacts Car Insurance Rates (State Farm)