Expert advice from Jamie Parson JD, an associate professor of legal environment of business and acting vice provost at Appalachian State University, was recently featured in a WalletHub post about how to get cheap car insurance.
Here's what Parson had to say:
Is it better to focus on getting cheap car insurance or getting as much coverage as possible?
It depends on your individual financial situation. If you are on a tight budget, focus on at least meeting the minimum legal requirements. If you need to protect your car because it's newer, expensive or if losing your car would cause additional financial hardship for you, then consider securing additional coverage.Do you have any tips for finding cheap car insurance coverage without sacrificing quality?
Once you decide your desired coverage, shop around a bit, consider comparison tools or check out a local independent agency who can compare your coverage with multiple companies. Many companies have discounts for bundling insurance (such as renters/homeowners and auto), good drivers, telematics programs, military or professional affiliations, etc. You can also work with the insurance company to look at price differences between coverage paired with different deductibles based on how much of the risk you can manage out of your own pocket.What red flags should people watch out for when comparing cheap car insurance companies?
The biggest pitfall I see is getting multiple quotes and comparing the prices but not comparing the coverage, deductibles, and limits. Customer service preferences are also something to consider. Some companies have amazing digital platforms, others have incredible in-person customer service and some companies have a good mix of both. There are lots of great resources to check the credibility and stability of the company you are looking at including AM Best or your state's Department of Insurance. While social media platforms can provide insight into customer experiences, it's important to approach those reviews with caution, as they often present only one side of a particular claim situation.
Read the full article at https://wallethub.com/edu/ci/how-to-get-cheap-car-insurance/93647.
About the Department of Finance, Banking & Insurance
The Department of Finance, Banking, and Insurance develops business, government, and education leaders by offering a Bachelor of Science in business administration in two specializations: finance and banking, and risk management and insurance. Learn more at https://finance.appstate.edu.
Dr. Jamie Parson
App State