If you're like me, you'd love to reduce your auto insurance premiums yet not reduce your coverage. But do you have insurance agents as friends? I have two. So, after doing some research online, I talked to them about my findings.
This is what I talked with my insurance friends about:
a. retain the right to sue
b. don't sign contracts that include the words 'aftermarket parts' or similar ones.
Let me go into a bit of detail on these two, as they have important consequences for you, the car insurance buyer.
Retain the right to sue
According to some car insurance advisory sites you should always retain your right to sue your insurer. The reason? If you do not you're making easier for your insurer to take you for a ride.
Basically, if you don't have the right to sue and you and the outfit you got your auto insurance from disagree about something (like the money they owe you if your car is totaled), you have to go to arbitration. If you retain the right to sue, you can, of course, get a lawyer and sue.
Lawyers are a lot more expensive than arbitration. So insurance companies have extra incentives to follow the contract the two of you signed, to settle.
One of my insurance agent friend's idea about retaining the right to sue? "It's true, but it doesn't really work that way. People get favorable results from arbitration."
I never disputed that arbitration cannot yield good results. Just that retaining the right to sue does it faster more often.
Aftermarket parts
If your car is damaged and you have the right insurance, your insurer pays for repairs, including parts. Car parts made by companies other than the car maker are called "aftermarket parts."
It seems that back in the 1970's, when aftermarket parts were first allowed, aftermarket parts were inferior in condition, craftsmanship, and they were not as extensively tested. Now, some are as good as or better than the parts made by car makers. However, But perception has not changed, people still think them inferior. Which means that if your car has aftermarket parts, its value would be lower, you'd have to sell it for less than if it had original car maker parts.
I brought up aftermarket parts with one of my insurance agent friends. He said it's not true. He said most insurance companies use aftermarket parts for cars older than two years. Which proves my point, not his. There are car insurers out there that do not use aftermarket parts..
My insurance agent friends tell me that if you cross out language from the policy, all insurance companies will not do business with you. Which may be true. Which maybe a good reason for you to find yourself another insurer.
Author Resource:
It's easier to shop around for car insurance if you work with an independent insurance agent, they have access to a lot more plans then regular insurance agents. car insurance (Chicago area) seekers have one such agent at http://www.swias.com .
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