Choosing an insurer for the inexpensive offerings is good, but there are other things to consider other than just price. To make your purchasing experience enjoyable, here are some things to do.
1. Determine the coverage
Before would-be customers decide which companies to call, they should define the types and amount of coverage they need. There is an abundance of factors to consider in this process including the state where you live, car models, and driving records. Everyone needs to take a moment to think these through, preventing any unrealistic expectations on the cost. Bad driving records almost always mean a price increase and the minimum liability requirements by the state are determining factors as well. Once a list of the necessary coverage and maximum budget limit is ready, it is now time to start shopping around.
2. Compare prices
In the old days, purchasing insurance was possible though insurance agents only. Now everyone can shop for auto insurance online too. Most major insurance companies offer free quotes both via phone and online, so it is best to get as many quotes as possible for comparison. A proper comparison is between apple and apple, meaning the customer must compare the price of the same coverage. Quote, forms have a long list of questions about many things such as car models, previous insurance, past involvement in a car accident, and security feature on the vehicle to insure. Talking via phone is also a good choice because it is possible to explain certain circumstances in direct conversation before asking for the estimate.
3. Independent agents
Not all auto insurance companies, however, exist online. To make sure all the available options are on the list, working with an independent agent is best. An independent agency is a professional who has the experience and expertise in the insurance business, and the person can give the right direction to make the right choice. An agent is aware of all options including the companies that don’t have a strong online presence. Praetorian Insurance Company is of those who do not maintain website pages to bridge communication with customers. Instead, the company works with independent agents and affiliate agencies all across the country to conduct businesses.
The underwriting strategy of QBE Praetorian Insurance Company revolves around small to mid-size client accounts with low coverage limits. Although the company’s main focus is on speciality business, it also offers some good personal insurance products including auto insurance. Some, if not many, people are unaware of its existence, but the truth is that the company has the permission to sell and underwrite auto insurance policy in all 50 states including District of Columbia and Puerto Rico. There is no website address available for this specific insurer, but everyone can consult an independent agent to know about the company’s offerings. The insurer offers the following types of auto coverage:
- Bodily Injury Liability and Property Damage Liability (both are most states’ minimum requirements)
- Personal Injury Protection or Medical Payments (mandatory in certain states)
- Physical Damage
- Uninsured/Underinsured Motorist
- Optional coverage such as Transportation Expenses, Towing & Labor, and Audio/Visual Equipment
There is no definitive measure to calculate the precise cost of the insurance premium for everyone. Praetorian Insurance Company determines the price and discounts by using a more personal approach through Flex-auto Program. The idea is to encourage better driving habits and reward customers for driving record improvement by giving friendlier premium. It means the price can decrease over time as the client demonstrates more careful driving and ticket-free road experience.
Besides Flex-auto Program, customers can take advantage of many discounts including:
- Accident-free discount
- Good student discount
- Proactive customer discount
- Passive restraint discount
- Longevity discount
- Multi-policy discount
For more saving, the insurer even gives Accident Forgiveness Program. Customers who have at least four years of continuous coverage with the company and free of at-fault accident claims earn the right to deserve benefits from the program. Thanks to the program, customary surcharges that should appear after an accident is not applicable. Accident Forgiveness Program is not yet available in all states. Multi-policy discounts apply when a customer purchases a bundle of coverage that includes at least two different types of insurance, for example, auto and home or auto and boat.
One of the most appreciable benefits of QBE auto insurance is that the insurer also acts as a reinsurance firm. Reinsurance is a process in which an insurance company purchases policies from other insurers. It allows the buyer to offer prominent financial protection with a huge limit without the burden of risk; this means an individual company can provide coverage for a high-profile account without having to handle the potential risk alone.
For customers, there is better financial protection in all cases: because the company spreads the risk with several different insurers, potential financial loss on customers’ parts are under the protection of all those companies. A big claim due to a major loss is not a problem.
Regardless of the insurance company, customers must always check the policy and read all the fine details before signing the agreement. Once again working with an independent agent minimizes the possibility of mistakes or making the wrong choice.