It’s easy to assume that car insurance companies don’t want customers comparing rates. Drivers who compare rates annually will probably buy a different policy because they have a good chance of finding lower prices. Surprisingly, a recent survey revealed that consumers who compared rates annually saved about $3,500 over four years compared to other drivers who didn’t regularly shop around.
If finding the best price on auto insurance is the reason for your visit, then having an understanding of the best way to shop and compare auto insurance can help make the process easier.
If your goal is the lowest price, then the best way to get low-cost car insurance rates in Detroit is to start comparing prices regularly from insurance carriers who sell auto insurance in Michigan.
Step 1: Take a little time to learn about the coverage provided by your policy and the modifications you can make to prevent high rates. Many things that are responsible for high rates such as traffic citations, accidents, and an imperfect credit score can be controlled by improving your driving habits or financial responsibility.
Step 2: Quote rates from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can give quotes from one company like Progressive or Allstate, while agents who are independent can provide prices for a wide range of insurance providers.
Step 3: Compare the new rate quotes to your current policy premium to see if a cheaper rate is available. If you find a lower rate, make sure coverage is continuous and does not lapse.
Step 4: Provide notification to your current agent or company of your intent to cancel your existing policy and submit the signed application along with the required initial payment for your new coverage. Once received, keep the new certificate verifying proof of insurance in your vehicle.
The critical component of shopping around is to use similar coverage information on every quote and to quote with every insurance company. Doing this guarantees a level playing field and the best rate selection.
Locating the best rates in Detroit is quite easy if you know the best way to do it. If you already have coverage, you will definitely be able to reduce the price you pay using this strategy. But Michigan consumers must comprehend the methods companies use to sell insurance online and use it to find better rates.
When comparing car insurance rates, know that more quotes helps you find a better price.
The car insurance companies shown below are our best choices to provide price quotes in Detroit, MI. To get the best auto insurance in Michigan, we suggest you click on several of them in order to get a fair rate comparison.
Three main reasons to buy car insurance
Even though Detroit Camaro insurance rates can get expensive, paying for car insurance is required in Michigan but also provides important benefits.
- Just about all states have mandatory insurance requirements which means you are required to carry a specific minimum amount of liability 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 bought your Chevy with a loan, most banks will have a requirement that you have insurance to guarantee loan repayment. If you do not pay your insurance premiums, the bank may buy a policy for your Chevy at a significantly higher premium and require you to pay the higher premium.
- Insurance safeguards both your assets and your car. Insurance will pay for many types of medical costs that are the result of an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if you are named as a defendant in an auto accident. If your vehicle suffers damage from an accident or hail, your car insurance policy will pay to restore your vehicle to like-new condition.
The benefits of having car insurance definitely exceed the cost, especially for larger claims. Today the average American driver is currently overpaying as much as $865 each year so it’s important to compare rates each time the policy renews to help ensure money is not being wasted.
Premium rates and analysis
The table shown below showcases detailed analysis of coverage costs for Chevy Camaro models. Being aware of how insurance quotes are determined can assist in making smart choices when purchasing an insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camaro LS | $518 | $1038 | $780 | $46 | $234 | $2,616 | $218 |
| Camaro LT | $518 | $1038 | $780 | $46 | $234 | $2,616 | $218 |
| Camaro SS | $576 | $1196 | $780 | $46 | $234 | $2,832 | $236 |
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Michigan minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Prices do not factor in garaging location in Detroit which can impact prices significantly.
Drive safe and save
The diagram below demonstrates how traffic citations and at-fault claims increase Chevy Camaro premium costs for different age groups. The premiums are based on a single female driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
Full coverage rates vs. liability-only
The chart below illustrates the difference between Chevy Camaro insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no claims or driving violations, $250 deductibles, drivers are not married, and no discounts are factored in.
Guidelines for dropping full coverage
There is no definitive guideline for dropping physical damage coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s pretend your Chevy Camaro book value is $8,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, you would only receive $7,000 after the policy deductible has been paid. If it’s costing you more than $700 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some situations where only buying liability is not a good idea. If you have an outstanding loan on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not remove full coverage.
Save money with these discounts
Auto insurance companies don’t always advertise all possible discounts in a way that’s easy to find, so the below list has a few of the more common and the harder-to-find credits that you can use to lower your rates.
- Defensive Driver Discounts – Taking time to complete a safe driver course could earn you a small percentage discount and also improve your driving technique.
- Full Payment Discount – If you pay your entire premium ahead of time rather than paying in monthly installments you may have a lower total premium amount.
- Good Students Pay Less – Being a good student can earn a discount of 20% or more. You can use this discount normally until age 25.
- Discount for Low Mileage – Low mileage vehicles can earn lower rates on the low mileage vehicles.
- Discount for Multiple Policies – If you can combine your auto and home policy and place coverage with the same company you will save up to 20% off your total Camaro insurance premium.
- Seat Belt Discounts – Drivers who require all occupants to buckle up could cut 10% or more off the PIP or medical payment premium.
- No Charge for an Accident – This one is not really a discount per se, but companies like State Farm and Progressive will allow you to have one accident without getting socked with a rate hike if your claims history is clear for a set time period.
Discounts lower rates, but most discount credits are not given to the entire policy premium. Some only apply to individual premiums such as medical payments or collision. Even though it appears it’s possible to get free car insurance, it’s just not the way it works.
The illustration below visualizes the comparison of Chevy Camaro insurance rates with and without discounts being applied to the rates. The data assumes a male driver, a clean driving record, no at-fault accidents, Michigan state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, multi-car, multi-policy, marriage, and safe-driver discounts applied.
Some of the insurance companies who might offer most of the discounts above possibly include:
If you want inexpensive Detroit car insurance quotes, ask all companies you are considering the best way to save money. Some discounts listed above might not be available to policyholders in every state. For a list of companies who offer discounts in Detroit, click this link.
Which policy gives me the best coverage?
When it comes to a policy, there really isn’t a one-size-fits-all type of policy. Each situation is unique and a cookie cutter policy won’t apply.
These are some specific questions could help you determine if your situation might need professional guidance.
- When should I have rental car coverage?
- How can I get high-risk coverage after a DUI?
- Can I get a multi-policy discount for packaging my home and auto coverage?
- Should I buy full coverage?
- When can my company non-renew my policy?
- I don’t drive much so do I pay less?
- What does PIP insurance cover?
- Are split liability limits better than a combined single limit?
If you can’t answer these questions but you know they apply to you then you might want to talk to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies.