Auto Insurance isn’t just something to protect you financially in the case of a fender-bender – in many states, it’s the law. The Fay Insurance Agency in Centerville Ohio uses a wide range of affordable car insurance products at a competitive price. The rates get even better if you qualify for any of our available car insurance discounts.
Common Car Insurance Quote Questions:
- Do you want collision and/or comprehensive coverage?
- How high do you want your deductible to be?
- What liability limits you wanton your car insurance?
- If you want any kind of optional coverage should we add to the car insurance plan?
- How much do I need?
Choosing affordable car insurance coverage:
Ask us about affordable car insurance coverage options and discounts.
- Assets you must protect (liability coverage),
- Value of your automobile (collision and comprehensive),
- The amount of money you can afford to pay out-of-pocket (deductibles)
- Your risk tolerance.
How Much Car Insurance Coverage Is Right For You:
- Standard, High Risk, and Preferred car Insurance
- Classic and Collectible Cars
- Special insurance programs for Teenagers, Senior Drivers, Motor Homes, ATVs, Motorcycles, Jet Skis & Boats
Collision And Comprehensive Coverages (FULL Coverage)
- Collision and Comprehensive (other than collision) coverages pay for harm to your automobile. You can buy either or both of these coverages for each automobile you own. If your vehicle is financed you may be required to purchase both.
- Collision coverage protects you against harm to your automobile caused during an accident.
- Comprehensive coverage protects you against physical harm caused by elements such as nature, vandalism and theft.
Collision and comprehensive coverage usually include a deductible. This can range from $100 to $1,000. If your car is damaged, the car insurance company pays only for the damage more than the deductible you selected. The higher the deductible, the lower the premium.
Liability coverage:
Liability coverage pays for injuries you cause to others and any damages to their property when you’re at fault in the accident.
Medical Payments coverage:
This coverage pays medical expenses (up to a specified dollar limit) for you and your passengers no matter who is at fault. If you and your passengers have health Insurance, you may not need this coverage.
Uninsured / Underinsured Motorist coverage:
This coverage pays if you become injured by a person who is completely uninsured or they don’t have enough liability Insurance to cover your injuries. It also covers you if you are in a collision with a hit-and-run driver.
Optional coverage
Optional car insurance coverage includes such things such as towing, rental reimbursement and roadside assistance.
Dealing With Rising Car Insurance Rates
Why did my Car Insurance go up Again?
It’s the biggest complaint in the auto insurance industry. You get your quote. You got your rate. Then, after 6 months or a year (maybe even a few years), you see your rate increase.
What’s up with that? You haven’t filed a single claim and you’re a great driver! That’s why we insured you in the first place! Well, most people may not realize this, but all kinds of factors can affect your insurance rate over time.
What causes the increases in car insurance rates?
Generally speaking, auto insurance rate adjustments are caused by fluctuations in your risk.
When you get a quote, you answer questions about your driving history, experience, age, vehicle, location, etc. All this information gives the insurance company an idea of your risk.
The thing is once you get your initial rate, your risk levels don’t lock into place forever. They can vary as life happens, and not just because you got a speeding ticket or hit a parked car.
Risks Impact Rates
Depending on where you live, the following changes (in your life and/or in your policy) may change risks to your insurer and negatively affect rates, such as:
- Adding a new or inexperienced driver
- Getting a new vehicle
- Changes in your commute
- Changes in your credit score
- Moving to a new location
- Inflation and Higher Costs
If there’s one thing you can count on over time, it’s that prices will rise. Candy bars don’t go for a nickel anymore and your average vehicle costs nearly 9 times more than it did 40 years ago! So, it’s no surprise that insurance costs more over time too.
But why exactly?
Car insurance covers injuries to others, vehicle and property damage, medical and other expenses, and sometimes, legal fees too. Since insurance pays services from these industries, it’s inherently connected to them. And as their costs fluctuate over time, auto insurance rates are adjusted as well to reflect those costs.
Insurance Fraud
Claims are the biggest cost to insurance companies, but fraud is the biggest threat. Insurance fraud, like filing false claims and over-inflating damages costs the industry billions of dollars each year. Unfortunately, that can drive up rates.
Insurance companies don’t just sit idly by however. They spend a lot of time and effort identifying and trying to prevent insurance fraud. But when scams do slip through the cracks, companies have no choice but to react. Some areas of the country have become havens to fraudsters. Unfortunately that may mean raising rates for customers in those areas.
The Reality of Rate Increases
At the end of the day, whatever the factor, costs are going to fluctuate. So they don’t have to sacrifice service, most companies are going to increase rates to compensate. But companies have all kinds of options to keep things from getting out of control. They are:
- Using the large size of their companies to negotiate better costs and keep rates lower
- Getting better data on customers and claims to more accurately identify risks, and therefore adjust rates accordingly
- Using new technology to offer customer-specific insurance rates, based on your exact and actual driving habits and abilities
- Utilizing new systems and analytics to watch costs and risks
- Working internally to run more efficiently in order to keep internal costs lower, and then passing those savings on to customers
If you have anymore questions in regards to your rates rising, please contact us.
Bottom Line
We always look for ways to say our clients’ money! We’ll discuss options with increasing the deductibles. We explore new discount programs available. We’ll be sure to apply any Military Discounts available. Our group of independent car insurance agents know what to look for, and care about helping our clients make the best available decision with their car insurance.
Our 4 Locations Have Insurance Licenses in 4 States
Any one of our agents can sit down and evaluate your situation with car insurance. We have local insurance offices in Centerville (Dayton) Ohio, West Chester (Cincinnati) Ohio, and Northwood (Toledo) Ohio and cover your home and automobile policies in Michigan Ohio Indiana and Kentucky.
Our Insurance Carriers
Since we are not tied to one specific company, we can tailor a plan to you using several different products that suit you. Simply put, Greg Fay Insurance offers more car insurance options for you! Do you have an insurance claim? Contact your local Ohio insurance carrier right away!
