5 mistakes that could raise your insurance

No one wants to spend more than they need to, and car insurance is no different. Though purchasing insurance may not be your most exciting purchase of the year, it could be one of your most rewarding. When purchasing insurance, here are some things to consider: What will you be liable for if you’re involved in an accident with a luxury vehicle like a Mercedes S-Class or Tesla Model S? If someone is seriously injured, are you prepared to cover potential medical care? How will your finances be impacted if you’re hit by an uninsured driver? How about if strong winds bring down a branch on your car’s roof? Make sure you’ve considered these scenarios and the extra coverage options to protect against them before choosing the cheapest option. Your wallet will thank you.

Evaluating insurance discounts is essential to finding the best auto insurance rates. While most of us will research discounts heavily when purchasing a new policy, we sometimes forget to check for additional discounts when circumstances change. For example, if you’re covered by DTRIC Insurance and have had no accidents or violations within the past three years, you could be eligible for a 20% discount. Likewise, if you’ve added additional safety features to your car, including anti-lock brakes, passive restraint devices, or anti-theft systems, you could save an additional 5% to 30% on your premium. DTRIC also rewards customer loyalty with a Renewal Credit offering greater discounts for each continuous year of coverage with one of our policies¹. The best way to learn about discounts on your auto insurance coverage is to get in touch with one of our expert insurance agents today.

Price will play an important role in any auto insurance decision, but it shouldn’t be the only factor you consider. It may seem counterintuitive, but paying more for a car insurance policy tailored to your needs could actually save you significant amounts of money. For example, if you frequently rent cars during inter-island travel, you may want a policy that not only reduces your rental rates, but also provides exemptions for rental collision damage waivers. If you’ve locked your keys in your car a few times in the past, you might like insurance coverage which provides free locksmith services. Looking beyond price to the total coverage picture could save you money in the long run.

Your deductible is the amount that comes out of your own pocket before your auto insurance kicks in. In most cases, you’ll have to send your deductible to your insurance carrier before repairs on your vehicle can begin, so you’ll need to have the cash or credit on hand. Unlike health insurance deductibles which may be measured per year, your auto insurance deductible is for each claim. So, if you make three claims in a year, you’ll have to pay your deductible each time.

Selecting coverage with a higher deductible could mean a lowered monthly premium. But, a higher deductible also means you’ll be paying for all of your smaller repairs out of pocket, without the help of your insurer. If you aren’t certain you can pay your deductible immediately, you may want to consider modifying your coverage.

DTRIC’s Deductible Wipeout offers reductions on collision deductibles for qualifying customers without any hidden fees or surcharges to your premium. You could reduce your deductible by $200 after just one year of claim-free driving, with the potential to bring your deductible all the way down to $0. Speak to an agent today to see if DTRIC’s Deductible Wipeout program is right for you.