Serving Clients Throughout Michigan
Shopping for car insurance in the Greater Grand Rapids area? At first glance, all car insurance companies likely appear to be the same, but that is far from the case. Doyle & Ogden takes great pride in being able to offer Michigan drivers the best coverage at the best rates. A policy with Doyle & Ogden is more than just insurance, it’s also access to personalized help from experienced and compassionate insurance agents. Regardless of the vehicle you drive, we have you covered.
- Why do you need auto insurance?
- Basic insurance terms
- Factors that affect rates
- What are the requirements for auto insurance in Michigan?
- What coverage should you consider for your car?
- How to compare car insurance quotes
- Get a free auto insurance quote
Auto Insurance Basics
Before diving in to a search for the best car insurance plan to fit your needs, it’s important to have a basic understanding of how auto insurance works and why you need it. The better informed you are, the easier shopping for insurance will be.
Why Do You Need Auto Insurance?
Auto insurance may be required by law, but that’s not the only reason to want or need insurance. Medical bills, vehicle repair costs, and the possibility of legal defense costs can add up quickly. Insurance shields drivers from the financial burden incurred in the event of an accident, which is all the more reason to consider coverage beyond what is required by law. Monthly premium payments pale in comparison to paying out-of-pocket for accidents.
Basic Insurance Terms
An insurance deductible is an amount of money that an insured individual will have to pay out-of-pocket before insurance coverage kicks in. Even if a driver is not at fault for an accident, a deductible may still need to be paid. With no-fault insurance in Michigan your deductible will be waived if you are not at fault and your vehicle is protected with broad form collision.
A deductible is part of any insurance agreement. An individual agrees to pay for a certain amount of the risk and the insurance company agrees to cover the remaining risk. Drivers can choose a deductible amount that fits their budget and needs. Your deductible will be listed on the declaration page of your insurance policy as part of the terms and conditions of the agreement.
A premium is the amount you pay for your insurance policy. A number of factors influence your insurance premium. One such factor is your deductible. You can obtain a lower deductible by paying a higher premium.
Liability is the state of being responsible for something, especially by law. Liability within the frame of auto insurance is the degree of responsibility you hold in the event of a car accident.
Limit of Liability
Limit of liability is the max an insurance company can pay for coverage in accordance with your insurance policy. The limit of liability will be defined within your insurance contract.
Factors That Affect Your Car Insurance Rate
Sometimes it can feel like insurance rates are set with no logical rhyme or reason to support them. However, insurance rates are actually calculated by actuaries using a series of mathematical statistics and formulas. There are a multitude of factors that affect car insurance rates, but there are four main factors that drivers should be aware of.
Location affects rates for several reasons. The costs involved with repair and medical treatment after an accident vary greatly by location, which is factored into rates. Road risks also vary by location. Cities that are more densely populated have more congested roads, which increases the risk of an accident. Cities that have high rates of insurance claims or theft will also raise your rates.
The costs incurred to replace or repair a vehicle will depend on the vehicle. A more expensive vehicle will be more expensive to insure.
Statistically speaking, certain age groups are more likely to have bad driving behaviors, which is a higher risk to insure.
A great driving record can help you secure an excellent rate. Conversely, a record of accidents and driving violations can raise your rates sharply.
What Are the Requirements For Auto Insurance In Michigan?
Michigan law sets minimum coverage limits that all drivers need to purchase. The coverage limits required by the state of Michigan can be found in the table below.
*requirements will be changing in July of 2020
|Coverage Type||Michigan Requirements|
|Bodily Injury Liability||$20,000 limit per person/$40,000 limit per accident|
|Personal Injury Protection||Unlimited coverage for medical expenses and coverage for survivors loss, work loss, necessary services, and funeral expenses|
|Property Damage Liability||$10,000 limit|
|Property Protection||$1,000,000 limit|
|Underinsured Motorist||Not required|
|Uninsured Motorist||Not required|
What Coverage Should You Consider For Your Car?
While not required by law, it’s worth considering investing in collision, comprehensive, and underinsured/uninsured (UM/UIM) motorist coverage.
Both collision and comprehensive coverage cover the cost of repair or replacement for your vehicle under different scenarios. Collision covers damage to a vehicle caused by a car accident. On the other hand, comprehensive covers damage to your vehicle caused by an incident outside of an auto accident like theft or a tree collapse.
Underinsured/uninsured motorist coverage helps you when you’re in an accident with another driver who is at fault, but either doesn’t have insurance or doesn’t have enough insurance coverage. This type of coverage can be a life saver, especially in hit and run accidents. There are over 30,000 hit and run crashes that occur in Michigan each year. When these types of crashes occur, it can be difficult to earn compensation from another driver without being able to track them down. Underinsured/uninsured coverage will ensure you still receive the compensation you need to recover from your accident.
Emergencies and accidents are physically, emotionally, and financially taxing, but the right coverage can eliminate your financial burdens. It’s in your best interest to explore coverage beyond the coverage required by law. An experienced insurance agent can work with you to understand your goals and help select the best coverage for you.
How To Compare Car Insurance Quotes
It’s important to understand how to analyze quotes so that you can walk away with the best possible coverage at the best possible price.
First and foremost, it’s crucial that you know all of the features that will be included in your policy. Is towing covered in the event of an accident? Will rental car expenses be included in your policy? Make sure you’re getting all the features and coverage you want in your policy. If features aren’t clearly listed, be sure to ask about what your policy will include.
When you get quotes for insurance, different agents from different companies will often suggest different coverage levels. It’s hard to compare insurance policies without being able to compare apples to apples. It’s important that you compare quotes for identical or very similar policies. The period presented may also differ. Some companies may provide a quote based on 6 months of coverage, while others may quote 12 months of coverage. Comparing similar coverage for the same period of time will make it much easier to choose the right insurance provider.
How To Save Money On Car Insurance By Bundling
Did you know that by combining your homeowners insurance and auto insurance policies you may be able to save hundreds of dollars a year? Doyle & Ogden is a full-service insurance provider with protection available for your life, home, boat, motorcycle, or business. The more you bundle, the more you can save. Bundling insurance can save you up to 20% on your insurance premiums. You can talk to one of our knowledgeable insurance representatives today to learn how much you could stand to save by bundling with Doyle & Ogden.
Why Choose Doyle & Ogden As Your Auto Insurance Provider?
Doyle & Ogden is a local, independent insurance agency serving the Greater Grand Rapids area since 1958. With over 10 companies to shop and compare, we are confident that we can offer better coverage for the best price. Whether you are in need of auto insurance for your classic car or your daily drive, we can help. Contact us today by filling out a contact form or calling (616) 949-9000 to request a free quote.