In a market like today, where the cost of living keeps sky-rocketing, it is so important to find the most affordable car insurance to keep your wallet satisfied. If you’re a millennial like myself, or someone trying to save to buy a home, a penny saved can get you a long way. It is uncommon for the working man not to have their very own set of wheels, but if what you’re driving is causing you to work overtime due to outrageous insurance fees, then you better start shopping around to save yourself a few extra bucks.
I recently downloaded the budget app on my fancy iPhone called Mint and it informed me that I pay nearly two times as much as my fellow colleague in car insurance. So, I quickly began a thorough investigation like any penny-pinching millennial would and discovered that although Liberty Mutual has been extremely good to me in terms of customer service etiquette, it has put a huge dent in my savings account. After comparing rates online, I found that if I switched over to Progressive which is rated in the Top 3 Cheapest Car Insurances for Massachusetts, I would be saving myself a whopping $139.00 dollars a month. As of today, I pay Liberty Mutual $225.00 a month but if I switched over to Progressive for a 6- month period policy, I would only pay $86.00 dollars a month which is a no brainer.
Now obviously, there are several factors that go into figuring out one’s yearly fee when it comes to car insurance; one of the obvious reasons being how good of a driver you are. Now given the fact that I am no saint when it comes to driving and have had my fair share of a few minor fender benders here and there, I am definitely not Cruella De Ville behind the wheel and should be treated as someone worthy of a reasonable yearly fee that will put me on track to fulfilling my financial goals.
If you are one of the lucky ones who have never had the traumatizing ordeal of being in a motor vehicle crash and having to deal with all the drama that comes along with it, then you should consider signing up with Plymouth Rock Assurance, who is ranked #1 in Massachusetts for being the cheapest car insurance for drivers with pristine driving records. Drivers typically stand to benefit from car insurance discounts if they’ve avoided claims for several years, so if you find yourself on this side of the fence by all means keep driving like a granny because it will certainly make your savings account look good.
Plymouth Rock Assurance came in at $624.00 per year which is only $52.00 per month. $52.00 a month compared to the $225.00 a month I’ve been paying with Liberty Mutual can go a long way in terms of saving up for a house, renting an apartment or paying off those annoying student loans young adults cry themselves to sleep at night about. Mapfire insurance and Safety Insurance came in second and third for top notch drivers with rates of $969.00/year and $1,035/year. If your insurer uses the Massachusetts Safe Driver Insurance Plan (most do)- a point-based system that adjusts rates based on your driving record, you’ll automatically receive a discount if you’ve gone five or more years with no incidents. If you’re a good driver and have been paying more in insurance than the above-mentioned companies can offer, then it’s time for you to make a change, and make it quickly!
If you’re a mother hen looking to let her baby chicks take the car out for a spin and need to add them to the insurance policy, well I have some good news for you. Again, Plymouth Rock is rated #1 in terms of insurance for drivers in their 20’s with a quote of $316/year. Letting the baby chick fly the coop is scary enough, but imagine how much more terrifying it would be if you had to pay double that just to ensure they would be covered while behind the wheel? Arbella and Safety Insurance came in second and third with rates of $501/year and $507/year for this same age bracket of drivers. Young drivers typically need less coverage than older motorists and only require the lowest coverage limits in Massachusetts which makes them much cheaper than the other groups.
For anyone who has been in a pesky fender bender, I also have some good news for you as well. Again, Plymouth Rock Assurance ranked #1 for one at-fault crash with a rate of $1,025/year. Driving is stressful enough, never mind the headache that comes from experiencing your first crash, but everyone makes mistakes and shouldn’t be penalized with huge surcharges and insurance fees because of that. Arbella and Mapfire came in second and third with quotes of $1,455/year and $1,480/year for this group of drivers. Causing an accident can put a huge dent in your wallet, but luckily not with these companies. Even if you have an at-fault crash, there’s plenty of reason to shop around to find yourself the best deal. There was nearly a $1,900 difference between the lowest and highest quotes among the state’s largest insurers, proving just how much you can potentially save when you take the time to compare quotes instead of signing on with the first company who shows you interest. When it comes to saving money, take the time to invest in your saving’s account instead of rushing to get coverage without doing your due diligence and research!
In terms of Auto Insurance, Massachusetts has certain requirements that need to be met in order to comply with legal standards. Bay State residents are required to carry liability insurance, uninsured motorist bodily injury coverage and personal injury protection, or PIP, in at least the following amounts:
• $20,000 bodily injury liability per person
• $40,000 bodily injury liability per crash
• $5,000 property damage liability per crash
• $20,000 uninsured motorist bodily injury per person
• $40,000 uninsured motorist bodily injury per crash
• $8,000 PIP
If you meet the above standards with your insurance company, you are meeting the minimum requirements that are legally binding in the Commonwealth of Massachusetts for drivers. So just to recap: The first thing you’re going to do after reading this article, is look at how much you are paying in car insurance per month and then go to the websites of each company I have listed above and get yourself a free comparison quote to help you save! I’ll even break it down for you a little further to make it easier for you when doing your research by itemizing the above- mentioned companies and their respective categories.
• The cheapest car insurance for Good Drivers is Plymouth Rock Assurance
• The cheapest car insurance for Young Drivers is Plymouth Rock Assurance
• The cheapest car insurance for Drivers with one at-fault accident is Plymouth Rock Assurance
Clearly, if you’ve done your research you can see that if you aren’t covered with Plymouth Rock Assurance, it’s time to get on their website and get yourself a quote. Spending 5 minutes filling out a simple form is worth it if it means saving hundreds of dollars per year on insurance.
Disclaimer: Financialisto is not affiliated or endorsed by any company listed in the article above.