A new report says you should consider buying an auto insurance policy with cheap premiums.
Auto insurance companies have a history of being very stingy with coverage and the results can often be disastrous.
The problem can be summed up in one word: bad.
A new report from auto insurance expert Kmper Auto Insurance shows how much consumers can lose if they don’t buy the best auto insurance on the market.
Kmper analyzed a new policy with a $25,000 deductible from a company called KmPer Auto Insurance.
The deductible is a common price for auto insurance and KmPER found that the policy was averaging $5,868 a year.
If you had a $100,000 policy, you’d be looking at an annual deductible of $10,000, or a total cost of $12,948.
K mper says it’s possible for a policy to cost less than $5 million if the company has the right combination of features and perks.
That’s why it’s important to get quotes from a reputable company that will insure your car.
If the company offers you a lower rate and doesn’t offer perks like an auto loan, there is likely more risk that you’re paying more for a cheaper policy.
The report also found that in the past, consumers are being overcharged by more than $300 per year.
Thats because insurers are using the average rates to try to squeeze out any savings from consumers.
Kmpor’s analysis found that average rates were $10 more than the actual costs.
“It’s the same story for renters,” said Kmpleter, who has written extensively about insurance and insurance fraud.
“We found that they are being charged the actual prices, but that they’re actually paying more than they should be.”
Kmpleters findings highlight how easy it is for consumers to fall into the trap of auto insurance.KMper says that the average cost for a basic policy was $8,937.
That would cost a consumer $3,717 in lost coverage over the course of a year, or $3.5 million over five years.
The company said that in addition to the deductible, a policy with an auto policy is also required to include a car payment plan.
That would result in the consumer paying $7,934 over five full years, or almost $6 million.
The best way to ensure your car is covered is to buy an auto plan that includes all the premium features.
K mper said that most people want a plan with a large deductible and lower rates than average, but they’re also willing to pay a lot more to get a plan that’s just right.
“There’s a reason why a $1,000 auto policy costs $25 to $50,000 a year,” Kmpler said.
“There’s no reason to pay $50 a year for a $50 plan.”