In our last article we discussed the first step parents should take to save as much as $1,000 on their car insurance premiums in Cincinnati. That step is to take a few minutes to receive comparison insurance quotes from other companies. Car insurance premiums can vary from company to company by thousands of dollars for teenage drivers in Cincinnati and that’s why parent must take this step first to save money.

Because our agency is a broker we represent a number of companies whom have the best car insurance rates for teenage drivers in Cincinnati, and we make it very easy for parents to receive an instant online car insurance quote from multiple insurance companies doing business in the greater Cincinnati area. (Instant car insurance quotes is available in Ohio and Kentucky and quotes can be obtained in all 50 states)

However let’s now talk about a particular car insurance discount that’s available for Cincinnati insurance buyers that you might not even know about, but could end up saving you hundreds of dollars.

This discount is called the Company Car Discount.

The company car discount is applied to a policy when an insured driver has possession of a vehicle that is provided by his or her employer.

The company car discount helps you the most when you only have 1 car on your policy. If you are insuring more than 1 car you should already be getting a multicar discount, however some insurance companies doing business in Cincinnati may offer a discount for a company car even when you already receive the multicar discount. Check your particular insurance company for exact details if this is available to you.

But let’s assume for argument sake you drive a company car plus you have 1 additional car on your policy. Normally, you would not be eligible to receive the multi-car discount. However if you drive a company car you can receive the multi-car discount that could reduce your premiums by as much as 25%! (Discount varies by company)

So if someone in your family drives a company car, make sure that you are getting this important discount. However don’t assume that your current insurance company or agent will automatically give you this discount even if they know you drive a company car.

Do you remember our Cincinnati client I shared with you in my previous article whom we saved more than $1,600 for the year on his car insurance? One of the reasons he was being over charged for his car insurance is because his former agent, either because of greed or laziness did not apply the company car discount even though he knew he drove a company car!

While it’s true that not every insurance company offers this specific discount most do. If for some reason you find out your current insurance company is being stingy by not offering you this money saving discount, or your agent was just too lazy to offer it to you, give us a call or use our free online instant rate quote system. We have a number of companies that will be glad to provide this discount to you!

In our next upcoming issues, we will examine other valuable discounts that will help parents save hundreds, and in some cases thousands of dollars on insurance premiums for teenage drivers in Cincinnati.

Click here if you think you’re being overcharged on car insurance premiums for your teenage son or daughter living in the greater Cincinnati area.

If you looking for state minimum insurance quotes in Cincinnati, or any other part of the state we can provide this to you.  You can call 513-662-7000 for insurance quotes, however you need to ask yourself whether or not state minimum insurance in Ohio is sufficient coverage for your needs?  To receive an online quote, click state minimum liability coverage Ohio.

In the past insurance companies have run television commercials advertising state minimum car insurance quotes for those with limited budgets for car insurance.

State Minimum Insurance May Be Cheaper, but You May Pay a Price down the Road!

While it’s true that state minimum car insurance coverage may cost you less money than higher insurance limits, it could inadvertently cost you more money in out-of-pocket expenses in the event you are responsible for an accident in excess of state minimum limits.

For instance in the state of Ohio, state minimum limits as required by law amounts to $7,500 for property damage, and $12,500 individually for injuries that you may be legally responsible to pay.

In the state of Kentucky the state minimum limits are $10,000 for property damage, and $25,000 for injuries.

Let’s discuss a scenario to show you exactly how the property damage coverage works:

Claim Example 1:

Let’s assume that you’re driving north out of downtown Cincinnati on the way to work and you rear end the vehicle in front of you. After all repair estimates are complete it appears the damage total is $4,700 for the other party’s vehicle.

If you carry Ohio state minimum insurance limits for property damage you have $7,500 to cover the property damage you are responsible for. In this scenario you have enough coverage to cover all property damage expenses.

Claim Example 2:

Let’s change one factor on the above scenario and assume that when you rear-ended the first vehicle that vehicle in turn was pushed into the vehicle in front of him because of the impact of your car. It’s possible that you could be held liable for the damage to both vehicles.

So the first vehicle’s damage amounts to only $4,700, however the damage to the other vehicle was $5,200 leaving total property damage total of $9,900. Subtracting the $7,500 property damage limit your insurance company pays leaves you with a balance of $2,400 that you owe for that one accident!

Is state minimum limits enough for Cincinnati drivers? In the first scenario yes, in the second it ends up costing you $2,400 out of pocket. State minimum coverage limits may keep you legal, but may end up costing you more in the long run.

Please note that in multi-car accidents it may not be 100% certain that in every case the driver causing the multiple car accident is solely responsible other mitigating circumstances could apply.

One Other Negative Factor about State Minimum Coverage

There’s one other negative factor when purchasing state minimum liability coverage.  Those who purchase lower limits can be categorized by other insurance companies as high risk driver’s. So if you have the lowest liability limits required by law in Ohio, and you want different insurance the only carriers that may offer you a decent rate or other Ohio high risk insurance companies!

To Avoid Being Labeled As a High Risk Driver Purchase Coverage Limits Higher the State Minimum!

Pathway insurance offers insurance protection in Ohio, Kentucky, and Indiana. If you have state minimum insurance limits click here to upgrade your coverage, or give us a call at our office at 513-662-7000.