Experian's Auto Insurance Offering: What You Need To Know

Experian does not have its own auto insurance but offers an auto insurance comparison tool that helps consumers find the best deal for their needs. This tool is free to use and allows users to compare rates from over 40 top insurers. It also notifies users when rates in their area drop. Experian's tool provides personalized insurance matches, ensuring that users are not offered policies with less coverage just to show a lower price. The company also helps users with the process of switching insurance providers, including cancelling their previous policy and requesting a refund. Experian's auto insurance comparison tool is a no-commitment service, allowing users to check their rates without risk or hassle.

Experian's auto insurance comparison tool

Here's how it works:

Provide Information on Your Current Policy:

The tool needs information about your current policy, such as the vehicles you plan to insure (including their make and model), the drivers on the policy, and any information that may qualify you for discounts. You can provide this information by logging into your insurance account through the tool.

Choose the Policy:

Based on the information you provide, the comparison tool will show you quotes from multiple insurers. You can then compare prices and policy details to choose the one that best fits your needs and budget. The results are usually provided within minutes, but it can take up to 48 hours if information needs to be confirmed manually.

Swap With Experian's Help:

Once you've chosen your new policy, Experian will handle the rest. They will open your new policy, cancel your previous policy, and request a partial, prorated refund from your old plan. They will also collect payment information to forward to your new insurance company.

Experian's tool provides personalized insurance matches based on apples-to-apples comparisons, ensuring that you are offered policies with comparable coverage. They also actively monitor insurance rates to make sure you continue to get the best deal.

In addition to saving you money, Experian's auto insurance comparison tool saves you time by doing the hard work of finding comparable coverage, getting personalized quotes, and arranging policies for comparison. With this tool, you can get personalized quotes within minutes, instead of spending hours doing it yourself.

How to get an auto insurance quote

Experian does not offer auto insurance but has an auto insurance comparison tool that allows you to get quotes from multiple insurers at the same time. It is always a good idea to get multiple quotes to avoid overpaying for coverage.

• Gather your vehicle and personal information: This includes your car make and model, driving record, and current insurance policy. Some companies might also require your driver's license number to check your driving and claim history.
• Decide on the coverage you need and your budget: If your vehicle is financed or leased, be sure to check with your lender, as they might have minimum coverage requirements.
• Research and compare insurance companies and their policies: You can use an online auto insurance comparison tool or speak with insurance agents directly.
• Request quotes from multiple insurance companies: The more quotes you get, the better your chances of finding the most suitable policy for your needs and budget.
• Review the quotes and policies carefully: Pay attention to the premium cost, coverage limits, and deductibles. Clarify any confusion or questions you might have about the policies.
• Choose the best quote and request your final offer: Select the quote that fits your needs and budget, and request the final offer from the insurance company.

By following these steps, you can find the most affordable auto insurance policy that meets your requirements without compromising on coverage.

How to save on auto insurance

Experian offers an auto insurance comparison tool that can help you find the best available quotes based on your specific coverage needs. The tool is unbiased and free to use, and Experian is paid a commission by the insurance company you choose, so you never pay extra.

Shop Around for Insurance

Get at least three quotes from different insurance companies and different types of insurance companies. Prices differ from company to company, so it's worth doing your research. Ask friends and family for recommendations, and make sure you understand enough about auto insurance to ask prospective insurers informed questions. Remember, you want to be able to rely on them if you need to make a claim.

Compare Insurance Costs Before Buying a Car

Auto insurance premiums are based in part on the car's price, the cost to repair it, its safety record, and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of theft or personal injuries, or for cars that are known to be safe.

Raise Your Deductible

By choosing a higher deductible on your car insurance, you can significantly lower your premium costs. Just make sure you have enough money set aside to pay the higher deductible in case you need to make a claim.

Reduce Optional Insurance on Older Cars

If your older car is worth less than 10 times the insurance premium, having collision and/or comprehensive coverage may not be cost-effective. Check the value of your car on websites like Kelley Blue Book, National Association of Auto Dealers (NADA), and TrueCar.

Bundle Your Insurance or Stick with the Same Company

Many insurers will give you a discount if you purchase multiple types of insurance from them, such as homeowners and auto insurance, or insure more than one vehicle with them. Some companies also offer price breaks to longtime customers.

Maintain a Good Credit History

Establishing a solid credit history has many benefits, including lower insurance costs. Many insurers use credit information to price auto insurance policies, as research shows that people who effectively manage their credit make fewer claims.

Take Advantage of Low Mileage Discounts

Some companies offer discounts to motorists who drive less than the average number of miles per year, including those who carpool to work.

Ask About Group Insurance

Some companies offer reductions to drivers who get insurance through a group plan from their employers, professional, business, or alumni groups, or other associations.

Seek Out Other Discounts

There are many other discounts your insurer may offer. For example, some companies offer discounts to those without accidents or moving violations on their record or who have taken a defensive driving course. If there is a young driver on your policy who is a good student or is away at college without a car, you may also qualify for a lower rate.

Improve Your Credit Score

Each time you move up a tier in credit score (from Average to Good, for example), you can save hundreds of dollars a year. If you started from Poor and moved up to Exceptional, you could save $1,408 each year.

Keep Yourself Covered

The longer you are insured, the lower your rates will be. After six months, and then again after one, three, and five years of continuous coverage, shop around for insurance. Insurance companies don't like it when you have a gap in coverage, so don't drop your coverage, even for a day.

Track Your Driving with Telematics

If you're comfortable using an app or a small device that plugs into your dashboard to track your driving habits, it could save you money. This is called telematics, where your speed, mileage, and total driving time are tracked and used to determine your insurance premium.

Get Married

Married people pay less in car insurance than single people. If you get married, you can expect your annual car insurance premiums to drop by about 6%.

Keep Your Car for Longer

Nationally, auto insurance drops about 3.4% on average with each year your car ages.

Join the Armed Forces

Being in the military or holding an advanced degree can lead to lower insurance rates.

Compare Car Insurance Rates

Check what your new insurance rates will be before buying a car. In general, trucks are cheaper to insure than cars.

Safe Driving

Maintain a good driving record and participate in a safe driving program if you can. Safe drivers always save, and if you have a claims-free or violation-free history, you can receive additional discounts.

Explore Payment Options

Some insurance companies offer discounts if you pay for your policy with one or two annual payments or elect to pay with a preferred method, such as linking a bank account. Going paperless for your account statements can also help you save on your policy and help the environment.

Review Your Current Policy

If you've had the same policy for several years, review it to see if your coverage needs have changed. As your vehicle gets older, it costs less to replace, so you may be able to lower your limits associated with vehicle repair, like comprehensive and collision coverage.

Research Insurance Costs for Teen Drivers

Adding a teen driver to your policy will likely make your insurance more expensive. However, insurance companies often offer discounts for teens who get good grades, are away at school, or choose a higher deductible.

What does car insurance cover?

Car insurance is a financial safeguard in the event of car accidents, theft, or other incidents beyond your control. It covers damage to your vehicle and protects you from financial liability if you cause injuries or damage to someone else's property. It can also pay for medical bills for you and your passengers if you're in an accident, or if you're hit by an uninsured or underinsured driver.

There are several types of car insurance coverage, including:

• Liability coverage: This is required in almost every state and covers expenses for injuries or damage to another person's property if you are at fault in an accident. It includes bodily injury liability, which covers medical expenses for other drivers and their passengers, and property damage liability, which covers damage to someone else's car or property, such as a fence or building.
• Collision coverage: This covers damage to your car resulting from a collision with another vehicle or object, such as a tree or guardrail, or if your vehicle overturns. It also covers damage caused by potholes.
• Comprehensive coverage: This covers damage to your car from events other than collisions, such as fire, theft, vandalism, floods, hail, falling objects, or collisions with animals. It also covers cracked or shattered windshields and reimburses you if your car is stolen.
• Medical payments coverage/Personal Injury Protection (PIP): This covers medical expenses for you and your passengers, regardless of who is at fault in the accident. PIP may also cover lost wages, funeral costs, and other expenses.
• Uninsured/Underinsured motorist coverage: This covers damage and medical expenses caused by drivers without insurance or with insufficient insurance to cover the costs of the accident.

In addition to these standard coverages, there are also optional add-ons available, such as roadside assistance, rental car reimbursement, and rideshare insurance.

It's important to note that car insurance doesn't cover everything. Basic car insurance typically doesn't cover maintenance, general wear and tear, or mechanical failure. It also doesn't cover personal items stolen from your vehicle or damage caused by intentional or criminal acts.

How to cancel car insurance

There are several reasons why you might need to cancel your car insurance policy. For instance, you may no longer own the car, or you're moving to another state, or you've found a cheaper deal. Whatever your reason, the process is usually straightforward. Here's how to do it and avoid some common pitfalls.

Contact Your Insurance Provider

You can cancel your auto insurance policy at any time and for any reason. You don't have to wait until the end of your policy period. Even if your policy has only been running for a few days, you can cancel it. Contact your insurer or agent to find the best way to cancel your policy. Some companies allow you to cancel over the phone or online. Others may require written notification or a signed document.

Cancelling by Phone

Most major companies simply ask that policyholders speak with an insurance agent to cancel. The phone number is likely to be found on your insurance card, as well as on the company's website or app. This is often the quickest method, although you may still have to sign a cancellation notice or other documents to make it official.

Cancelling by Mail or Fax

If your insurance provider is more old-fashioned, you may need to send a cancellation letter either to your agent's office or directly to the company.

Cancelling in Person

If the insurer has a physical location nearby, you can stop by and handle the paperwork in person. Take along your name, address, and phone number, your policy number, and the date and time you want your policy to end. If you're switching providers, it's also a good idea to take along your new insurer's name, policy number, and policy start date.

Avoid a Lapse in Coverage

If you're keeping your car, make sure you arrange for other insurance first to avoid a lapse in coverage. Nearly every state requires some type of liability coverage for drivers. If you have an outstanding car loan or lease, you should also notify your lender that you have changed insurers.

Notify the DMV

Many states require you to inform the DMV when you cancel or change your auto insurance, but check your specific state's guidelines or ask your agent if this is necessary.

Get a Refund

If you have time left on your policy, your insurer may issue a prorated refund of the premium that you paid most recently. However, some insurers also charge a cancellation fee.

Frequently asked questions