The Segments Of The Car Insurance Market You Should Know About
Standard market: This market refers to the average driver who uses family-type cars and has a reasonably good driving record.
Non-standard market: This market includes young drivers with less experience, drivers with multiple tickets or accidents, and drivers with reckless or drunk driving histories.
Preferred market: This market features the lowest premiums and it is available to low-risk drivers with exceptional driving records.
Most auto insurers offer car insurance coverage that falls into the standard or the preferred markets. A few corporations have several companies within their group and establish tiers that range from the preferred market to the non-standard market.
You should:
- Know what types and limits of car insurance coverage you need.
- Ensure you’re dealing with an authorized company and a licensed insurance agent or broker.
- Make sure you have the make, model and other details of the car you wish to insure.
- Answer any questions about your driving record and car accident history fully and accurately.
- Shop for customer service and price.
