Save on 2002 GMC Sierra 1500 Insurance Cost
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UPDATED: Nov 30, 2021
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Are you sick and tired of paying out the nose each month for car insurance? You’re in the same situation as many other consumers.
Big companies like Progressive, State Farm and GEICO persitently shower you with catchy ads and it is challenging if not impossible to avoid their marketing magic and do the work needed to find the best deal.
Consumers need to take a look at other company’s rates every six months because insurance rates are usually higher with each renewal. If you had the best price on Sierra coverage a few years ago you may be paying too much now. So just block out anything you think you know about car insurance because I’m going to teach you one of the easiest ways to remove unneeded coverages and save money.
If you currently have a car insurance policy, you will most likely be able to save some money using these methods. Finding affordable coverage is not that difficult. But consumers must know how companies market on the web and use this information to your advantage.
Compare Quotes for Insurance Coverage
There are several ways to get quotes from different insurance companies. The quickest method to find the cheapest 2002 GMC Sierra 1500 insurance rates is to get quotes online. This can be done in several different ways.
- One of the best ways to find the lowest comparison rates would be an industry-wide quote request form click to view form in new window. This form prevents you from having to do separate quote forms for every insurance coverage company. In just a few minutes this one form will return quotes from several companies.
- A slightly less efficient method to compare prices requires a trip to the website for every company you want to comare to complete their respective quote request forms. For examples sake, let’s assume you want to compare rates from Progressive, State Farm and Allstate. To get rate quotes you would need to take the time to go to each site to enter your coverage information, which is why most consumers use the first method.
- The most time-consuming way to compare rates is to spend time driving to local insurance agencies. The ability to buy insurance online eliminates the need for an insurance agent unless you prefer the professional guidance only provided by licensed agents. However, consumers can compare online quotes and still use a local agent and you’ll learn how to do that later.
It doesn’t matter which method you choose, just double check that you are using identical information with each company. If you enter different values for each quote then you won’t be able to make a fair comparison for your GMC Sierra 1500. Just a small difference in limits can mean a large discrepancy in price. And when comparing insurance coverage rates, know that comparing a large number of companies gives you a better chance of getting a better price.
More discounts equal less premium
Insurance can be prohibitively expensive, but discounts can save money and there are some available that many people don’t even know exist. Larger premium reductions will be automatically applied when you purchase, but lesser-known reductions have to be asked about prior to receiving the credit.
- Drivers Ed for Students – Require your teen driver to take driver’s ed class in high school.
- No Accidents – Drivers with accident-free driving histories pay much less when compared to frequent claim filers.
- Anti-lock Brakes – Vehicles equipped with ABS or steering control are safer to drive and earn discounts up to 10%.
- Organization Discounts – Being a member of a qualifying organization could trigger savings when buying auto insurance on Sierra coverage.
- Government Employees – Being employed by or retired from a federal job can save as much as 8% on Sierra coverage with a few auto insurance companies.
- Military Rewards – Having a family member in the military may qualify for rate reductions.
- Early Signing – Select companies give a discount for signing up before your current policy expires. This can save 10% or more.
- Homeowners Pay Less – Owning a house may earn you a small savings because of the fact that having a home demonstrates responsibility.
- Auto/Life Discount – Companies who offer life insurance give better rates if you take out a life insurance policy as well.
- New Vehicle Savings – Putting insurance coverage on a new car can save up to 30% since new cars are generally safer.
Keep in mind that most discounts do not apply to the entire policy premium. Most only apply to the price of certain insurance coverages like comprehensive or collision. So when it seems like all the discounts add up to a free policy, you’re out of luck. But any discount will help reduce your premiums.
It’s not one size fits all
When it comes to buying proper insurance coverage, there is no one size fits all plan. Everyone’s situation is unique and your policy should reflect that. For instance, these questions can aid in determining whether you would benefit from an agent’s advice.
- Does liability extend to a camper or trailer?
- Are there companies who specialize in insuring high-risk drivers?
- Is rental equipment covered for theft or damage?
- If my 2002 GMC Sierra 1500 is totaled, can I afford another vehicle?
- How does medical payments coverage work?
- Do I need added coverage for expensive stereo equipment?
- Should I file a claim if it’s only slightly more than my deductible?
- How do I insure my teen driver?
- What is UM/UIM insurance?
If you can’t answer these questions but one or more may apply to you, you may need to chat with a licensed insurance agent. To find an agent in your area, fill out this quick form.
Factors determining your GMC Sierra 1500 insurance premium
An important part of buying insurance is that you know the different types of things that play a part in calculating the rates you pay for auto insurance. Understanding what influences your rates enables informed choices that can help you get better auto insurance rates.
Shown below are some of the items auto insurance companies consider when setting your rates.
- More claims means more premium – Insurance companies give discounts to people who do not rely on their insurance for small claims. If you frequently file small claims, you can definitely plan on either a policy non-renewal or much higher rates. Auto insurance is intended to be relied upon for larger claims.
- Being married is a good thing – Being married can get you a discount on auto insurance. It translates into being more mature and statistics show married couples file fewer claims.
- Older drivers pay less – Teen drivers have a tendency to get distracted easily when driving so auto insurance rates are higher. If you’ve ever had to add a teen driver onto a policy can be very expensive. More mature drivers are more responsible, statistically cause fewer accidents and tend to be better behind the wheel.
- How credit affects auto insurance rates – Having a bad credit history is a big factor in determining what you pay for auto insurance. So if your credit history is not that good, you could pay less to insure your 2002 GMC Sierra 1500 by spending a little time repairing your credit. People with good credit tend to be more responsible than drivers with lower credit scores.
Save $407 a year? Really?
Companies like Allstate, GEICO and Progressive consistently run television and radio advertisements. All the ads make an identical promise about savings if you change your policy. But how can every company make the same claim?
All companies have a preferred profile for the type of driver that makes them money. For example, a profitable customer could be over the age of 50, insures multiple vehicles, and has great credit. A customer that hits that “sweet spot” will get the preferred rates and most likely will pay quite a bit less when switching companies.
Potential customers who do not match the “perfect” profile will be charged a higher premium and ends up with the customer not buying. The ads state “customers who switch” not “people who quote” save that much. This is how insurance companies can advertise the way they do.
That is why you absolutely need to get as many comparisons as possible. It’s not possible to predict which insurance companies will have the lowest GMC Sierra 1500 insurance rates.
Auto insurance coverage information
Learning about specific coverages of insurance helps when choosing which coverages you need at the best deductibles and correct limits. Policy terminology can be ambiguous and reading a policy is terribly boring. Below you’ll find the usual coverages available from insurance companies.
This coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things like falling objects, vandalism, fire damage and a tree branch falling on your vehicle. The maximum amount you’ll receive from a claim is the actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Uninsured/Underinsured Motorist (UM/UIM)
This gives you protection when the “other guys” do not carry enough liability coverage. Covered losses include hospital bills for your injuries as well as damage to your GMC Sierra 1500.
Since a lot of drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage should not be overlooked. Frequently these coverages are set the same as your liablity limits.
Med pay and Personal Injury Protection (PIP)
Coverage for medical payments and/or PIP kick in for immediate expenses like nursing services, chiropractic care, rehabilitation expenses and X-ray expenses. They can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. They cover all vehicle occupants and also covers getting struck while a pedestrian. PIP coverage is not universally available and may carry a deductible
Auto liability insurance
Liability coverage can cover damage that occurs to other people or property that is your fault. This insurance protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show policy limits of 100/300/100 that means you have $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and a limit of $100,000 paid for damaged property. Another option is a combined limit which provides one coverage limit and claims can be made without the split limit restrictions.
Liability coverage pays for things like medical services, pain and suffering and bail bonds. How much coverage you buy is a decision to put some thought into, but you should buy as much as you can afford.
Collision insurance will pay to fix damage to your Sierra 1500 resulting from a collision with another vehicle or an object, but not an animal. A deductible applies and then insurance will cover the remainder.
Collision insurance covers things like hitting a parking meter, sideswiping another vehicle and crashing into a ditch. Collision is rather expensive coverage, so consider removing coverage from older vehicles. You can also increase the deductible to save money on collision insurance.
Shop around and save
As you prepare to switch companies, it’s not a good idea to sacrifice coverage to reduce premiums. There are many occasions where an insured cut uninsured motorist or liability limits only to regret that their decision to reduce coverage ended up costing them more. Your strategy should be to buy enough coverage at a price you can afford.
We covered a lot of information how to save on 2002 GMC Sierra 1500 insurance. The key thing to remember is the more providers you compare, the better likelihood of reducing your rate. Consumers could even find that the lowest rates come from a smaller regional carrier. Smaller companies may often insure only within specific states and give getter rates than their larger competitors like Progressive or GEICO.
Even more information is available by following these links:
- Eight Auto Insurance Myths (Insurance Information Insitute)
- How do I File a Claim? (Insurance Information Insitute)
- Older Drivers FAQ (iihs.org)
- Collision Coverage (Liberty Mutual)
- Get the Right Protection (InsureUonline.org)
- Collision Insurance Coverage (Nationwide)
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