Cheapest 2004 GMC Yukon Insurance Rates in 2023
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UPDATED: May 12, 2022
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Looking for cheaper car insurance rates for your GMC Yukon? If you’re new to shopping for car insurance online, it’s easy to be confused by the hoards of online car insurance companies and websites offering coverage.
It is always a good idea to compare rates periodically since rates are adjusted regularly by insurance companies. Even if you got the lowest price on Yukon coverage a few years ago you can probably find a lower rate today. There is a lot of wrong information about car insurance online but we’re going to give you some proven techniques to stop overpaying for insurance.
Factors determining your GMC Yukon insurance premium
Smart consumers have a good feel for some of the elements that come into play when calculating your auto insurance rates. Understanding what controls the rates you pay enables informed choices that will entitle you to big savings.
The list below includes a few of the “ingredients” auto insurance companies consider when setting prices.
- Cautious drivers pay less – A bad driving record has a huge affect on how much you pay. Even one citation can increase rates twenty percent or more. Good drivers receive lower rates than bad drivers. If you have serious violations like DWI, reckless driving or hit and run convictions may find they need to file a SR-22 with their state DMV in order to continue driving.
- Frequent auto insurance claims increase rates – If you file claims often, you can pretty much guarantee either policy cancellation or increased premiums. Car insurance companies generally give lower rates to drivers who do not rely on their insurance for small claims. Your insurance policy is meant to be used in the event of the large, substantial claims.
- Are you male or female? – Statistics demonstrate women are more cautious behind the wheel. However, this does not mean women are better drivers. Women and men have accidents in similar percentages, but the men have costlier accidents. Men also statistically get cited for more serious violations such as reckless driving. Youthful male drivers are most likely to cause an accident and thus pay the highest rates.
- Do you know you’re credit rating? – Credit score is a large factor in your rate calculation. So if your credit history is lower than you’d like, you could pay less to insure your 2004 GMC Yukon by improving your rating. Consumers who have excellent credit tend to be less risk to insure as compared to drivers with poor credit.
- Higher safety ratings means cheaper insurance – Vehicles with high crash test scores can get you lower premiums. These vehicles have better occupant injury protection and lower injury rates means lower claim amounts and more competitive rates for policyholders. If your GMC scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website it may be receiving lower rates.
- Do you know your deductibles? – Deductibles for physical damage represent how much money you are required to spend out-of-pocket if you file a covered claim. Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your car. Some instances where coverage would apply would be colliding with a building, vandalism, or theft. The more money you are required to pay out-of-pocket, the bigger discount you will receive on Yukon coverage.
- Rates may be lower depending on your job – Careers like lawyers, business owners and stock brokers tend to have the highest rates because of job stress and lots of time spent at work. On the other hand, occupations such as farmers, students and the unemployed receive lower rates on Yukon coverage.
Don’t pay full price with these discounts
Companies that sell car insurance don’t always publicize every available discount in a way that’s easy to find, so we researched both well-publicized and the more hidden ways to save on car insurance.
- Driver’s Ed – Make teen driver coverage more affordable by requiring them to take driver’s ed class in school.
- Student in College – Youth drivers living away from home attending college and don’t have a car may be able to be covered for less.
- Multi-policy Discount – When you combine your home and auto insurance with the same company you will save 10% to 20% off each policy.
- No Claims – Good drivers with no accidents pay much less as compared to frequent claim filers.
- One Accident Forgiven – A few companies will forgive one accident before raising your premiums so long as you haven’t had any claims for a set time period.
- Sign Online – A handful of insurance companies will discount your bill up to fifty bucks just for signing your application online.
- Anti-lock Brake Discount – Vehicles with anti-lock braking systems prevent accidents and therefore earn up to a 10% discount.
- Low Mileage – Keeping the miles down on your GMC could be rewarded with better rates on cars that stay parked.
- Good Student – Performing well in school can save 20 to 25%. The discount lasts up to age 25.
Consumers should know that some of the credits will not apply to all coverage premiums. A few only apply to individual premiums such as liability, collision or medical payments. So when the math indicates adding up those discounts means a free policy, companies wouldn’t make money that way.
For a list of providers offering car insurance discounts, click here.
Your personal situation dictates your coverage
When buying adequate coverage, there isn’t really a cookie cutter policy. Everyone’s situation is unique.
Here are some questions about coverages that might point out whether your personal situation might need an agent’s assistance.
- Am I covered when pulling a rental trailer?
- Does my policy cover me when driving someone else’s vehicle?
- Why do I only qualify for high-risk insurance?
- What if I total my 2004 GMC Yukon and owe more than it’s worth?
- Will filing a claim cost me more?
- How many claims can I have before being canceled?
- How much can I save by bundling my policies?
- What is the rate difference between pleasure use and commuting?
- Is my GMC Yukon covered if I use it for business?
If it’s difficult to answer those questions but you know they apply to you, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form.
Car insurance coverage information
Learning about specific coverages of insurance helps when choosing appropriate coverage for your vehicles. The terms used in a policy can be confusing and even agents have difficulty translating policy wording.
Insurance for medical payments – Coverage for medical payments and/or PIP pay for bills for surgery, funeral costs, prosthetic devices, chiropractic care and ambulance fees. They are used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage
Comprehensive coverage (or Other than Collision) – Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against claims like theft, damage from flooding, hail damage, vandalism and hitting a bird. The maximum payout a insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.
Collision coverages – Collision insurance pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for things like crashing into a building, backing into a parked car, crashing into a ditch, sustaining damage from a pot hole and sideswiping another vehicle. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to bump up the deductible in order to get cheaper collision rates.
Liability coverage – Liability insurance can cover damage that occurs to people or other property in an accident. This coverage protects you from legal claims by others. It does not cover damage sustained by your vehicle in an accident.
It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000.
Liability insurance covers things like funeral expenses, legal defense fees, court costs, pain and suffering and repair bills for other people’s vehicles. How much liability should you purchase? That is up to you, but consider buying as much as you can afford.
Uninsured Motorist or Underinsured Motorist insurance – Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your GMC Yukon.
Because many people have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked.
Cheaper insurance is a realistic goal
You just read a lot of tips how to shop for 2004 GMC Yukon insurance online. The most important thing to understand is the more you quote, the better chance you’ll have of finding lower rates. You may even find the lowest rates come from a smaller regional carrier.
As you shop your coverage around, do not buy less coverage just to save a little money. There are many occasions where an insured dropped comprehensive coverage or liability limits and discovered at claim time that it was a big error on their part. Your goal should be to buy enough coverage for the lowest price, not the least amount of coverage.
Cheaper insurance can be sourced on the web and also from your neighborhood agents, so you should compare both to have the best selection. Some auto insurance companies may not provide you the ability to get quotes online and many times these smaller companies only sell through independent insurance agents.
Additional detailed information is available by following these links:
- If I File a Claim will My Insurance Go Up? (Insurance Information Insitute)
- Preventing Carjacking and Theft (Insurance Information Insitute)
- Child Safety Seats (Insurance Information Insitute)
- How do I File a Claim? (Insurance Information Insitute)
- Prom Night Tips for Teen Drivers (State Farm)
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