It’s an obvious statement that insurance companies want to keep your business as long as possible. Drivers who shop around once a year are inclined to switch auto insurance companies because the odds are good of finding coverage at a cheaper rate. A study discovered that people who shopped around every year saved approximately $3,400 over four years as compared to drivers who never shopped around for cheaper prices.
If saving money on auto insurance in Portland is your target objective, then having a good understanding how to shop and compare insurance coverage can save time and make the process easier.
Really, the only way to save money on Ford Escape insurance is to start comparing prices regularly from providers who sell auto insurance in Portland.
- Step 1: Read about the coverage provided by your policy and the measures you can take to lower rates. Many risk factors that drive up the price such as your driving record and an unacceptable credit history can be remedied by improving your driving habits or financial responsibility. Read the full article for more details to help keep rates affordable and find discounts that you may qualify for.
- Step 2: Compare rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from one company like GEICO or State Farm, while independent agencies can provide rate quotes for a wide range of insurance providers.
- Step 3: Compare the new rate quotes to your existing policy to see if a cheaper price is available in Portland. If you find a better price, make sure there is no lapse in coverage.
- Step 4: Notify your agent or company of your decision to cancel your current auto insurance policy. Submit payment and a completed application to your new agent or company. As soon as you have the new policy, put the proof of insurance certificate in your vehicle.
One piece of advice is that you’ll want to compare identical coverages on every quote and and to analyze as many companies as possible. Doing this provides a level playing field and the best price quote selection.
Why Your Insurance Costs might be higher
Many different elements are part of the calculation when you get your auto insurance bill. Some factors are common sense like a motor vehicle report, but other criteria are more transparent such as your marital status or how safe your car is. A large part of saving on auto insurance is knowing a few of the rating criteria that help determine the rates you pay for auto insurance. If you have a feel for what determines premiums, this helps enable you to make changes that could help you find lower premium levels.
When should you file policy claims? – If you are a frequent claim filer, you shouldn’t be surprised to get either higher rates or even cancellation. Auto insurance companies in Oregon award cheaper rates to policyholders who do not rely on their insurance for small claims. Auto insurance is intended for claims that you cannot pay yourself.
How’s your driving record? – Having a clean driving record impacts premiums far more than you think. Drivers who don’t get tickets get better prices than their less careful counterparts. Even one speeding ticket or other violation can bump up the cost twenty percent or more. Drivers who have gotten severe violations like hit and run, DWI or reckless driving convictions may be required to complete a SR-22 with their state’s licensing department in order to legally drive a vehicle.
The diagram below demonstrates how traffic citations and accidents raise Ford Escape annual premium costs for different categories of driver ages. The data is based on a married female driver, comp and collision included, $500 deductibles, and no discounts are factored in.
Cheaper rates with high deductibles – Physical damage deductibles tell how much you are willing to pay out-of-pocket before a claim is paid by your company. Physical damage insurance, termed comprehensive and collision coverage on your policy, is used to repair damage to your car. Examples of some claims that would be covered could be rear-ending another vehicle, animal collisions, or theft of your vehicle. The more money you have to pay, the bigger discount you will receive.
Don’t cancel your auto insurance policy without a new one in place – Allowing your coverage to lapse can be a fast way to drive up your policy premiums. And not only will insurance be more expensive, not being able to provide proof of insurance could result in fines or a revoked license. You could then be forced to file a SR-22 with the Oregon DMV.
Ford Escape historical loss data – Car insurance companies analyze historical claim data to help determine prices. Models that statistically have increased claim numbers or amounts will be charged more to insure. The next table shows the historical loss data for Ford Escape vehicles.
For each policy coverage type, the loss probability for all vehicles, regardless of make, model or trim level, is equal to 100. Values that are under 100 suggest losses that are better than average, while values that are 100 or greater indicate a higher chance of having a claim or statistically larger claims.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Ford Escape 4dr 2WD||80||91||83||94||94||92|
|Ford Escape 4dr 4WD||81||84||94||85||90||77|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Data for Ford Escape insurance
The price information displayed below highlights different insurance coverage prices for Ford Escape models. Knowing how insurance prices are determined is important for drivers to make decisions when choosing a new policy provider.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Escape XLS 2WD||$210||$394||$328||$20||$98||$1,050||$88|
|Escape XLS 4WD||$210||$394||$328||$20||$98||$1,050||$88|
|Escape XLT 2WD||$210||$394||$328||$20||$98||$1,050||$88|
|Escape Limited 2WD||$242||$394||$328||$20||$98||$1,082||$90|
|Escape XLT 4WD||$242||$394||$328||$20||$98||$1,082||$90|
|Escape Limited 4WD||$242||$478||$328||$20||$98||$1,166||$97|
|Get Your Own Custom Quote Go|
Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Oregon minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Information does not factor in vehicle location which can change premiums greatly.
Full coverage rates compared to liability-only
The example below illustrates the difference between Ford Escape auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Oregon. The rates are based on a clean driving record, no claims, $500 deductibles, single status, and no discounts are factored in.
Guidelines for eliminating full coverage
There is no definitive rule to drop comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is 10% or more of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let’s pretend your Ford Escape replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $7,000 after paying your policy deductible. If premium cost is more than $700 a year for physical damage coverage, then you might want to think about dropping full coverage.
There are a few situations where buying only liability insurance is not recommended. If you haven’t paid off your loan, you have to keep full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not opt for liability only.
Ford Escape insurance discounts in Portland
Insurance is not an enjoyable expense, but there could be available discounts that could drop your premiums quite a bit. Some discounts will apply at the time of quoting, but some need to be specifically requested before you will receive the discount. If you check and find you aren’t receiving every discount you deserve, you are just wasting money.
- Air Bag Discount – Factory air bags or motorized seat belts can qualify for discounts of more than 20%.
- ABS Braking Discount – Anti-lock brake equipped vehicles are safer to drive and will save you 10% or more on Escape insurance in Portland.
- Telematics Data – Drivers that enable driving data collection to analyze driving manner by using a telematics device such as State Farm’s In-Drive might see lower rates if their driving habits are good.
- Savings for New Vehicles – Buying a new car instead of a used Escape can get you a discount because new model year vehicles keep occupants safer.
- One Accident Forgiven – This one isn’t a discount, but a few companies such as Progressive and Allstate will forgive one accident without getting socked with a rate hike with the catch being you have to be claim-free for a particular time prior to the accident.
- Full Payment Discount – If you pay your entire premium ahead of time rather than paying in monthly installments you could save 5% or more.
- Good Driver Discounts – Safe drivers can get discounts for up to 45% lower rates than their less cautious counterparts.
Drivers should understand that many deductions do not apply to all coverage premiums. Some only apply to the cost of specific coverages such as comprehensive or collision. Even though the math looks like it’s possible to get free car insurance, companies wouldn’t make money that way.
The example below visualizes the comparison of Ford Escape insurance costs with and without some available policy discounts. Data assumes a male driver, a clean driving record, no claims, Oregon state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, multi-policy, claim-free, multi-car, and safe-driver discounts applied.
Larger insurance companies and their offered discounts include:
- State Farm may have discounts that include defensive driving training, good student, driver’s education, anti-theft, multiple policy, student away at school, and Steer Clear safe driver discount.
- Progressive offers premium reductions for online quote discount, multi-vehicle, good student, homeowner, continuous coverage, and online signing.
- Travelers has savings for multi-policy, home ownership, student away at school, IntelliDrive, and early quote.
- American Family has discounts for accident-free, bundled insurance, early bird, defensive driver, air bags, mySafetyValet, and good driver.
- Liberty Mutual offers discounts including multi-policy, preferred payment discount, hybrid vehicle, safety features, and new vehicle discount.
Before purchasing a policy, check with each company which credits you are entitled to. Depending on the company, some discounts may not be available in Portland. To see a list of companies who offer free Ford Escape insurance quotes in Portland, click here.
Some auto insurance companies may not offer online rate quotes and usually these small insurance companies work with local independent agencies. Cost effective Ford Escape insurance is definitely available online as well as from independent agents in Portland, and you should compare rates from both in order to have the best price selection to choose from.
As you go through the steps to switch your coverage, don’t be tempted to skimp on critical coverages to save a buck or two. There are too many instances where someone sacrificed liability coverage limits only to regret that they should have had better coverage. Your objective should be to buy a smart amount of coverage at the lowest possible cost, but don’t skip important coverages to save money.
More detailed auto insurance information is available at these sites:
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- Who Has Cheap Auto Insurance Rates for Uninsured Drivers in Portland? (FAQ)
- Can I Drive Legally without Insurance? (Insurance Information Institute)
- Preventing Carjacking and Theft (Insurance Information Institute)
- Should I Buy a New or Used Car? (Allstate)