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Many factors can affect how much you will be charged for your Maine auto insurance. Doing your homework to understand these factors makes good sense when you are looking for auto insurance in Maine. Once you understand how auto insurance companies in ME set rates, you may be able to get a better price on your premium.

Maine Auto Insurance: Your Credit Score Matters

When you are looking for car insurance in Maine, having a good credit score may help you save some money. Insurance companies can pull your credit history as part of the application process and use the information on as part of determining your "insurance risk score". The insurance company may decide whether to offer you the option of paying for your coverage in installments (monthly, quarterly, or semi-annually) based on this information.

If your credit history is less than stellar, you can take 3 steps to improve it.

  1. First, order a copy of your credit report and check it for errors.
  2. If you find anything that is not correct, then you can take steps to correct it by contacting the creditor that submitted the information to the credit reporting agency.
  3. Once the matter has been cleared up, you will need to order another credit report to make sure that the item was removed.

Paying your bills on time is another way to improve your credit score. If you need help keeping on top of things, then look at a consolidation loan or other options to make your monthly obligations more manageable. Once you take charge of your finances, not only will you feel better, but you may be able to qualify for better insurance rates over time.

Maine Auto Insurance: Rates Will Increase After An Accident

Once you have been involved in a car accident, your insurance company will likely determine that you are more likely to be involved in a subsequent one. As a result, your rates will go up, and in some cases, you will be looking at paying up to 40% more for coverage.

If the possibility of a major rate increase following an accident is something you are concerned about, then you will want to look at insurance quotes from companies that offer an "accident forgiveness" provision with their coverage. These companies take the view that good drivers with clean records should be forgiven for their first accident and not have to pay more for coverage.

In a situation where you are involved in another accident within a relatively short time, the accident forgiveness provision will not protect you from having to pay more for coverage. As always when you are looking for auto insurance in ME, consider your options very carefully. Be sure to ask questions if there is something you are not sure about. That way, you will understand exactly what you are getting for the premium the insurance company is charging.

Maine Car Insurance: Switching To Another Company

You do have the option of changing insurance companies any time you want to. Your policy documents will contain information about the correct procedure for doing this. If you want to cancel your policy but don't follow the instructions about notifying your existing company to the letter, then your existing policy won't be canceled.

If your Maine car insurance company sends you a bill for premiums for your old policy and you ignore it, then the company will go ahead and cancel your policy. That may sound like a good thing, since you wanted to do that anyway, but there is a catch: If the insurance company cancels the policy on you, this fact will be added to your credit report.

When you apply for coverage elsewhere and the new company pulls your credit history, this fact will make you a less-than-desirable customer. If you are not turned down outright, you may be asked to pay your annual premium in one lump sum. A far better approach is to follow your current insurance company's instructions carefully if you decide you want to be covered by a different company.

Compare Maine Car Insurance Quotes To Save Time And Money!

If you are ready to look at your options for Maine auto insurance, there is no time like the present! Use the Maine car insurance quote tool at the top of this page to find out what is available from top companies across the state. Get started now and see how much you can save!

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