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BankRate Car Insurance Review

Reviews 771
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BankRate
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Reviews 771
Patrick Sather
Dec. 09, 2021
3 min read
Patrick Sather
BankRate Summary
BankRate provides simple tools and resources that make it easy to shop for car insurance. With its aggregator, you can get quotes from multiple car insurance providers. It also provides articles featuring information to help you choose the right coverage and review of top insurance companies. However, quotes only show rates for select providers, and it does not give you the option to add specific coverage to your quote.

Pros

  • Free instant quotes
  • Shopping guides
  • Reviews for top companies

Cons

  • Only shows quotes for select providers
  • No option to add specific coverage

BankRate at a glance

2.4
Editorial score

Insurance Features

This category measures the overall quality of the product
2.4

Discounts Available

This category measures the overall quality of the product
2.4

Customer Service

This category measures the overall quality of the product
2.4

Online Experience

This category measures the overall quality of the product
2.4

Direct Insurer?

This category measures the overall quality of the product
2.4

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BankRate offers the following types of insurance:

BankRate aggregates quotes for multiple providers through its online quote tool. After you answer a few quick questions, BankRate will present you with a list of providers who offer you the most competitive rates. Insurance options vary according to provider, so it's up to you to check each qualifying offer to find the right deal for you. BankRate’s partners cover various types of insurance including:

Bodily injury liability 

This is one of the most common types of insurance, and most states require a minimum level of bodily injury liability coverage. It protects you from having to pay out of pocket expenses when you injure someone in an auto accident. However, it does not cover medical costs for you or your passengers or repairs for damage to your vehicle or the other party’s vehicle. 

Property damage liability 

As with bodily injury liability, most states require that you carry a minimum amount of property damage liability. It covers expenses related to damages caused by you in an auto accident. Property damage liability typically covers damage to the other party’s vehicle, objects outside of your vehicle, or the contents of the other party’s vehicle. 

Uninsured motorist and underinsured motorist coverage 

This type of insurance covers you in situations when the person who hits your car doesn't carry insurance or doesn’t carry enough coverage. Although it’s not required in every state, it’s almost always recommended to ensure you’re properly covered against bodily and property harm. 

Collision 

Collision coverage protects you in case you collide with another object or vehicle. With this coverage, your provider will pay to repair or replace your car even if you were at fault. 

Comprehensive 

A blanket term for everything other than collision coverage. Comprehensive coverage protects you in the case of vandalism, theft, storm damage, weather damage, and hitting an animal. 

Medical payments coverage 

If you or your passenger gets hurt in an auto accident, medical payments coverage can help pay your medical bills. Covered healthcare related charges may include doctor and hospital visits, emergency medical care, diagnosis and treatment, and health insurance premiums deductibles and copays. 

Personal injury protection (PIP) 

PIP is similar to medical payments coverage, but adds additional coverage if you lose wages due to missing work. In addition, it may cover the cost of caretakers or in-home care if you require help completing household tasks. 

Gap insurance 

If you lease or loan your vehicle, gap insurance helps to cover the difference between what you own and your car’s actual cash value (ACV) after an accident. While usually optional, some dealerships offer this type of insurance at the time of purchase.

Additional Features

When you request a quote, BankRate does not let you select additional features such as specific liability coverage. However, you can select whether you would like to insure multiple vehicles and drivers within the same quote. In addition to its aggregator, it features hundreds of articles that explain how car insurance works, how to file a claim, and best practices when shopping for insurance. It also provides reviews of some of the top insurance companies including Geico, Progressive, USAA, Nationwide, State Farm, MetLife, and more.

How to Apply

You can get personalized quotes using BankRate’s aggregator tool on its website. To begin, you’ll need to answer a few quick questions. Questions include whether you’re currently insured, if you’re insuring multiple vehicles, your homeowner status, age, and zip code. 

From there, BankRate will ask you individual questions one at a time. These questions ask for the make and model of your car, your birth date, if you own your vehicle, how often you drive, and details about any other individuals you’d like on your policy. Once you answer all the questions, BankRate will match you with several companies who offer the most competitive quotes. Unfortunately, it does not show the rates each company provides, but instead directs you to complete your application on the corresponding company’s website.

Filing a Claim

The process to file a claim will change depending on the company you choose for your car insurance. BankRate advises its users on how and when to file a claim, as well as the typical steps involved in the claims process. According to its website, filing a claim usually involves: 

  1. Gathering the required information to file your claim 
  2. Calling your insurance company 
  3. Speaking with a claims specialist 
  4. Scheduling a damage assessment 
  5. Obtaining a repair estimate 
  6. Following up on your claim and submitting supplemental documentation


Contact Details

BankRate does not offer customer support over the phone. If you require assistance with your account or have questions about any of its tools or resources, you can email its support team at customersupport@bankrate.com. In addition, BankRate encourages its users to send questions via social media through Facebook, Instagram, Twitter, and LinkedIn.

Summary

BankRate offers guidance to people looking for insurance or shopping for a lower insurance rate. With its online aggregator tool, you can get personalized quotes from some of the top car insurance companies. It also features articles about car insurance topics and best practices, as well as reviews of popular insurance providers. However, it does not offer customized quotes or automatically list all your eligible rates.


Patrick Sather
Written by
Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.
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Poor • Reviews 771
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Caroline Pevonka
2 years ago
Great tool for comparison
Great tool for comparing insurance rates
ST
Stephen Tanner
2 years ago
Exactly what I was looking for.
Exactly what I was looking for.
Dave
2 years ago
Bankrate was great for comparing
Bankrate was great for comparing my options and all kinds of advice. It's been getting better in last couple years and competes with top tier options like it now.
HD
Hema Dutta
2 years ago
Useful and Timely Information
I received good information regarding current and changing mortgage interest rates and good leads for lenders who offer competitive pricing based on my specific situation and needs.
ML
Melchor Loayon
2 years ago
This will help me in understanding and…
This will help me in understanding and utilizing what I know and want to learn! Thanks for the insight & information!!
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