Monthly Archives: July 2018

Auto Insurance

You need auto insurance. Most sates require insurance coverage just to register a motor vehicle. No proof of insurance, no registration. It’s the law. But the law or not, you need auto insurance to protect yourself, your loved ones and your assets. We live in a litigious society where lawsuits are common and facing a lawsuit is something you don’t want to face.

Having the right auto insurance protects you, your family and all that you’ve worked for. Choosing the right coverage in the right amounts is essential to protection of all the things important to you.

The Cost of Coverage

Auto insurance costs money. How much money depends on a number of factors including:

  • your driving history
  • your marital status
  • the kind of car you drive
  • your age
  • where your home is (and where you do most of your driving)
  • number of drivers
  • number of vehicles covered under the policy

If you have a few speeding tickets and you’ve had a few accidents (slow down) your monthly auto insurance premiums will be higher. If you drive an expensive sports car you pay more than if you drive a car built for safety.

Younger drivers have more accidents, therefore, their insurance premiums are higher. The factors that determine how much your automobile coverage costs are varied – some controllable, some not.

Automobile Policy Coverage

A quality auto insurance policy covers a variety of common contingencies encountered when driving down the highways and by-ways on the way to work.

Property damage coverage pays for damages done to the other vehicle and other property when you’re in an accident. Because property damage coverage protects the other driver it’s required in most states.

Bodily injury coverage protects you when the other party is injured or killed as the result of an automobile accident. The courts are clogged with cases involving bodily injury claims and you don’t want to add to the log jam.

Medical coverage pays for hospital stays, doctor’s visits and other medical expenses for you and all of those in the car at the time of the accident – again, essential to protecting your family assets – including your home. It doesn’t take much to roll up astronomical medical expenses even in a minor automobile accident.

Comprehensive coverage protects against things like theft, fire, a tree falling through the windshield and other non-accident related damages that can knock the family car out of service.

Uninsured motorist protection provides medical recovery expenses in cases of accidents with uninsured drivers or hit-and-run drivers who flee the scene of an accident and escape. You pay more for this protection but three out of 10 drivers are cruising the streets without insurance. Uninsured motorist protection covers you against these uninsured drivers who disregard the law and common sense.

Collision insurance pays to repair or replace a vehicle that’s been in an accident. Collision coverage comes with a deductible – an amount you pay out of pocket before the insurance company kicks in some cash to cover the crash. The smaller the deductible, the higher the monthly premium.

Collision coverage is one place you can save some money. Increase the deductible and lower your monthly payments. Or, if you drive an old clunker on its last legs, you can drop collision coverage altogether and simply get a new car in the event of an accident. That’s a decision only you can make.

Auto Insurance Coverage: How Much Is Enough?

Start by talking to an expert. Talk to an insurance broker. By bundling your home and auto insurance you often save money on both. And with insurance costs ever on the rise, saving on insurance coverage is always a good idea – as long as you’re protected by a reputable insurer who pays claims quickly and values the loyalty of its insured drivers and homeowners.

Another possibility? Your bank. Banks often sell automobile insurance as part of an auto loan agreement, something that can save you money and make it easier to get a car loan. If the bank knows its interests in your car are insured, that bank is more likely to help you get the car you need.

Using a bank to purchase car insurance can also simplify life by transferring monthly premiums directly from your checking account. No more writing checks, no more late fees, no more insurers threatening to drop your coverage.

How much coverage you need should be something you determine with the advice of an insurance expert. You need enough coverage to protect yourself, your family and your assets, including your home, but you also don’t want to pay for coverage you don’t need. Yes, it’s possible to pay for more coverage than you actually need and an insurance broker or your local bank’s insurance specialist will help you define your risk exposure to cover that risk with a solid auto insurance policy.

So, talk to a pro. You may be under-insured or over-insured right now. Neither case is good. You may be exposed to more risk than your current coverage provides, putting your future in jeopardy.

How Can You Lower Your Auto Insurance

How much can you save by switching auto insurance companies? Compare Car Insurance Quotes online

Auto insurance comparison is the quickest way to find the cheapest insurance rates but before shopping around it’s important to understand some options you have to lower the cost of auto insurance every month.

Car Insurance Discounts
You often hear how switching insurance companies can save you money and one of the biggest reasons the numbers can seem attractive is that many drivers do not take advantage of all the car insurance discounts they are eligible for. In a perfect world an auto insurance company would automatically apply any eligible discounts but we live in a world of commerce so never assume anything. Sometimes an agent may intentionally avoid asking you a question which may lead to lower premiums while others may simply forget. At the end of the day the responsibility is yours to learn and ask about eligibility for any discounts offered. Some of the most common car insurance discounts include:

• Good Driver discount
• Multi-Vehicle discount
• Multi-Policy discount
• Vehicle Safety equipment discount

Learn about car insurance discounts here and make sure to look into policies with accident waivers. Many auto insurers offer single accident waivers which can save you a lot of money from your first accident. These waivers work by not penalizing you for a single accident within a certain period of time. Accidents are prone to happen and it’s a nice piece of mind not to get penalized if somebody else hits your car.

Reduce your Coverage
Many people are over insured or paying for insurance they no longer need. GAP insurance is a good example of this. New car owners often take GAP insurance out when they buy a car but a few years later when the replacement value of the vehicle is greater than the car loan balance it doesn’t make any sense to keep paying GAP insurance premiums. Always review the details of your existing car insurance and see if there is any room to reduce your coverage without increasing your risk.

Of course you can also forego all additional and supplemental insurance and simply purchase a policy to conform with state minimum requirements however this is never a good idea. A single car accident can quickly cost you thousands of dollars and this will not help any situation when your main priority is to save money.

Raise your Car Insurance Deductible
Auto insurance deductibles are the amount you agree to pay before your auto insurance coverage kicks in. For example if you file a claim for $5,000 in damages and have a policy deductible of $250 then you are obligated to pay the $250 before the car insurance company cuts a check for the $4,750. In terms of risk the higher the deductible the lower the risk of a policyholder filing a future claim so auto insurance companies give big discounts when you opt for a higher deductible. The downfall is you will need the cash to pay this deductible in the event of a car accident but sometimes the premium savings can be well worth it.

Discount Auto Insurance

Auto insurance rates can be quite expensive. If you are in shopping for auto insurance or just comparing rates between your current insurer and competing insurance companies, you may want to look at the rates offered by discount auto insurance providers. Discount auto insurance companies offer superior coverage at prices that could be significantly lower than your current insurance rates.

Most states require auto insurance. While the requirements in each state may vary, even purchasing the minimum amount of auto insurance that is required in your state may be quite expensive. A discount auto insurance company can help you significantly lower your premiums and still give you superior coverage and excellent customer service.

A discount car insurance provider can help you decide which coverage is right for you and how much coverage is necessary. Discounts for insuring more than one car, safe driver discounts, and discounts for good students are just a few of the additional savings that can be fully explained to you by your discount auto insurance company. Even if you have traffic violations, need an SR-22, or do not currently have auto insurance, there is a discount insurance provider than can give you the coverage you need and still save you money.

Discount auto insurance is available across the country. You can save money each and every month and you could even get better coverage than with your current insurance company. Protect yourself and your car with an auto insurance policy from a discount insurance provider. Discount auto insurance companies offer the same types of coverage as your current insurance company while giving you superior customer service. Friendly, knowledgeable insurance experts will handle your claim quickly and professionally.

If you are paying too much for auto insurance, take the time to shop for discount auto insurance. You could save hundreds of dollars each year and still receive the type of coverage and service you expect. Discount auto insurance companies offer the same coverage as the higher priced insurance companies, you will receive top-quality customer service, and prompt attention to any questions or claims you may have.

Contact a discount auto insurance company for all your insurance needs. Protect your car and yourself and save money at the same time.