Auto Insurance Varies On Car Types

Category: Finance, Insurance.

Auto insurance is a legal requirement in every US state and Canadian province. How can you reduce some of these expenses and still get the best coverage?

Costs are continuing to rise. First, get multiple quotes from the Internet and your neighborhood broker. Auto insurance that is cheapest isn t always the smartest move. You can shop for different types of quotes from a direct- sell insurance companies and offline and online brokers. Ask yourself, is the company financially secure? The first piece of the policy is almost always liability insurance. Are they reputable and will they pay out if you have to make a claim.

If you only have minimum liability coverage and you injure someone, their attorney can go after your personal assets. In fact, that is why it is often only a little more money for more protection. Many insurers feel that minimum liability is a gamble. Auto insurance varies on car types. If you are looking to buy a car, consider buying a car that" looks good" to insurance companies. Coverage for a sports car is very different from insuring the family sedan or mini- van. For instance, insurance companies know what kinds of cars are prone to problems.

If you haven t purchased your car yet, find out what cars make this" good list" among auto insurers. They also know what kinds of cars are most often stolen. Consider how much coverage you really need to buy and the price each of these coverages will pay. Are you carrying$ 30, 000 worth of collision coverage for a$ 12, 000 vehicle? Think about collision and comprehensive coverage, which is how much you will be reimbursed for the loss or destruction of your vehicle. If your car was totaled, would you be able to afford to replace it? The decision to buy this coverage is usually based on the value of your car.

If not, you will want comprehensive and collision coverage. Guidelines usually suggest that if your car is worth less than$ 2, 000, it won t be worth it to buy comprehensive and collision. If you re driving a used car from 10 years ago, dropping collision and/ or comprehensive coverage can usually give big savings. If you own a$ 50, 000 car though, it would most certainly be worth it to pay an extra$ 200 annually or so to insure that your car will be replaced if you get in a serious accident. Run through various scenarios such as if I totaled someone else s car, will my insurance cover it? Paying a higher deductible can also keep your policy costs down.

How much will I have to pay out of my own pocket? Remember, the deductible is what you pay out of own pocket when making a claim. Don t speed, don t drink and drive and you ll save. Buying a low mileage car and insuring with a good driving record, will all help bring insurance rates down. Single, young males under the age of 25 get the short end of the stick in this deal so if you fall into this category make up for this price increase by purchasing a more sensible vehicle. Keep yourself adequately covered.

Consider delaying the purchase of that cherry red Mustang until after you re 26 and married. You can get away with having the bare minimums required by each state to keep you in compliance with state laws, but that may not be enough to protect your assets if you have a major incident. Many insurance companies offer discounts for anti- theft devices and advanced driver- training courses. Insurance experts recommend that you review your insurance policy often and thoroughly.

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