It’s about that time again, a little extra in your pocket and what’s better than a new car? It’s no secret all states require you to be financially responsible when driving a car – most require you to purchase at least a minimum amount of liability coverage in case you cause an accident that causes property damage in where you are at fault, but you should always consider adding Full Coverage and protecting yourself and your vehicle as well. Premiums can vary widely depending on type of auto, insurance provider, Garaging address, Continuous Insurance, etc… While paying attention to price is always first on your mind, you should always look at what the coverage you chose will cover, service, and the carrier’s reputation. Check out customer reviews and ask among your peers.
How can I be sure I chose the right coverage?
Identifying the different types of coverage’s will help you make the right choice!
- Bodily Injury Liability: Gives you protection if you injure or kill someone while operating your vehicle.
- Property Damage Liability: This protects you if your car damages someone else’s property, including another vehicle
- Uninsured/Underinsured Motorists: Helps pay for your injuries or damage caused by a driver with no insurance or sufficient, and in some states, a “hit-a-run driver”.
- Medical Payments: Helps cover medical expenses of the injured driver and passengers in your car.
- Comprehensive: Helps covers losses, minus your deductible (the lower the deductible the more monthly cost), resulting from incidents other than collision. For example, this covers replacing your vehicle in case it’s stolen or vandalized.
- Collision: This coverage helps pays for damage to your car if you hit another vehicle or object. You’ll be responsible for a deductible.
- Rental reimbursement: This coverage pays for a rental vehicle when your vehicle is out of commission as a result of a loss covered under comprehensive or collision coverage’s.
- Road Side Assistance: This coverage provides towing to the nearest qualified repair facility and covers a specified amount of the necessary labor at the place of breakdown when your automobile is disabled.
- Loan/Lease Payoff: This coverage pays the difference between what you owe on your vehicle and what your insurance pays if your vehicle is declared a total loss or stolen and not recovered, less your Comprehensive or Collision deductible.
- Custom Parts/Equipment Value: When you purchase Comprehensive or Collision coverage, at least $1,000 of Custom Parts and Equipment (CPE)/Accessory coverage is included in most states. You can purchase up to $4,000 in additional CPE coverage to cover up to $5,000 custom parts and equipment. Certain limitations apply to this coverage.
Ways to SAVE!
Even when you find a policy at an affordable price, there is always just a little more you can do to make sure your saving every dollar available to you.
DISCOUNTS are an available option for many drivers they just vary from household to household.
- Safe Driving: Another way to cut down your premium. A clean driving record with no tickets or history of accidents means you are less of a risk for your provider and often leads to lower premiums.
- Bundling: You can save BIG BUCKS by simply bundling your home and auto policies with one provider.
- Increasing your deductible: can also be a money saver, but you’ll want to weigh the consequences of this choice. Make sure your deductible is set at an amount you are comfortable paying in the event of a claim.
- Multi-Policy Discounts: RV, Motorcycle, Commercial Autos? Stick to one provider for all your insurance needs and witness the immediate discounts.
- Pay in Full: It’s not easy letting go of that big premium check to pay for your car insurance in full for 6 months but it’s worth it, depending on the carrier some companies offer up to 100$ discount for taking care of the full balance allowing you to avoid installment fees, late fees and trips to your insurance agents office.
- Snapshot (offered in some states): Fairly new but it can’t hurt you it can only save you money depending on the hours you mostly drive and the distance.
- Dozens of Other Discounts —Insurance companies offer dozens of discounts depending on your state. You can receive discounts for mileage, students, list is endless you just got to ask of any and all you are not currently taking advantage of!
Once your policy is in effect, place your updated insurance information in the glove box of your car so that it’s easy to access. Now you are ready to put the car in drive and cruise the town!