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Auto insurance is a legal requirement in every US state and
Canadian province. Costs are continuing to rise. How can you
reduce some of these expenses and still get the best coverage?
First, get multiple quotes from the Internet and your
neighborhood broker. You can shop for different types of quotes
from a direct-sell insurance companies and offline and online
brokers.
Auto insurance that is cheapest isn't always the smartest move.
Ask yourself, is the company financially secure? Are they
reputable and will they pay out if you have to make a claim.
The first piece of the policy is almost always liability
insurance. If you only have minimum liability coverage and you
injure someone, their attorney can go after your personal
assets. Many insurers feel that minimum liability is a gamble.
In fact, that is why it is often only a little more money for
more protection.
Auto insurance varies on car types. Coverage for a sports car is
very different from insuring the family sedan or mini-van.
If you are looking to buy a car, consider buying a car that
"looks good" to insurance companies. For instance, insurance
companies know what kinds of cars are prone to problems. They
also know what kinds of cars are most often stolen. If you
haven't purchased your car yet, find out what cars make this
"good list" among auto insurers.
Consider how much coverage you really need to buy and the price
each of these coverages will pay. Think about collision and
comprehensive coverage, which is how much you will be reimbursed
for the loss or destruction of your vehicle. Are you carrying
$30,000 worth of collision coverage for a $12,000 vehicle?
If your car was totaled, would you be able to afford to replace
it? If not, you will want comprehensive and collision coverage.
The decision to buy this coverage is usually based on the value
of your car. 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 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.
If you're driving a used car from 10 years ago, dropping
collision and/or comprehensive coverage can usually give big
savings.
Run through various scenarios such as if I totaled someone
else's car, will my insurance cover it? How much will I have to
pay out of my own pocket?
Paying a higher deductible can also keep your policy costs down.
Remember, the deductible is what you pay out of own pocket when
making a claim.
Buying a low mileage car and insuring with a good driving
record, will all help bring insurance rates down. Don't speed,
don't drink and drive and you'll save.
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.
Consider delaying the purchase of that cherry red Mustang until
after you're 26 and married.
Keep yourself adequately covered. 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.
Insurance experts recommend that you review your insurance
policy often and thoroughly.
Many insurance companies offer discounts for anti-theft devices
and advanced driver-training courses.
About the author:
Auto-insurancenews.com by Drew Harris is a one-stop-shop website
for those looking for everything related to Auto Insurance.
Multiple pages of resources, referrals , tools and expert
advice. http://www.auto-insurancenews.com
Written by: Drew Harris
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Auto insurance, reduce costs but maintain protection