Car insurance is a necessary evil that every driver must pay. Unfortunately, accidents do happen, and you need insurance to protect you, your car, and your chances of a lawsuit. If you’re looking for a new policy, there are a few important facts you should know about. Before you agree to a new car insurance policy, read these helpful tips that will show you how to get the best coverage for your hard-earned money.
Know What You’re Getting
If you own your car outright (meaning you have the title in-hand and are not making payments), at a minimum you will need to purchase liability insurance. This type of insurance covers bodily injury and any vehicle damage done to others if you’re found at fault. Most states at least require liability insurance on every vehicle. If you’re still paying for your car, consider getting decent coverage that includes things like medical payments, personal injury, and vehicle repair and replacement. This type of insurance is known as collision and comprehensive coverage.
Finding the Right Company
There are several avenues you can use to purchase car insurance including a broker, agent, or directly from the insurance provider. Make sure the place you select is licensed in your state and that they have a good rating or reviews from other customers. Remember that cheaper does not always mean better, particularly when it comes to insurance. If your liability policy meets the state minimum, it may not cover much more, leaving you with the remaining balance to pay out of pocket. Do your homework and read all the terms and conditions before you sign on the dotted line. If you already have renter’s or homeowner’s insurance with a company, you might be able to bundle your car insurance at a discounted price.
What’s with the Rates?
Maybe your friend is paying significantly less for their car insurance than you are. So, why is this, and what affects people’s rates? There can be a dizzying array of factors that include things like how old you are or if you have any accident history, how often and how far you drive every year, and even where you live. The costs can also factor in things like the age and size of your vehicle and its price. Most insurance companies look at things like the risk of theft and the probability of an accident when calculating rates. Even your credit score can play a role in how much you pay per month. Do your homework and ask several providers for their best rates and coverages so you can get the insurance you need for peace of mind.
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