Auto Insurance – What to Consider?
There are several factors that determine how much you will have to pay for auto insurance. These factors include your age as well as marital status, what you drive and where you live. While you can’t do anything to change your age, and also, you may not choose to move just for lower insurance premium though a few people do that. However, you can choose an automobile that can lessen your insurance premium. Experts at http://findinsurancequotes.com share here tips that will be helpful to you while buying car insurance.
Know the Types of Coverage You can Get
Find out what actually your auto insurance is insuring. You will be purchasing a single insurance policy for a particular vehicle; however, the final cost will be made of a number of components, like:
Bodily Injury Liability: This covers claims for injury and death of the other person suffered in an accident caused by you and legal costs thereof.
Property Damage Liability: This covers property damage claims if your car caused damage to others’ property. Since liability coverage provides protection to the other party, it is compulsory in all states except three.
Medical Payments: These are for injuries caused to you and other occupants of your car. In some states, it’s optional. In ‘no-fault’ states, medical payments are replaced by personal injury protection as part of the standard coverage.
Uninsured Motorist Protection: This protects you from the medical costs for injuries caused to you or other occupants of your vehicle by an uninsured or underinsured motorist. In some states where almost 30% of motorists are uninsured, this protection is very essential.
Collision Coverage: This covers the damage caused to your car equal to its book value. It holds a deductible, an amount per claim you need to pay before insurance comes into effect. The lower this deductible, the higher will be the premium. Although it’s optional, a leasing company often needs collision coverage.
Comprehensive (Physical Damage): This covers damage caused to your car from fire, flood, wind, theft, vandalism and other non-accidental causes. This also holds a deductible.
The Type of Vehicle will Affect Your Premium
If you want a fancy SUV or a sports car, you should remember that your insurance company will charge you more in order to protect you when you drive it. Insurance premiums in part depend on the price of the car, which has an effect on the replacement cost if it is ‘totaled’ in an accident or stolen. The cost of your vehicle, including repairing cost of parts and labor may also influence the premium value. The premium of a high performance car can be two to three times that for an ordinary model.
FindInsuranceQuotes.com helps you get the best price on car insurance. They can save your money and time by helping you compare the rates of a number of insurance companies.