Knowing More About Auto Insurance Will Help
Do you know what insurance companies hate? An informed customer. Knowledgeable auto insurance customers get better coverage and lower rates than those less informed. Who do you want to have the advantage when you buy auto insurance, yourself or your insurer? Read on to learn how you can tip the balance in your favor.
It’s important to consider your insurance deductible and decide whether to go with a lower or higher deductible. A higher deductible will mean a lower monthly payment, but more out of pocket in the event of an accident. A lower deductible generally means a higher rate, but it might be easier to come up with the lower amount if you are at fault in an accident.
To be sure that you are getting the best rate on your auto insurance, it’s a good idea to check to see that your policy is accurate. Make sure that your insurer has accurate information about your current vehicle, and that your average annual mileage is correctly included in your policy.
When it comes to selecting a new auto insurance carrier, do some research into the company’s history of rate increases. Each state has an insurance oversight group, or Department of Insurance. This group can provide historical information on the frequency and amount of rate increases by a particular carrier. While a company may offer initially low prices, if they frequently increase rates, you may not save over time.
Knowing what coverage you have with car insurance can help you to understand what exactly you’re paying for. Things like collision coverage can cover damages to your car but only up to its book value. This kind of insurance carries a deductible. Your premium will be higher if you choose a low deductible.
After an accident, take note of the actual condition of the vehicles involved. Consider not only your own vehicle, but the others involved. Determine if the vehicles are drivable, the location and visible severity of damage or any glass breakage. If another vehicle shows damage not caused by the accident, make note of the pre-existing damage as well.
Don’t forget to inquire about special discounts when you are purchasing an auto insurance policy. Discounts are usually based on risk, and if you are a lesser risk to the insurer, they may lower your premium. Discounts may be given if you’ve had a good driving record, have an anti-theft device installed in your vehicle, or if you’ve taken courses on safe driving. Check with your agent to see if you qualify for any of these, or any other discount that might be available.
When shopping for an auto insurance policy, most companies are going to offer extras like towing, road-side assistance, GPS services, and other add-ons. These may come in handy if you’re ever in a pinch, but they can be really expensive. Say no to these extras in order to save money on your insurance.
When you pick up simple auto insurance tips like these, you arm yourself to fight for the best insurance deals available to you. You stand out of the pack and get better treatment from your insurer. Educating yourself on auto insurance is bad news for insurance companies, but good news for you and your wallet!
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