Friday, December 26, 2008
How to Determine Car Insurance Liability Limits
Auto insurance, bodily injury and property damage liability coverages protect you if you injure someone or damage or destrLearn the minimum liability limits required by your state. Determine your assets. Insurance is meant to protect what can be lost in a lawsuit. Think about the ages of the drivers in your household. Youthful drivers have more accidents resulting in lawsuits. Realize you share liability for your children until they reach a specific age. Consider your profession. If you work in the public eye or if you work in a profession perceived to have high income, you're likely to face larger lawsuits. Step6Understand that numerous cars on the road are worth more than the $25,000 property damage limits afforded by a basic policy. Realize that you may be liable for damage to more than one vehicle if you cause a chain reaction accident.oy someone's property.
How to Determine Car Insurance Liability Limits
Auto insurance, bodily injury and property damage liability coverages protect you if you injure someone or damage or destrLearn the minimum liability limits required by your state. Determine your assets. Insurance is meant to protect what can be lost in a lawsuit. Think about the ages of the drivers in your household. Youthful drivers have more accidents resulting in lawsuits. Realize you share liability for your children until they reach a specific age. Consider your profession. If you work in the public eye or if you work in a profession perceived to have high income, you're likely to face larger lawsuits. Step6Understand that numerous cars on the road are worth more than the $25,000 property damage limits afforded by a basic policy. Realize that you may be liable for damage to more than one vehicle if you cause a chain reaction accident.oy someone's property.
How to Choose a Car Insurance Company
Car insurance canBuying Through a Local AgentVisit local agents' offices, ask for a rate quote and gauge responses. Ask about "claims-free" discounts for time a policy is in force without a chargeable claim. Ask about a "multiline" discount if you buy more than one line of insurance. Ask about office hours and after-hours assistance. Ask for company rating and financial information. Determine if the company has agents and claims offices in other states if you travel extensively. Ask friends and acquaintances about the company. be purchased direct or through an agent
Buying Through a Direct-Market Companyan agent.
Ask for recommendations from friends who have purchased car insurance via an 800 number or the Internet. Contact three to five different companies. Step3Ask for written proposals. Ask about claim filing procedures. Ask about earning claims-free discounts. Investigate the company's industry rating.
How to Select Car Insurance
Car insurance can protect you if you are sued for injuring someone or damaging their property, or if your vehicle is damaged. And in most states, it's required by law.
Call at least three agents to ask for pricing. Ask for proposals in writing. Make sure you plan on sufficient liability coverage to protect your assets. Consider whether you need secondary coverage, like emergency road service and rental reimbursement. Tell the agent if your car is mortgaged or leased. Make certain the agent inspects your car and verifies the odometer reading and vehicle identification number. Know the value of your car. Consider dropping collision and comprehensive coverage if your car has lost most of its value. Choose the highest possible deductibles, if such coverage is necessary. Step10Ask about discounts for age, good driving history or insuring multiple vehicles with the same company.
Call at least three agents to ask for pricing. Ask for proposals in writing. Make sure you plan on sufficient liability coverage to protect your assets. Consider whether you need secondary coverage, like emergency road service and rental reimbursement. Tell the agent if your car is mortgaged or leased. Make certain the agent inspects your car and verifies the odometer reading and vehicle identification number. Know the value of your car. Consider dropping collision and comprehensive coverage if your car has lost most of its value. Choose the highest possible deductibles, if such coverage is necessary. Step10Ask about discounts for age, good driving history or insuring multiple vehicles with the same company.
How to Save Money on Your Car Insurance Premium
Great news... I just saved a bunch of money on my car insurance by switching to..." If you are considering switching car insurance companies in search of a better rate, remember that you may already be entitled to a lower premium with your current auto insurance company. Before you make the leap, see if you qualify for any of the following discounts:
Multiple Car/Policy Discounts: If you insure more than one vehicle with the same insurance company, or even carry another policy like home owners or renters insurance, you should be saving at least 10%-25% on your total premium. See if your carrier has already given you this discount, and if not, find out why. Driver Training Discounts: Have you taken or would you be willing to take a driver training course? If so, you may be able to save a good chunk of change. Consider that New York offers a nearly $40 yearly discount for taking a driving course every three years. If you're an elderly driver, this could save you 5% to 15%. Contact your auto club or state motor vehicle department for information on accepted training programs. Step3Student Discounts: If your child is listed as a driver and is a student, you might be entitled to a student discount, especially if your child receives good grades or is enrolled in a school driver's education program. Keep in mind that you will probably save money by listing an adult as the primary driver, and your child as a secondary or occasional driver. Also, if your child is a college student living over 100 miles from home and the car stays at your home, you could save up to 15%. Special Equipment Discounts: Does your car have a theft deterrent system, air bags, anti-lock brakes, or other safety equipment? If so, make sure your insurance agent knows about them and is giving you the proper discount. Step5Lower Use Discounts: Do you drive your vehicle less than 7,500 miles per year? If so, make sure your policy reflects that. Think about car-pooling or using public transit for your commute. Not only could it save you some money on your car insurance premium, but you'll be helping the environment too. That's loads of good feelings just waiting to happen. Step6Increase Your Deductable: Is it feasible to increase your deductable for a lower premium? Raising your deductable from $500 to $1000, for example could save you 5%-15%. However, make sure you've got the money in the bank to cover the extra gap should you need it. Eliminate the Collision Part of Your Coverage: Collision coverage will fix your car if it's in an accident. If you're driving an old beater, does it make sense to pay for insurance to replace it? Only you can decide that one
Multiple Car/Policy Discounts: If you insure more than one vehicle with the same insurance company, or even carry another policy like home owners or renters insurance, you should be saving at least 10%-25% on your total premium. See if your carrier has already given you this discount, and if not, find out why. Driver Training Discounts: Have you taken or would you be willing to take a driver training course? If so, you may be able to save a good chunk of change. Consider that New York offers a nearly $40 yearly discount for taking a driving course every three years. If you're an elderly driver, this could save you 5% to 15%. Contact your auto club or state motor vehicle department for information on accepted training programs. Step3Student Discounts: If your child is listed as a driver and is a student, you might be entitled to a student discount, especially if your child receives good grades or is enrolled in a school driver's education program. Keep in mind that you will probably save money by listing an adult as the primary driver, and your child as a secondary or occasional driver. Also, if your child is a college student living over 100 miles from home and the car stays at your home, you could save up to 15%. Special Equipment Discounts: Does your car have a theft deterrent system, air bags, anti-lock brakes, or other safety equipment? If so, make sure your insurance agent knows about them and is giving you the proper discount. Step5Lower Use Discounts: Do you drive your vehicle less than 7,500 miles per year? If so, make sure your policy reflects that. Think about car-pooling or using public transit for your commute. Not only could it save you some money on your car insurance premium, but you'll be helping the environment too. That's loads of good feelings just waiting to happen. Step6Increase Your Deductable: Is it feasible to increase your deductable for a lower premium? Raising your deductable from $500 to $1000, for example could save you 5%-15%. However, make sure you've got the money in the bank to cover the extra gap should you need it. Eliminate the Collision Part of Your Coverage: Collision coverage will fix your car if it's in an accident. If you're driving an old beater, does it make sense to pay for insurance to replace it? Only you can decide that one
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