Jul 162014
 
car insurance premium

Before buying any car insurance have knowledge on the basic procedures of what the car insurance process is all about. One of the major factors that make people to more concern about is the premium rates. No one can deny paying their premiums irrespective the costs that sums to a total. Know the factors that influence more on your premiums.

car insurance premium

Type of coverage

In the previous article it is clearly explained about the basic 5 types of coverage and the terms pertaining to it. The coverage policies form the major part of summing up the premiums. Opt for the best coverage that meets all your requirements, this will make for a less payment than taking more number of single policies.

Age and driving history

Many people are not aware that the age and driving history will also matter a lot in their car insurance. People who are under 25 pay the highest rates; this is because it falls under a long term policy where the claims can be made quite high when compared to the aged people. But still, the rates can be reduced if you maintain a fair driving history.

Increase the deductible for collision

It is always recommended to have high deductibles on collision coverage. You can save up to 30% in your premium if you raise the deductible from $100 to $1000.

Drop collision coverage on older cars

Collision coverage is the excellent policy plan that protects the car against accident in terms of financial loss. A huge amount needs to be paid for this type of coverage and the portion works perfect only for new and expensive cars. One cannot expect large collision claims on their old vehicle.

Check on the payment periods

It is suggested to pay premiums to every six months or 1 year depending up on the renewal date of car insurance. In some cases the monthly payments turned to be quite expensive and the portion of rates can be cut down with yearly payments.

Jul 112014
 

Purchasing auto insurance for vehicles is made mandatory in many countries. Just like that buying a blind insurance will not actually help you in crisis. Choose an appropriate coverage that fetch immediate financial support whenever required. There are 5 major types of car insurance.

  • Liability Insurance
  • Collision Coverage
  • Comprehensive Coverage
  • Personal Injury Protection
  • Underinsured Motorist Protection

Liability Insurance:

Liability insurance is the most commonly purchased one as it has extensive benefits. The type of insurance can be claimed, when you are found guilty of an accident. Claims can be made for physical repairing and also for the resulting medical injuries. Many states have declared minimum requirement on the liability insurance in order to likely minimize the risk to spend excess from your pockets.

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Collision coverage:

When your car is totaled in an accident, the collision coverage comes in hand to help you that the insurer will pay for the damage. But, you cannot expect for the excess amount if you’re car is old enough to claim. On the other hand you will get a reasonable claim for the expensive and new cars.

Comprehensive Coverage:

The type of coverage is inexpensive and also worth dollars you pay for. The comprehensive coverage takes only the physical damage of the car into account by means of animal collision or weather conditions. The premiums are comparatively low where monthly payment is not made necessary in most of the cases.  

 Personal Injury Protection:

Personal injury protection is totally different from mediclaim policy, where your premiums get add up only for injuries associated with car accident. Through PIP you can get paid for your medical bills and also for your accompanied passengers.

Underinsured Motorist Protection:

If someone is responsible for accident and they don’t have any insurance coverage or you receive less than the actual cost damage the Underinsured Motorist Protection will help in those circumstances. You can receive the immediate damage costs from this type of coverage plan.

Jul 092014
 

Generally, excess money has been spent for coverage plans and the concern gets more increased on car insurance policy. Spending hundreds and thousands really mean a lot as overall cumulative percentage extends higher than the budget. If you are the one who look to cut down the charges for your auto insurance coverage then the following tips will help you in minimizing your dollars on insurance coverage.

Decide on the type of car insurance 

Before purchasing any car insurance take time to understand the types i.e. the different coverage policies are available for different plans. The premium need to be covered also vary based on the coverage you opt for. You can go for single or multiple coverage plans based on your choice. Plan ahead your type of coverage.

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Compare the car insurance quotes

The car insurance quotes vary with different companies as each one differs in their terms and policies.  But don’t decide the company based on their offered discounts on coverage because sometimes you may fall to fake organizations. It is better to approach the state department of insurance for obtaining details of the insurance company.

Make yourself alert on drive

Nearly 75% of individuals drive by their own than having a separate drivers. It is always recommended to drive cautiously as it not only has greater impact on health but also on your insurance coverage. The fair driving history you maintain the low will be the paying charges. Once you claim for insurance in- between your premiums may raise accordingly.

Have high deductibles

Even we drive cautiously we cannot expect the other party to be of same kind and sometimes unknowingly we may also can met with the same incident. In those cases i.e. when met with an accident your collision and comprehensive policies will help you a lot in extending the financial support. So it is better to maintain high deductibles on those insurance policies.

 Don’t add multiple drivers to the same coverage

There exist an insurance claim specially meant for drivers and it is also made mandatory in many countries to have the coverage. When multiple drivers are added to the same coverage plan, huge will be the premium. Separate policies will work better to make the coverage even more effective.

 

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