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The auto insurance also known as vehicle insurance, car insurance, motor insurance or automobile insurance is insurance for cars, trucks, motorcycles, and other road vehicles.
The primary use of auto insurance is to provide financial protection against physical or vehicle damage resulting from traffic accidents.
Vehicle insurance may in addition offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as weather conditions or natural disasters, and damage sustained by colliding with immobile objects. However, the insurance is purely base on the type of coverage a consumer willing to choose.
Auto insurance is required, but it’s not compulsory to pay more than you have to. It’s all about assessing your needs and then make a decision. If you assess your needs effectively and if you do some online search for different options available in the market, you then can get better insurance deal.
However, we here in the following section are presenting you the SEVEN best and simple ways to get the finest possible auto insurance deal.
1. Collecting Multiple Quotes
In order to have a better understanding about the offers available in the market from different service providers, collecting quotes from different sources about the prices and other offers of the insurance providers is a great approach.
As a consumer, you better get multiple quotes from multiple agencies. You can do this by simply using the internet. Once you get the list of brokers, you then call some of the popular or well-known brokers to gather some good comparison quotes.
Remember to collect different types of quotes e.g. one from a direct-sell insurance company; another from an offline broker who keeps a database of quotes; and a few from the internet.
Maybe you are considering to buy a used car. Maybe the value of your car was much better a few years ago. May be the value right now much lower than before. If this is the scenario;
Why pay for overpriced auto insurance?
Why you need comprehensive coverage?
These are the questions you have to be asked. A good rule of thumb multiplies insurance premium by 10 and compares that number with the value of your car.
For instance, if you’re quoted $2000 premium and your car is worth less than $20,000 you may want to think if comprehensive represents good value. If you drop collision and/or comprehensive coverage, you should get large savings.
Several auto insurance establishments use deductibles to keep policy cost down. Deductibles, or excess charges, show what you pay before your auto insurance policy kicks in.
Take initiative to request quotes with different levels of deductibles and then understand how your quotes vary.
Generally, most internet quote forms comprise of a column where you can specify preferred level of deductibles. Don’t hesitate asking your broker’s recommendations.
For instance, going from $500 to $1000 deductible can slash your insurance costs by approximately 20% or more. Go to $2000 and you save a lot of money. But you must pay the deductible if you need to make a claim.
By installing anti-theft devices to your car, you can get extra discount on premium.
Not only that you can also obtain extra benefits by taking an advanced driver training course.
If you consider all these approaches when shopping for auto insurance, you will for sure save substantial amount of money on auto insurance premium.
This information is for Learning purposes only. We are indeed not financial/legal/health mentors. It should not be considered legal or financial or health advice. You should consult with a financial/legal/health advisor or other professional to find out what may be the optimum for your individual needs.