|
Why do rates vary so much?
Insurance companies work out their rates on their claims
experience using:-
Zip code
Cost of repair
Security
Injury rate
Their claims experience will vary so make sure you get several
quotes
Look for special deals on the ads, insurance companies may
be increasing their exposure to certain groups and you may
in the group.
It is not always the lowest risk groups the insurance companies
are looking for, it could be you
Make sure you get a like for like car insurance quote
Your car insurance is designed to protect you against
financial loss if you have an accident, you can choose how
much cover to have but must have the minimum cover that
is required by each state
Examples of cover available are:-
Bodily Injury Liability: pays for bodily
injury to another person due to the negligent operation
of your vehicle. It may also pay if a resident member of
your family, or a person who had your permission to use
your vehicle caused the damages
Property Damage Liability: pays for the
damage you caused, due to the negligent operation of a vehicle.
It may also pay if the damages were caused by a resident
member of your family, or by a person who had your permission
to use your vehicle
Uninsured Motorist Bodily Injury Coverage:
provides coverage for "Your" physical injury that
was inflicted by an uninsured driver who was at fault or
for injury you sustain as a result of a hit-and-run driver
who was at fault
Underinsured Motorist Bodily Injury Coverage:
pays above the limits of another insurance policy for physical
injuries you may sustain if your limits of Bodily Injury
are higher than the limits of the at fault motorist's policy
Medical Payments: covers medical and possibly
funeral costs for you or those riding in your vehicle that
may be injured or killed in an accident while in your vehicle.
May also pay for you or resident family members if struck
by a vehicle while walking or riding in another vehicle.
This coverage usually pays even if you were responsible
for the accident.
Collision Coverage: pays the cost of repairing
or replacing owner's vehicle when damaged due to an accident.
Cost of this coverage is usually alterable by choice of
a deductible. The higher the deductible (the amount you
agree to pay) the lower the cost is for this coverage.
Comprehensive Coverage: pays the cost
of repairing or replacing owner's vehicle when damaged due
to Fire, Theft, Flood, Wind, Vandalism, Riots, Storm, or
Earthquake, etc. Costs of this coverage are usually alterable
by choice of a deductible. The higher the deductible (the
amount you agree to pay) the lower the cost is for this
coverage.
Custom Equipment coverage, if available,
would cover custom non-factory items such as CB radios,
Cellular Phones or Custom Sound Systems. This coverage may
also be available to cover customized features found of
Conversion Vans.
Towing Coverage pays for the costs towing or minor repair
to your disabled vehicle. (Limits vary from company to company).
Car Rental pays for the cost of a rental vehicle while
yours is being repaired due to a Collision accident or Comprehensive
loss. (Limits, usage and length of time available vary from
company to company)
Make a list of the features you require from your car insurance
and ask each insurance company to quote you for the same
cover and features
Buying a new car
Get a car insurance quote first before going to the dealer,
you can expect to pay more for a sports or performance car
but some models have higher premiums because they have poor
security or cost more to repair because of their construction
|
