|
|
Understanding Your Auto InsuranceBy Tom McKnight
Reading auto insurance policies can be like trying to decipher advanced calculus. It's really not that difficult if you understand a few basic terms. Collision, Comprehensive, Bodily Injury Liability and Property Injury Liability are the main terms you need to fully understand.
You'll appreciate Collision Coverage in the event you need repairs or replacements if your vehicle collides with another vehicle or property. The higher the deductible you elect, the lower your premiums will cost you. If you're at fault for something, well of course it would still be an accident, as I doubt you'd plan to run into that guard rail, but how much would you be able to afford to pay out of pocket for repairs? $250? $500? $1,000? Just like medical insurance, you'd have to pay that deductible amount first and then the insurance company would pay for the remaining charges for the repair.
Another term to become intimately familiar with is Comprehensive Coverage. This is the coverage that pays for damage caused from falling objects, fire, certain natural disasters, theft and vandalism. Deductibles work the same way as with Collision; the more out of pocket costs to you, the less your insurance premium.
In addition to knowing how much Collision and Comprehensive coverage you have, you'll want to know about your liability coverage. Let's say you rear-end another driver. Or your foot slips off the brake onto the gas pedal and you plow down a mailbox. Your liability coverage will kick in and pay for the damages that you caused with your insured vehicle. You liability coverage will, or could, include bodily injury (people) and property damage.
You don't want to go without Bodily Injury Coverage. If you were at fault in an accident and others involved needed to go to the hospital and/or lost wages from missing work, those costs would come out of your pocket if you are not insured with Bodily Injury Coverage. It doesn't take a genius to know how quickly those amounts can add up. This type of coverage can also help you in the event the other party takes legal action against you. Many states require you to carry Bodily Injury Coverage.
The other part of liability includes Property Damage coverage. Can you imagine how much it might cost should you accidentally drive into the side of someone's home? You wouldn't want to be caught without property damage insurance should you need to pay for repairs to another vehicle, building or anything else you might hit. As with Bodily Injury coverage, Property Damage coverage also helps protect you in the event of a related lawsuit.
Every policy will have its limits and various degrees of coverage. It's important that you understand the basics of what you are paying for and why it is necessary. No one plans for an accident, be prepared!
|
Moneymaxim Re-launch Updated car Hire Insurance Comparison Service with new Features
LONDON, May 17, 2012 /PRNewswire/ --The UK's leading car hire excess insurance comparison website, Moneymaxim has today [Thursday 17 May] re-launched their unique car hire insurance comparison tool with ...
Online Auto Insurance: New Ala. Law Shows Range of U.S. Texting Bans
Newly approved law brings point penalties against driving record with each offense.Montgomery, Alabama (PRWEB) May 17, 2012 Alabama?s governor finalized a law this week that restricts texting behind the wheel, highlighting a long-running effort to bring the state in line with most others in the U.S. that prohibit texting while driving in a range of ways, according to Online Auto Insurance.The ...
CoverHound Launches Comparative Shopping Platform for Car Insurance
SAN FRANCISCO, CA-- - CoverHound today announced the public launch of its comparative shopping platform for car insurance. CoverHound is a first-of-its-kind service harnessing the power of a web-based ...
Online Auto Insurance: NY Rate Filing Shows Impact of Territorial Rating
Online Auto Insurance: NY Rate Filing Shows Impact of Territorial Rating Online Auto Insurance: NY Rate Filing Shows Impact of Territorial Rating Although location is just one factor in a very complex rating process, motorists in dense, urban areas with higher crime rates generally get higher premiums, while drivers in rural areas with lower traffic volumes and crash rates tend to have greater ...
17-25 Year Olds Say Social Lives are Blighted by High Car Insurance Costs-and One Quarter May be Driving Uninsured
MANCHESTER, UNITED KINGDOM-- - According to what is believed to be the UK's biggest ever survey of young drivers, commissioned by leading insurance broker Swinton, 73% of young drivers under the age of ...
Sure-Fire Ways To Beat The Rising Costs Of Car Insurance
According to the Bureau of Labor Statistics, in 2010 the average American spent $5.75 each and every day for gas. Since the average price per gallon is now approaching its record price of $4.11, you can bet that?s a bigger number now.
Allstate Taps the Crowd to Predict Insurance Claims
Forecasting is central to the insurance industry and predictive data analytics, models that use complex data to predict future events, has become a key tool for how insurers decide what a policy will cost. So when Allstate Insurance--recognized by U.S. News as a Most Connected Company--wanted to improve the model it uses to forecast bodily injury claims based on the type of vehicles involved in ...
Tips to Recognize Car Insurance Myths: The Top 5 Misconceptions
Much of the information regarding car insurance available to consumers online, and especially by word of mouth, is exaggerated or completely untrue. How can drivers separate the truth from the myths? InsuranceHotline.com outlines the top five car insurance myths, and uncovers the truth behind them. (PRWeb May 09, 2012) Read the full story at http://www.prweb.com/releases/2012/5/prweb9488640.htm
10 Ways to Save Money on Insurance
If you saw a friend turn giddy at the prospect of buying insurance, you would likely think him delusional. While insurance is one of the major consumer purchases we make, the product and the experience we derive from shopping for it share nothing in common with the exhilaration of buying, say, a new car, TV, or something else we really want.
Utah Auto Owners, Save Money on Car Insurance Quotes with InsuranceCalculator.net
Residents in Utah can now use InsuranceCalculator.net to obtain insurance quotes instantly online. InsuranceCalculator.net works with the top auto, home, health, life, business, and travel insurance companies in Utah to help consumers save money on insurance. (PRWeb May 02, 2012) Read the full story at http://www.prweb.com/releases/utah/insurance/prweb9467508.htm
|
|
Best Sellers from
|
