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The Ins and Outs of Auto Insurance
Whether you’re single or have a family, your life can be hectic and time limited and spending hours online to comparison shop shouldn’t be one of them. Why devote hours of your limited time to find the best option for your needs? Thus, giving you more time to spend with the ones you love and care about. Afterall, it’s very important to make sure yourself and your family are covered.
That’s why I dedicated a page to showing you a hassle-free way of looking for the coverage within your budget. I will provide my recommendations to compare top rated insurance providers to help find the best coverage for your money. Get the best coverage while saving money on this page to help you.
Don’t be seized with fear to take any action to make a selection, take time now to take control and you will thank yourself later for taking measures to make sure you got the best choice down for your home and auto coverage. Let’s get you financially prepared for anything unexpected so you have peace of mind!
So, let’s get an easy explained and understandable information of good car insurance policy.
Auto InsuranceWhat you need to know
It is a requirement with every state so if you get in an accident, you are covered and the same for the person that hit you whether at fault or not. So how much insurance will be enough? It’s easy to get confused with everything like premiums, deductibles, collision, etc. and keep your budget in mind. Price is just as important as the value that’s offered so you get a well-rounded coverage on anything unexpected as an accident.
Key Information About Auto Insurance
There are a few factors that you should know about that can affect your auto insurance premium. These factors will ultimately play a factor on what premium quote you will get with an insurance company. If you are familiar with these factors, you can skip ahead to the brass tax to compare from the top 12 auto insurance companies and how to get a free quote.
So, in summary you will learn and have access to:
What factors decide premium
We want to provide a little working knowledge easily explained on the factors deciding a premium.
Top 12 Companies
A comparable chart of the 12 top auto insurance companies.
Access to a free quote contact number with available hours.
Info you'll need
Key information to have ready and available for a speedy quote on an auto insurance provider you choose.
Auto Insurance Factors on Risk Assessment
Here are a few of the factors every auto insurance provider includes in their assessment to provide your quote, so a little knowledge on this before hand might save you some money on your quote.
A requirement in all Auto insurance in most states in the US. This is basically the coverage that will pay in cost of damages that you or the other person by yourself, others or by objects from the vehicle involved. This coverage is broken into this ratio in coverage.
Most common liability coverage ratio is: 100/300/50
- $100,000 in coverage for each person who is injured in the accident
- $300,000 in total amount that the policy covers for each accident
- $50,000 in total for property damage covered
Collision & Comprehensive Coverage
Basically the coverage for damage to your vehicle to you or to the other person by yourself, others or by objects from the vehicle involved.
This call also includes:
The one thing to keep in mind is that depending on whether you have a newer car or older one, will be a factor on the monthly premium.
- Newer car = higher premium
- Older car = lower premium
This is because newer cars are more expensive to repair and have more complicated engines than older cars.
Personal Injury Protection
Otherwise referred to as no-fault insurance, this usually is required with most states in the US. This will cover the medical expenses, or possibly include or extend to passengers in the vehicle involved in the accident and possible lost wages due to recovery at the hospital or home from an accident.
This basically covers both you and the passengers if in an accident caused by the driver who doesn’t have insurance and can also include cases of hit and run accidents.
How Auto Insurance is Priced
There are a few factors used as criteria to decide on the premium quoted for auto insurance coverage on any policy.
Based on statistics, age will be a factor on the premium. Statistically, younger male drivers run a high risk of being involved in an accident as men typically drive more aggressively than defensively.
Males 20 to 40 = higher premiums
Males 40 and older = lower premiums
This will comprise of number of accidents involved and the number of moving violations like tickets and DUI’s within a given timeframe. This can play a major factor in the risk assessment to provide a quote.
Regardless of your fault or not, if you have numerous claims on your record, this will be a deciding factor on your risk assessment with a quote. Little to no past claims history will help you achieve a lower premium.
Simple enough, the type of car you have affects premium rates.
New car = higher premium
Fast (Sports) car = higher premium
Older car = lower premium
Driving distance, in general, and use of car for personal or business purposes helps to determine premium. Examples include:
For business use, if transporting people other than yourself to and from work = higher premium
An example on business in general for yourself = lower premium because it is being used to just get to and from work if the mileage is not far.o Personal use to just joy ride or use to run errands or travel on occasion = possible high or low premium.o High mileage a factor if you travel often each week, the reason is with more mileage = higher risk of being involved in an accident.
Is the car in a garage, parked on the street or on the drive way? These can all be factors.
Garage storage will be a lower premium because less risk of vandalism, theft and safe from the elements of outside like storms or sun damage depending on the geographical location you reside in the US.
Street and driveway will be a higher premium because of a higher risk of vandalism, theft and exposure to the elements of outside like storms or sun damage depending on the geographical location you reside in the US.
Insurance Score card
This will basically be everything mentioned previously averaged to play a factor on the premium. Examples being:
- Past several years
- Credit history
- Claims history
- And all determining factors aforementioned
This is the required portion of expense paid out of pocket to be met before the insurance company will cover the remaining balance on the coverage of the accident. The deductible amount you have on the policy will be a factor if the premium is high or low each month. Example:
- $500 deductible will probably be a higher premium paid each month since the insured is paying less out of pocket from an accident.
- $1500 deductible will more likely be a lower premium paid each month since the insured is paying more out of pocket from an accident.
the Company itself
Insurance companies are rated by grading agencies. This can be a final determining factor on high and low monthly premiums. These insurance company grading agencies will rank an insurance company based on customer satisfaction and reputation for paying on claims. Grades include A to F. You’ll want to choose a higher the grade like A+ as compared to F graded insurance company. F grade companies will typically be dirt cheap on insurance premiums but run a high risk of not covering you when you need it after an accident whether you are at fault or not. So, value plays a factor in the insurance company, not just price alone.
Grading agencies include:
- A.M. Best
- Standard and Poor
- Fitcho Moody
I highly recommend researching insurance companies to avoid possible headaches and stress on guaranteed coverage. Price can be less of a decision motivator when you consider value.
Top 12 Auto Insurance Companies to Consider
To help you out and reduce the time you would have to search each company and research their rating, I have included 12 of the most reliable and recommended auto companies for your viewing pleasure. Price and value being equal in factors of these selections. I wouldn’t recommend anything I wouldn’t consider in coverage myself.
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