subject: Four Essential Things You Need To Know About Car Insurance [print this page] Four Essential Things You Need To Know About Car Insurance
If you know that owning a car means having to put insurance on it, no matter if it's financed or you paid cash. But here are lots of details to consider when looking to buy car insurance. Many of them will result in lower premiums, which could potentially save you hundreds of dollars or more each year.
1. Deductibles
Many types of car insurance have deductibles. The key is to determine how much you could afford to pay out of pocket if you have to file a claim for an accident or damages to your car. With a higher deductible you premiums will be lower. So it comes down to a balance between what you can afford for the cost of the insurance itself and what you are willing to pay if there is a claim. Remember, though, these can be adjusted as your need change.
2. Amount of Coverage
You can select the maximum total amount that the insurance company will pay if there is a claim. Just be sure to at least cover the cost of any loan you might have on the vehicle, but also take into consideration other costs of an accident. There may be injuries or damages to property other than yours that need to be taken care of by you insurance. The higher the limit, the higher your payments.
3. Liability Insurance
Most places will require a minimum of liability insurance in order to have a car. This protects all your other property in case of your fault in an accident. Carefully consider what you own and what it is worth to replace and this will tell you the amount of this type of coverage you need. This is important in case you happen to get sued for being at fault in any accident. And don't forget that there is bodily injury amount under your car insurance that will cover medical expenses of anyone injured in a wreck.
4. Roadside Plans
A lot ofcar insurance companies offer some sort of roadside assistance plan. While this is not insurance per se, it is a security that is worth considering. For a monthly fee you have the peace of mind knowing that if a breakdown occurs, you will get free towing or tire change services. Sometimes it can include bringing you gas when your tank runs empty. But by not taking this add-on you could save several dollars on your monthly payment.
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