subject: Frequently asked questions about auto-insurance [print this page] Frequently asked questions about auto-insurance
What is comprehensive coverage and how does it differ from collision coverage?
Comprehensive coverage, as the term implies is more encompassing compared to collision coverage. Collision only includes the incident where you suffer loss or damage due to an impact such as when your car collided with another vehicle. Comprehensive coverage, on the other hand includes other instances such as when the car is lost or damaged due to fire, hail or other calamities, and theft. Needless to say, comprehensive insurance coverage is more onerous than collision coverage only.
What are the discounts that I could avail of on my auto insurance?
Different insurer offer different discounts. Fundamentally, you can avail of discounts for factors that implies lesser risk or for your patronage to a particular insurer.
Attendance to trainings and courses may avail you of discounts. This may include defensive driving course, courses on avoiding accidents or courses on safety on the road, and courses on theft prevention.
Some data about your car may entitle you to discounts too. This includes low mileage, the car considered as low risk, some car features such as installed air bags, anti-lock braking system and theft deflector gadgets or system.
Your driving record may also enable you to claim discount. Great driving history signifies that you are a careful driver hence there is lesser probability of incurring accident.
If you obtain more than one policy from the same insurer, the insurance company may offer discount. In addition, most companies offer discount when you renew your auto insurance with them
What is exactly is a "deductible" and how can I lessen my premium with it?
A deductible is the amount that you will pay for in case you incur loss or damage to our car due to the perils your car is insured against.
In most cases, your premium will greatly be lowered when you boost your deductible. However, that means that you will be paying more in case you incur losses.
Shall I still pay my premium even after my car is officially declared loss?
The answer is yes until such time that you are able to submit your license plates to the Registry of Motor Vehicles or you are able to get a receipt from the RMV that your car was stolen or lost. The policy is deemed terminated at the time that you surrender your license plate or obtain the said receipt. You must present the receipt to your insurer so that yourauto insurance policy will be officially cancelled and you will not need to pay premiums anymore.
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