subject: Lesser Known Facts About Auto Insurance [print this page] You might think you know all there is to know about auto insurance. Think again. DO you?
Let"s find out. ?
Personal belongings lost in theft are not covered by your auto insurance policy?
It so happens that in most theft claim cases, you hear of people complaining about how their insurance agency hasn"t paid for their lost belongings. What they don"t realize is that your the hartford car insurance policy does not cover these items; your homeowner policy does. So for instance, if you have expensive items in your car, like GPS navigation systems, DVD players, mobiles, laptops etc, you should consider carrying a rider to cover them.
Auto insurance is tax deductible for business use
If you use your car for business purposes, determine the amount of time that you use your car for it. Let"s say you use the car for business purposes 20% of the time, then 20% of your auto insurance may be deductible. It may be beneficial to take reimbursement on mileage. Speak to your insurance company about your options.
Affiliation with professional organization could lower your insurance rates
If you are a part of a professional organization like the AAA or the AARP, make it a point to mention it to the insurance company. You could get a discount for being a member of such an organization.
If your friend wrecks your car, YOU will have to file a claim
Insurance covers the CAR and so, if a friend driving your car wrecks it, you are going to have to file a claim with your insurance company to pay for the damages. Also, as a result of this claim, chances of your premium rates going up are high.
Your credit score affects your premium rates
Not many people know this, but your credit score affects your premium rates. For instance, if your credit history is good, insurers take you to be a responsible, reliable adult who will pay his or her bills on time. Car insurers are generally of the opinion that people with poor credit scores are more likely to pay late bills or skip insurance companies more frequently.
Color does not determine insurance rates
While a number of factors such as age, location, credit score, driving history, safety devices installed on your vehicle etc determine insurance rates; the color of your car is not one of them. This is a myth that most people believe and use it as a reason to refrain from buying cars of certain colors. Color has no effect on your insurance at all, so rest easy!
Auto insurance companies in some states are required to pay for sales tax when you make a claim on a totaled vehicle
Sales tax and registration fees are should most likely be covered. If you have to make a claim on a totaled vehicle, chances are that you will be paid the sales tax and registration fees that you paid for that vehicle by the insurance company. This is NOT a requirement in every state, though, so you should check with your local DMV just to make sure. Also, another thing to keep in mind is that the taxes will be paid on the value of the vehicle at the time of the accident, not at the time of purchase.
Keep these pointers in mind the next time you"re in the market for auto insurance and you"ll be glad you did.
by: Bethany Collins
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