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Auto Insurance – High Risk – Things You Must Know

In most cases it is up to you, the driver, to ensure that your auto insurance company offers you the minimum required.

Specific ways to save money on car insurance:

1. This scenario is the car insurance equivalent of guaranteed access to low-priced car insurance that takes care of every possible repair, including damage already done, until the day the car falls apart so completely it’s unsalvageable or reaches 200,000 miles regardless of whether she even changes the oil in the interim. In case you don’t have coverage and you do get suspended, you can still get an auto insurance policy before the date of suspension.

And, if you use a homeowner’s insurance company that also covers your car insurance as well, chances are you will get the bulk, discounted rate. Also, remember that you can qualify for a better deal from your current car insurance company if you have many insurance policies with them such as a combination of car, home and life insurance, which can cost cheaper as a group when compared to buying individually. Most states and most countries will require a certain level of cover, from full comprehensive car insurance to third party auto insurance.

Most states require all drivers living within their borders to carry a minimum level of car insurance. If you own a home, ask about combining your homeowners insurance with your car insurance. It is often found that car insurance premiums for the same car model and similar coverage, differ from one car insurance company to another.

Unlike an car insurance policy however, a notary bond is simply a guarantee that the funds will be available should a loss occur. So in case your car is damaged the car insurance company will pay for rental costs, (sometimes only for a few days). If you are renting a car in another country you should definitely consider purchasing coverage at the rental counter as most personal car insurance policies only cover their owners in the country where the policy was written.

When you change auto insurance companies, the new agent or insurer can generally change carriers while you wait.

The New Auto Insurance Conspiracy Theory

When you signed on the dotted line for your new auto, it seemed like you were on top of the world. You went shopping at the right time, and felt like you got a steal on the price. And then, the auto insurance bill came in the mail and the bottom on your perfect little world dropped out. What happened?

People buying a new auto for the first time may not realize this, but the bank will require them to keep full coverage on their car for the length of the loan. Now, you can get away with only liability coverage when you don’t finance a car – but things work a lot differently when the banks get involved, don’t they? You might even think that there is some sort of conspiracy going on involving the banks and auto insurance companies. While it is a good theory, the truth is that banks need to be sure that they will get their money, so they require full coverage insurance on a new auto. After all, who would continue making payments if the car were all smashed up because of an accident?

But why are these rates so high?

A lot of factors are involved in determining insurance rates on a new auto. The age of the driver, his driving record, the number of accidents on his record, and even where he lives – all these are factored into the rate. Because the costs of repairing a new auto are so high, insurance companies have to charge steep rates to recover their losses in the event of a wreck.

Isn’t there anything I can do to lower these rates?

Auto insurance on newer vehicles will be steep, but there are things you can do to get lower rates. One of the best ways to save money is to shop around. While all insurance companies use statistics to set their rates, they do not all interpret these statistics the same way. Never, ever insure your new auto with the first company you call!

You can also raise the deductible you will pay in the event that you wreck your new auto, and in return receive lower rates. The higher the deductible, the lower the auto insurance premiums for your new car will be.

Come on, what else can I do? These rates are killing me!

All right, let’s start with the obvious: Slow down. Don’t drive your new auto like some Nascar speed demon! Tickets and moving infractions will definitely increase the rates for your new auto insurance. You can also try driving less, because insurance companies consider it to be less of a risk when people drive fewer miles with their new auto. Plus, this may increase your resale value down the road, when it is time to buy another new auto.

Insurance rates on a new auto, or an old one, are greatly affected by where you live. If the rates truly bother you, consider moving to some less populated area with a low crime rate. Buy an alarm for your new auto, and be sure to keep it in a garage when you sleep at night.

Is that it?

Well, there’s no guarantee that the insurance rates on your new auto will ever be great, but you can also try improving your credit score. Auto insurance companies see a correlation between credit score and driving habits, so they tend to give better rates to people with better credit. But in the end, insurance for your new auto will be significantly higher than the liability coverage you had when you were driving that “beater” that got you through college. Hey, that’s just part of the price you pay for driving a new auto . There are definitely ways to improve those rates, but you’ll need to get used to the fact that the good old days of “liability only” coverage are behind you.

Having the Right Amount of Auto Insurance Coverage

Maybe you have auto insurance coverage now but do you ever wonder if it’s enough if you are unfortunate enough to get into a car accident? Some people carry a combination of car insurance coverages because carrying too little coverage can cause you to be paying for the rest of your life under certain circumstances. Of course everyone has to have basic liability coverage, which is usually worth up to $50,000.00 for any single personal injury.

This goes as high as $100,000.00 for everyone involved and even though it might seem like a lot, this is not a lot of money given a nasty accident where medical bills, lost wages, and compensation for pain and suffering is involved.

With auto insurance the more coverage you purchase the cheaper it gets. This means that your cost goes up a little on your car insurance coverage while your protection goes up proportionately more. This will pay off big time in the case of an car accident and insurance settlement. It is the safety umbrella that you will need to avoid worry and stress from a stressful situation to begin with.

There are accidents that are serious enough to cost as high as a million dollars or more in a settlement, depending on the circumstances. Depending on your auto accident and insurance settlement, without the proper auto insurance coverage you could end up in a situation where you will be paying out money for the rest of your life.

If you can’t afford to get the full package on car insurance coverage, it is better to take out $300,000.00 to $500,000.00 in personal injury liability and go a little less on property damage. Insurance coverage for property damage from an accident won’t be as expensive as personal injury can be. So when you’re purchasing coverage for your auto, keep in mind the extra money you pay now could pay off big time in the future.

Another car insurance coverage that you will find extremely important is uninsured and under insured policies. This type of coverage will protect you from those that are driving illegally without auto accident and insurance settlement insurance. This is extremely important if an insurance settlement is paid out.

It is like buying more protection for yourself, as the other driver that hits you without coverage will have nothing to help you over your accident. Even though it may seem as if you are paying for the mistakes of another, it is worth it in the end.

Make sure you get enough auto insurance coverage, don’t skimp.