Dealing with car insurance can be confusing, so below are eight steps to help you figure out the more complicated points of car insurance...
1) - Determine the Appropriate coverage: Help control the price you pay. American Insurance Association executive Dave Snyder comments that half of a driver's car insurance bill covers liability and: "that has to do with how you are going to use the vehicle, such as commuting to work and your driving record." Snyder furthered his comment by stating: "If you've got a clean driving record, you figure to pay less for insurance then you would if you had a speeding ticket on record. You can control the other half of your premium which covers damage or loss to your vehicle, comprehensive and collision coverage."
2) - Do your Research: Nicole Mahrt from AIA urges people to shop around, and find the best deal on car insurance: "It pays you to shop around, especially if you feel you've been paying too much." Therefore, work with your insurance provider, and get more than one quote.
3) - Search for insurance discounts: John Marchioni from Personal Lines for Selective Insurance suggests that people should ask for discounts: "Many insurers will give you a discount if you buy two or more types of insurance." Therefore, ask about discounts on anti-lock brakes and anti-theft devices.
4) - Check with your Insurance Provider, before buying a car: Marchioni states that: "Your premium is based in part on the car's sticker price, the cost to repair it, its safety record and the likelihood of theft." Avoid choosing a car purely on price. It is important to have an insurer who will answer your questions and handle claims appropriately.
5) - Consider taking a higher deductible: Mahrt comments: "You could lower your insurance bill by increasing your deductible." However, it is vital that you can pay the higher deductible if you file a claim.
6) - Look into 'stacking' coverage's if you file an insurance claim: Stacking uninsured / underinsured motorist coverage means that you can collect from one or more of your car insurance policies. However, many states in America forbid this, but there are about 19 states that allow this. Therefore, check the contract to see if it is allowed. However, Daniel Kummer from Property Casualty Insurers Association of America states: "You'll likely to pay higher insurance premium if you have stacked coverage." This could reach up to 30% more.
7) - Notify your insurer as soon as you change companies: Be sure to tell your company that you are leaving. However, always have you're new contract lined up before you leave your old one, as you could get fined for not having insurance.
8) - Pick the Insurance payment option that best suits your budget: Kummer says: "Generally, most companies will give you the ability to pay over time, but that comes at a price." This is because the payment could increase with each installment that you pay. The more you break down the payment, the more the overall cost will add up.
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