Shopping for a New Auto Insurance Company, New Auto Policy Review
So it’s come to that time to shop for a new auto insurance policy. How long has it been? It may be time to re-determine the amount of coverage you will need. We also provide an easy way for shoppers to compare quotes for auto insurance.
Provided below are a few important factors you may like to review prior to comparing quotes for a new auto policy.
First we’ll take a look at the vehicle or vehicles. If you’re driving an older vehicle you may want to purchase liability insurance only since the car’s value isn’t enough to justify full comprehensive and collision coverage. However if you’re vehicle still has a lein holder, the lending institutions will require comprehensive and collision coverage be added to your policy. Below I provided a review on how your liability, collision and comprehensive coverage works.
Before we go any further let’s understand the liability portion of your car insurance policy. Basically liability will pay for any damage or injuries you cause to another motorist if you are negligent in an auto accident. By law you are required to have liability coverage before you travel on public roads. Each state has its own set limits as far as how much liability coverage you must have. Within the state of Arizona, the liability coverage requirement is set at 15/30/10 limits. Each of these numbers represents thousands, 15,000 – $30,000 – $10,000. The first $15,000 represents bodily injury limit per one person’s injuries. The $30,000 represents total bodily injury coverage per occurrence. The last number, the $10,000 and one of the represents coverage for property damage you may cause to another vehicle. In order to protect assets you may hold its place to go with higher liability coverage in case something does happen. When you want your insurance to pay for the full amount of the claim against you. If you have these limits and mentioned above and you’re an auto accident causing $50,000 of bodily injuries and a property loss of $20,000, the other driver may hire a lawyer to begin researching what you own if you cannot pay the remaining amount of the claim that your insurance company did not pay. To avoid this most people purchase a little bit more coverage and it’s only a few extra dollars a month to do so.
Comprehensive and Collision Coverage Review:
This coverage is a required by the state of may be required by the lending institution. If you don’t currently have a low now for your vehicle then this coverage is a required by anyone but maybe a coverage that you feel more comfortable having on your policy.
Comprehensive coverage basically pays for any damage to your vehicle that is caused by anything other than an auto collision. Anything from bad weather to vandalism, comprehensive coverage they pay for these types of loss. Prior to comprehensive coverage paying for any loss you must first satisfy a deductible. The deductible is this set amount you must pay before the insurance company will pay on any claims you make. The higher deductible you choose for your policy the lower your premium will be almost none too easy to pay for a $1000 deductible if you come to find your vehicle vandalized to tommorow morning. I’ve found that some lending institutions require your deductible to be no higher than $500.
Collision coverage pays for damages to your vehicle caused by an auto accident. Now if the auto accident is the fault of the other motorists, that person’s liability coverage should pay for your vehicle’s damage. This isn’t always the case. If you’re at-fault in auto accident with another vehicle or even a pole you will need to satisfy your collision deductible are the insurance company to satisfy your claim.
Once you know the amount of coverage you need, now it’s time to shop. We can help you with this also. Low-insurance.org is quickly becoming the recommended online resource for comparison shopping and insurance savings. You may begin comparing auto insurance quotes by beginning a quote.