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Automobile insurance is a necessity for all drivers. The primary purpose of automobile insurance is to provide financial protection to the driver against any property damage or bodily injuries that may occur as a result of a traffic collision.
Specific terms and conditions may vary with legal regulations in each state or region.
Purchasing car insurance can prove to be a very frustrating and time-consuming task because of the research that is needed in order to compare the hundreds of different insurance companies to locate the best quote.
The Internet is a great medium to use in order to locate and compare insurance companies. Compare car insurance rates now for FREE by entering your ZIP code into our auto insurance comparison tool!
In order to make this task a little easier, one should familiarize their self with some important factors in choosing the best policy.
- The insured party (including medical bills)
- The insured vehicle (including damage from a collision or natural disaster)
- Third parties (including passenger injuries or individuals from a second vehicle that was impacted)
- Theft or Fire (including property inside the vehicle)
- Rental Vehicles
What Makes an Auto Insurance Policy?
– Bodily Injury Liability Coverage
Bodily injury coverage is mandatory by many state laws. It does not cover the insured party on the policy but others that may be injured in result of an accident with the insured parties vehicle.
This coverage is important to have in order to pay for medical bills or loss of income or pain and suffering that has resulted from a traffic accident.
It’s important to have enough coverage to cover the insured in case of a legal judgment occurs. Medical bills can add up quickly and the insured doesn’t want to be financially obligated to pay for them.
– Collision Coverage
If damage occurs to the insured’s car, collision coverage will cover the cost to repair the vehicle regardless of who is at fault for the accident.
Some car owners consider dropping this coverage when their vehicle gets older because the car may be valued less than the cost of the repair.
This is not typically a required coverage but if you lease or purchase a vehicle with a loan, the lender may require this type of coverage.
– Property-Liability Coverage
This coverage is usually mandatory in most states. This coverage covers property that is damaged by your vehicle in an accident. Typically this is the other individual’s car but in some cases, it could be a fence, house or other property.
This coverage provides the financial protection needed in case of a lawsuit.
– Comprehensive Coverage
This auto insurance coverage option covers most damage to the vehicle in a non-collision incident, but it doesn’t cover any restitution. Some may refer to it as “other than collision” insurance or “Comp”.
– Under-Insured Motorist Coverage
This type of insurance is optional but many people purchase it to cover any damage that needs to be paid for if the other motorist involved in the collision does not have enough insurance coverage on their policy to pay for damage incurred to you in a collision.
– UnInsured Motorist Coverage
Uninsured motorist coverage protects the insured from those individuals who are irresponsible enough to not have any coverage. This protects the insured from the financial burden of medical or repair expenses that may result in an accident with an uninsured driver.
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Once you have decided what types of auto insurance you need, it will be easier for you to compare companies and what they have to offer within their policies.
There are hundreds of automobile insurance companies including Progressive, Geico, Allstate, and State Farm, The General, and Traveler’s insurance company.
It’s easiest to compare several companies at one website so the information needed to receive a quote only needs to be entered once.
What Information is Needed to Receive an Accurate Quote:
- Driver’s License (for you and other driver’s that will be on the policy)
- Employment History including addresses
- Estimate of distance being driven on an average day
- Information regarding and previous traffic accidents or violations
When comparing auto insurance policies, it is important to know what factors determine the rate.
While some of these factors may not be something a consumer can control, there are several that the consumer can change in order to better their proper auto insurance rates.
What affects the rate?
- Age – New drivers may have a higher rate due to lack of driving experience
- Gender – Statistically women are safer drivers than men
- Marital Status – Married individuals have a lower rate than single individuals
- Where You Live–Rural areas with less traffic should yield a lower rate as opposed to urban areas
- Driving Record – If no accidents or traffic violations occur in the motorist past, the rate will likely be lower than if several speeding tickets or accidents are reported to the driver
- Type of Vehicle – Expensive automobiles incur most expensive repairs, therefore, those vehicles may cost more to insure
- Credit Score – Will you pay your bill on time
- Driving Practices – How many cars will be covered on the policy and what are they used for? How many miles will you be driving to and from work
- Deductible – The amount of money the insured pays before the insurance company will pay for any covered expenses. A higher deductible may help have the lowest insurance premium rates but the insured individual must pay this amount out of pocket before the insurance company will pay for any covered expenses on a claim
Some of these factors are subject to change so it is important to compare your current options and to have the policy reviewed regularly.
Not everyone will qualify for cheap auto insurance but at least know what factors go into selecting an automobile insurance policy and which factors the motorist has control over can assist the motorist in comparing quotes to select the best auto insurance policy.
Enter your ZIP code into our FREE car insurance comparison tool to compare quotes right now!