You may not think too much about your car insurance until you wind up in an accident.
Paying your bills each month may remind you how expensive insuring your car can be, but in the event of an accident, you want to know you’re covered so you don’t have to pay out of pocket. Car insurance options can be daunting, but be sure to do your due diligence and research, and you’ll know everything you need to know.
Investigate the Possibilities
Car insurance companies compete for your business online, on TV and in print. It’s up to you to sift through the many possibilities and narrow down your choices. There are many things to keep in mind in your search. Don’t just glance at the total price and move on because you can’t afford it. Look at the big picture, and avoid choosing a company based on their dirt cheap prices — the lowest price in the world won’t save you from frustration if the company takes way too long to process your claim. In your research, make sure to look into the insurer’s claims service record along with its financial stability and reputation in the business. The Better Business Bureau is a great place to start when you’re considering insurance companies.
Dig Deeper
Even though your state may require only a set minimum when it comes to car insurance liability, look beyond those bare minimums and find coverage that best suits your needs, even if it costs a little more. When you need to get car parts replaced, find out what your car insurance is willing to cover. Often, they slash their costs by covering only parts that are not made by the original equipment manufacturer, which may be cheap in price as well as quality. You can ask that your car be fitted with OEM equipment so that you can get the highest quality parts.
Protect Yourself
If your auto insurance is maxed out and you want to protect your other assets, you can purchase an umbrella policy that kicks in if you need it. You may want to spring for the $2 million coverage so you’re not a target for scams and lawsuits. This is especially wise if you have teenagers that drive your car. Keep more money in your savings account by researching the best deals and discounts. Look into good driving discounts, which are pretty easy to obtain if you have a perfect or near-perfect record. There are even more discounts out there that you can earn through an online driver’s education course focusing on defensive driving, a workplace discount program, or a student driver discount.
Knowing the ins and outs of car insurance is easy when you arm yourself with facts from your insurer. Keep on your toes about new laws, regulations, discounts and credits, and you’ll get the peace of mind you need to navigate the world of car insurance.
This article was written by Jared Miret. Jared loves to share is knowledge of driving, fixing and even insuring cars. You can find out more about insurance at murphyinsgrp.com.
