No matter how hard we work to control every aspect of our lives, in the end, it’s all left to chance. Accidents, illness and death are the not-so-subtle reminders that nothing is permanent. Life’s jarring moments force us to re-examine our choices. Looking at what we have and what we have built, it’s hard to imagine having it all disappear.
Not knowing what can happen in the distant (or not-so-distant) future is unsettling, but at the least we can protect our investments. A good place to start is with auto insurance coverage. In the aftermath of a car crash, it’s hard to know which way is up. Using our auto insurance comparison tool you will find an insurance package that doesn’t just serve you, but protects you.
Know Your Auto Insurance Coverage Needs
Don’t make a decision on the fly when it comes to your auto insurance coverage. When those low numbers pop up on your computer screen, it’ll be hard not to pick the low-hanging fruit. You will find that the low-costing insurance packages provide very basic, minimum coverage. Let’s say that you have decided to invest in an auto liability plan. If you’re hit by another driver on the road and they don’t have any car insurance, you’re going to have to pay your own way for property and bodily injury damages to your vehicle and person. Liability insurance doesn’t cover you or your vehicle. In this situation, paying for the less expensive insurance plan has backfired.
Comparison tools are only as helpful to you as you are to them. Be honest about your driving record, your credit history and your current coverage plan. Filling in the comparison tool guide accurately will generate a list of cost-effective auto insurance policies that meet your standards.
Out of Pocket Expenses: Your Deductible
Your deductible is the amount of money you are required to pay out of pocket before your insurance carrier will pay for the damages and medical expenses after an auto accident. The higher the deductible you pay, the lower your monthly premium. If you are labeled as “high-risk” by your insurance agency (this happens if you have a spotty driving record or poor credit score), your monthly premium will be higher than average. However, if you raise your deductible, your premium will lower. To get a better idea if raising your deductible would be the more financially responsible way to go, make a budget of your monthly expenses. If you can afford a $600 higher payment at any time during the month, you should raise your deductible. Raising your deductible will save you money over time as long as you’re diligent in actually saving the extra money off your premium bill.
Payment Options: Insurance Edition
For some motorists paying a lump sum at the beginning of the year for their auto insurance is more financially responsible than making monthly payments, while for others the opposite is true. Insurance agencies offer annual payment, quarterly payment and monthly payment installments. Before deciding on your installment plan, How Stuff Works suggests that you ask your insurer about any hidden charges that come with the different installment options. Some companies will charge a small fee for a monthly payment plan where others might offer discounts.
At CoverHound, we want you to provide you with an auto insurance package that will knock your socks off. Check us out for your complimentary insurance consultation today!
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