Four Important Auto Insurance Coverage Questions
You might be considering a new car purchase. Maybe it is a used car purchase. This may bring up many auto insurance coverage questions. Here are some to think about.
1. I am just getting ready to buy a car. We already have one car. We also have a seventeen year old son. How will this affect our policy?
You will need to have your son as a part driver on one of the vehicles. If you can, choose the least expensive one. If the cheaper car does not have full coverage, you may get a cheaper rate. Check with different companies. Some may require you to place your son as driver of the most expensive vehicle. You do not have to do this. You may find much cheaper rates by switching companies
2. One of our cars is getting old. I do not believe that it is worth more than a thousand dollars. Do we need to have full coverage on my car?
If you do not owe any money on your car, you do not need full protection. One of the most expensive options is collision. This pays for damage to your car, that is the driver's fault. If the other car is at fault, their insurance will pay to fix your car. If your car is worth less than one thousand dollars, it may be best to drop the collision option. You will probably pay more than a thousand dollars in premiums over the next few years.
3. I am going to stop paying for the collision option. However, I have been told that I do not have to keep comprehensive either. Should I keep the comprehensive part of my policy?
Comprehensive is a very nice thing to have. It is not usually very expensive. It will pay for many different type of damages. If a tree or tree limb falls on your tree, it will pay. It will also pay if your car catches on fire. Should someone steal your vehicle, it will also be covered. Hail damage is also another feature or comprehensive. You do not have to keep it, but it is usually a good idea.
4. I am paying a $250 deductible. I have a friend that has a $1,000 deductible. He claims that he saves a lot of money. Is this a good idea?
High deductibles will save you money on premiums. However, should you have a claim, you have to come up with $1,000. If you have this in savings, by all means, go with the high deductible. If not, you may be better off with your $250. What you can do is, check into diminishing deductibles, Some companies will lower and even wave your deductible if you have no claims.
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