Things to Consider when Taking Car Insurance

Auto Insurance

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Accidents are bound to happen anytime and anywhere, in which case you may find it difficult to cover the damage caused to your vehicle or injuries incurred by the people involved. This is where car insurance comes in, to cover you the overwhelming cost resulting from such a misfortune. Car insurance is not only a legal requirement; it helps on your side too.

Having car insurance is a legal requirement and with the right level of cover, provides financial protection in the event of your vehicle being damaged. It will also provide cover for injuries to other drivers, passengers or pedestrians, and their property.

Accidents happen, so it’s reassuring to know that you’re covered financially if you’re involved in one.

The good news is that premiums are falling, reflecting the commitment of insurers to pass on the savings from reforms in the civil litigation system in 2013. For example, by legislating to protect insurers from fraudulent whiplash claims and claimant lawyers’ excessive costs, insurers are now able to be more competitive with their prices.

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Having your car insured is costly, but you can always beat the cost and save yourself the extra expense. This can be easy if you start by evaluating the level of insurance costs out there even before buying your car. You can also get more than one quote before you commit or you can go high on deductibles.

If you’re shopping for car insurance, you know there are certain crucial factors influencing your rate that are out of your hands. Such factors include your age, gender and record of prior claims.

Despite this, there’s a lot you can do to score a lower rate, and your choices bear more power than you might think. Here are 10 tips guaranteed to help you get the best rate possible on your auto insurance.

Get more than one rate quote before you commit.

“Company prices are very different, and it pays to shop around. You can easily wind up paying double from one company to the next,” says J. Robert Hunter, director of insurance with the Consumer Federation of America, a national watchdog group.

Evaluate insurance costs before you buy your vehicle. The year, make and model of your vehicle can have a profound impact on your insurance rate. All else being equal, new, expensive or sporty cars will cost more to insure than older, cheaper and more utilitarian vehicles. But you could find a substantial discrepancy even when comparing the cost to insure similar cars.

Go high on deductibles. If you’re willing to give a little with your deductible, you can wind up saving big on your rates. “If you go from a $250 to a $1,000 deductible, you can save between 25 and 40 percent on your policy,” says Hunter. You can then set aside a portion of these funds to cover your costs in

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Shopping for car insurance may not be as pleasing, but sometimes the benefits you can get from spotting and going for the best cover are with the efforts. Auto insurance can be good for you if you want to get over with it easy. Comparison shopping can work well here, to help you get exactly what you need.

When it comes to auto insurance, you want to be adequately covered if you get in an accident, but you don’t want to pay more than you have to. Unfortunately many people are doing just that, simply because they don’t want to spend time shopping for car insurance. It’s not inherently enjoyable, after all, despite how it looks in commercials featuring disgruntled cavemen and joke-cracking spokespeople.

But by doing some comparison shopping, you could save hundreds of dollars a year. When one of our editors used a rate-comparison service, he got basic coverage quotes for his two old cars that ranged from $1,006 to $1,807 — a difference of $801 a year. If you’re paying thousands to your current insurance company because you have a couple tickets, an accident or an out-of-date and unfavorable credit rating, shopping your policy against others might be well worth the effort. Look at it this way: You can convert the money you save into buying something you’ve wanted or needed for a long time.

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