Buying car insurance seems deceptively simple. As long as you know the type of coverages you need, and the amount you should purchase for each type, the rest seems easy. Be careful. Your policy may include dozens of important details that may surprise you. Some provide opportunities to save money. Others will result in higher premiums. Review your policy or any potential coverage for the following important details.
#1 - Insurance Coverage Does Not Extend To Your Belongings
Suppose you are involved in a car accident, and your new, high-end digital camera is demolished. Is your camera covered under your auto insurance policy? Sadly, no. The same is true if you leave your wallet or purse in your vehicle, and it is stolen.
If you intend to leave your valuables, gadgets, or other belongings in your car, consider buying property insurance. That's the only way to protect yourself from damage or loss.
#2 - Submitting A Claim Will Raise Your Premiums
The overriding factor that determines your rates is the likelihood of your filing a claim. In order to determine this risk, auto insurers consider your age, driving history, credit, living address, and several other criteria.
It's no surprise that filing an insurance claim can significantly effect your car insurance premiums. In some instances, an insurer will ignore your first claim. You'll see that insurance rates vary significantly, so the best route to take is to acquire a significant sample of car insurance quotes.
#3 - Shifting Insurance companies Won't Eliminate Your Present Policy
One of the most common mistakes people make when switching to a new car insurance company is to assume their old contract expires with nonpayment. That is, if they refuse to pay their premiums, their previous insurer will cancel their policy. Unfortunately, it's not that simple.
Your previous insurer will indeed cancel your contract if you neglect to pay your premiums. But they consider the contract to represent an outstanding balance, similar to a balance you might carry on your credit card. If you refuse to pay, your insurer will likely report the nonpayment to the credit agencies..
#4 - A Vast Array Of Premium-Slashing Discounts
There's a good chance your policy is loaded with potential discounts that can reduce your rates. For example, many insurers will extend a discount to students who keep their grade point average above a certain level. Discounts are also available for those who maintain a clean driving record, package multiple lines (e.g. home insurance, life insurance, etc.), or put multiple cars on the same policy.Are you married to another driver? Combining two or more car insurance policies with the same insurer can produce significant discounts.
#5 - Your Rates May Rise Due To A Friend's Mistake
Many people aren't aware of the liability they assume when they share their vehicle with friends and family. If for instance, you lend your car to your sister and she hits a wall in the parking lot, your premiums will probably go up.
At the time you switch auto insurance organisations, get in touch with your old company and notify them of your plans. Tell the insuranec broker the date you want it to occur. If and when they require the written notification, ask them to send you a formalised cancellation form for signing.
Certainly, assure your new car insurance coverage goes into effect before the old policy is canceled. In any other case, you are likely to risk being uninsured.|Verify your new auto insurance protection plan switches into effect before the old insurance plan is actually terminated. If not, you'll risk a coverage gap. You will find numbers of characteristics disguised inside your auto insurance policy that can either save a little money, or set you back a whole lot. Understand the small print. You will likely unearth methods to reduce your rates while grasping how to avoid costly hassles down the road.
It really is a good idea to travel safely and give consideration to the ever changing road and climate conditions. Look at some insurance estimates if you would like to limit your auto insurance rate.
Article Source: http://EzineArticles.com/?expert=K_Phillips
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