Choosing a good auto insurance policy will give you peace of mind. Here are some easy tips for you to follow when choosing your next auto insurance policy.
The right coverage
Check your state laws and lender’s requirements to ensure that you have the right mix of coverage options for your vehicle. Liability is often mandatory, but depending on your lender’s requirements, you may need comprehensive, collision and gap insurance as well.
Compare online
Several tools are available that allow you to compare different plans side by side. Spend a little time ensuring you’re choosing the best coverage.
Discounts
Explore the insurer’s website to check what discounts you’re eligible for. You may be surprised at the amount you can save when you combine certain things like a good driving record, good student grades, limited miles, defensive driving courses, military history, etc.
Value
Do your math to understand your car’s value, especially when you’re renewing your policy. As your car gets older, its value depreciates, and that means you can save on your premiums. Additionally, you may even be able to drop comprehensive coverage if your car’s value isn’t ten times the annual premium amount.
Deductibles
An easy rule to remember is that the higher you keep your deductible, the more you save on your premium. But remember to keep the deductible amount aside in case you need it. For instance, if you raise your deductible to $1000, and you could save up to 40% on your premium.
Associations
Certain automobile associations make their members eligible for insurance discounts. Check their websites or speak to them. It may be worth your while.
Add-ons
Consider if you need additional coverage like uninsured/underinsured driver insurance as there are a lot of drivers out there without the right coverage. They put you at risk with their negligence.
Insurers
Look up the insurance company’s financial stability and history with customers and claims before buying their policy. You want to ensure that they’ll be able to pay out in case you ever file a claim.
Renewals
Ensure that you can renew your plan online instantly. You don’t want any renewal hassles or lost cheque issues.
