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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Top tips for shopping for car insurance
Shopping for car insurance isn’t easy. It’s easy to get confused about how to shop for it, what to look for, and the types of coverage you need. However, it’s very important to shop smartly and effectively for the best car insurance for you, so you can make an informed decision. Here, we’ll offer some of the best tips for shopping for car insurance.
Know the impact of a ticket
This is very important. Many insurance companies will increase your premiums if you are caught with a moving violation, but not with a parking ticket. In a similar way, not all parking tickets are the same. Depending on the type, you may or may not be subject to a raise in your premiums. This varies by company, so it’s always a good idea to know what your insurance company does.
Your personal belongings are not covered
Let’s say someone breaks into your car. They steal your wallet, your cell phone, and your iPad. You can’t claim the replacement cost of those stolen items under your car insurance. Although the specific coverage details will vary by company and by policy, it is very rare that the contents of the vehicle will be covered under your vehicle insurance. Car insurance is mainly for the purposes of covering damage to the car itself and medical bills resulting from accidents. Coverage for the contents of your car falls under the jurisdiction of your homeowner’s or renter’s insurance.
No-fault insurance isn’t a straightforward matter
Contrary to its name, no-fault insurance doesn’t actually mean that no one is at fault in the event of an accident. Instead, it means that regardless of who is at fault in an accident, the insurance company will pay the claims for the policy holders. The party who is at fault for the accident will likely see an increase in his rates.
The borrower doesn’t pay the increased insurance
If you borrow a friend’s car and you are in an accident, it is not you who will see an increase in your insurance rates, it is the owner of the car. It is the car that is insured, not the driver. It is what happens to the car, not who is driving it, that determines whether insurance rates will go up.
There is a legal minimum amount of insurance that every driver must carry
This varies by jurisdiction, but there will almost always be a legal minimum of insurance that every driver must carry. It’s also important to be aware of the limitations of carrying only the minimum amount of insurance coverage, which typically isn’t enough to avoid having to pay out of pocket in the case of an accident.
These tips should help you to better understand the world of car insurance. Before you sign on the dotted line with any insurance carrier, however, it’s important to get a car insurance quote from each company you are considering so you can compare one to the other.
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