Lifestyle

Things Your Car Insurance Company Won’t Tell You   

3 Mins read

Your auto insurance premium can be rather cheap and also rather pricey, all based on many different factors. There are a few things that automobile insurance companies would rather you not know about. As the saying goes, knowledge is power, and the more you understand how insurance works, the greater chance you have of lowering your premiums and saving money. Let’s go over a few of the most common things insurers don’t want you to know.

Is Automobile Insurance Coverage Tied to the Vehicle or the Driver?

Technically, car insurance coverage is tied to the vehicle, whatever it is, a car, SUV, van, or truck. Most think if you let someone else drive your car, your insurance might kick in if there is an accident. This is not always the case and depends on your policy. If you add a driver onto your policy, like a spouse or teen, then the driver might be covered. However, if you have a simple liability only policy, you might not get covered if someone drives your vehicle and gets into a wreck.

If You Bought Your Car via a Loan, Is Your Insurance Going to Cost More? 

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You may pay more to cover your vehicle if you do not own your car outright. If you own your automobile, then you’re just required by law to carry liability on it. Liability is the part of your insurance policy that begins to cover damage triggered to other individuals’ vehicles or property in a wreck you’re at fault in. According to YoungAmericaInsurance.net, liability coverage can be as cheap as $1 dollar a day if a driver has a good driving record and a safe car.

If your vehicle is financed, then you will surely be required to pay for collision and comprehensive coverage. This can cost you several hundred more per year but provides broader protection.

Can You Check Your Insurance Report?

Your insurer shares details with two min databases. This includes the Comprehensive Loss Underwriting Exchange or (IDEA) and the Automated Home Loss Underwriting System (A-PLUS). Both databases are professionally managed by two outside companies. LexisNexis runs HINT and Verisk Analytics runs A-PLUS. When you file a claim, it can stay on your report for 5 to 7 years. Yes, you can check these reports once a year.

How Can You Lower Your Vehicle Insurance Expenses?

car insurance

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No matter your place of residence, gender, or age, you can more than likely decrease your car insurance premiums using some simple strategies. Here are some ideas that your insurer doesn’t want you to know about.

Drive Safely. Insurers love safe drivers. Driving safely assists you by avoiding rate-raising events, like a wreck. Lots of businesses also provide good driver bonuses when you haven’t had a crash or filed any claims for a particular amount of time.

Pay your bills on time. Paying your premiums on time goes a long way towards improving your credit rating, which can improve your rate depending on where you live. Paying your bill on time also shows credibility to your insurer, which suggests you may have the ability to get a lower rate going forward.

Ask for discounts. When it concerns your insurance coverage and rates, it does not pay to be shy. Ask your insurance provider about discounts, consisting of multi-car or multi-driver discounts, or safe driver discounts. Because you’re a great student or you follow all the traffic laws, you may be able to score a big break off your premium. Savings could amount to hundreds per year.

Check your credit report. Know what’s on your credit report and what you can do to drive up your rating. Once you’ve enhanced your rating, ask for car insurance under 50 a month. The better your credit is, the less you will pay for coverage. Try to get your score above 700 to really lower your auto insurance rates.

Think about getting a greater deductible. Look carefully at your plan and consider whether you can alter anything in your policy. If you can pay for a $1,000 or even $2,000 if it’s offered, you can save 25% or more. That can really add up to serious savings. This is something you can control and take advantage of. Just make sure you have the deductible amount save; in the unfortunate case, you get into a wreck.

Compare multiple online insurance quotes. The internet makes shopping auto insurance rates almost effortless. You can use your smartphone to comparison shop rates from all the national as well as regional providers. The insurance coverage market is highly competitive, and you might discover a better rate with an online business that sells policies directly. Just make sure you compare 10 or more quotes.

With these tips, you now have the knowledge to save more on auto insurance today.

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