5 Things You Don't Know About Car Insurance – Yahoo! News

Many car insurance policies offer coverage that you may not know about. There are also things that are not covered by standard insurance policies. It is important that you understand what your rights are before you are involved in an accident and need to file a claim. The following five facts are not widely known by most individuals who purchase auto insurance.

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1. Your Car is Covered, but Your Belongings Are Not

Did you know that all the personal possessions you carry in your vehicle are not covered under your car insurance policy? That's right, even the most comprehensive car insurance policy will not reimburse you for items that are stolen or damaged while in your car. You will be compensated for any damage that is done to your vehicle, but your possessions are not considered part of the vehicle's value. The best idea is to refrain from carrying extremely valuable items with you when you are driving.

However, if you are like most people in today's age, your cell phone, laptop, and GPS unit are considered essentials. The trauma of losing these items is bad enough. In today's economy, chances are the average person does not have the money on hand to run out and purchase new ones. Therefore, it is important to make sure you have your items insured. In order to insure the items you carry with you, it is necessary to purchase a rider on your home insurance policy. Always keep receipts and make sure you have photos or video of your items to prove their condition before they were damaged or stolen.

2. You May be Eligible for a Diminished Value Claim

When you purchase a vehicle today, it has become standard to receive a car history report. That's great for the buyer, but not so great for the seller if your vehicle was in an accident and you never received compensation for the diminished value of your vehicle. When you go to trade your vehicle in you will not receive as much for it. Even if your car was repaired by a good quality auto body shop, the resale value will be reduced simply because it was in a collision. Most buyers will not purchase a vehicle that has been in an accident unless they receive a discounted price. Your insurance company must reimburse you for your damages. They will not automatically send you a check for your diminished value. You must file this claim in addition to your regular claim and prove your vehicle has received a loss in value due to the accident.

This is a lot easier to do on a newer car but not impossible to do on an older car. Diminished value claims are generally offered to the person who received damage from the insurance company of the person who is found at fault in the accident. Insurance companies rarely offer diminished value payments when they are reimbursing the primary driver insured on the policy.

3. Coverage for Your Pet's Injuries

Everyone understands that their car insurance covers medical bills for the driver and passengers involved in a car accident. If you are driving with a pet in the car, you should check with your insurance company about whether or not your pet's injuries are covered, too. Some insurance companies will pay up to $1,000 for veterinarian bills for you injured pet or the pet of a family member that lives with you. The coverage is not available in all states or through all insurance companies so make sure to perform a thorough auto insurance comparison up front if you have family pets. If you travel with your pets often, it is a good idea to find out if your policy will provide reimbursement for an animal's injuries.

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4. Save Money by Paying a Lump Sum

Most insurance companies offer discounts to customers who are willing to pay for their policies in one or two lump sums over a year. Spreading your payments out month to month may seem less expensive than spending hundreds of dollars once a year, but the policy price is generally higher when it is spread out over twelve months. Even paying for your policy every six months is less expensive than paying for it every single month. Talk to your agent about the fees that are attached with a monthly payment so that you will be aware of the savings involved in paying annually or semi-annually.

5. Taxes and Fees Covered by Your Car Insurance

The tax and registration fees on your vehicle may be covered by your insurance company if your vehicle is declared a total loss. In some states, the car insurance company must pay for the taxes and fees up front and in other states, the insurance company provides reimbursement after the settlement. Some states only require the insurance company to reimburse you for the tax and registration if a new vehicle is purchased within a specific amount of time after an accident. If you are being reimbursed by the other party's insurance company, they might not be required to pay you for the cost of tax and registration.

The bottom line is that you should read your car insurance policy thoroughly so that you are aware of the things that are covered and the things that are not. Many minor details can make a huge difference when you need to file a claim after a collision. For example, if you loan your car to a friend and he or she is involved in an accident, your car insurance will pay for the damages regardless of your friend's insurance situation. Little things like that can increase your insurance costs, which means you should be aware of them when you purchase a new policy.

Chad Fisher spends his time building and promoting websites for people to learn more about low-income housing and has developed a free site for consumers to access car insurance quotes from providers in their state.

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When you have decided to have a car purchased for your teenage boy, you start thinking of the best options delivered by a car insurance policy that has to cover many aspects involved in a drivers’ life. You definitely need for your teenage boy to be safe whenever he is behind the wheels, and in this respect you consider buying a car insurance is another thing that can get him covered in any situation he might come across while driving.

First you begin browsing for various vehicle insurance companies, but facing so many profiles, one more confusing than the other you suddenly start to be at a loss not knowing what is the best to choose, being at the same time the cheap one. Maybe you didn’t know, or simply because you have got your car as a gift already having the insurance paid for, but either way, you have to consider that plenty of factors play an important role in the amount of money you have to pay for your teenage boy car insurance policy.

Some of the factors involved are the type of the car, how well your teenage boy drives the car and also the whereabouts of his residence. Although some the factors do not depend at all on your ability to have them changed, there are however some that you will be able to interfere with in order to allow your teenage boy to have a cheap car insurance deal.

First thing to be done is for you to increase the deductible amount that is the sum of money you have to guarantee the insurance company with. This amount will be paid prior to the insurance rate. The higher this deposit is, the cheaper will be the rate for your teenager car insurance policy. The next thing that you can do is to inquire for potential discounts.

Supposing that you have concluded other insurance policies within the frames of the same company, then you are more than likely to be presented with a discount and as such obtaining a low rate for your boy’s car insurance policy. Other companies offer discounts for teenager who attend college courses, therefore these details could be discusses with the insurance agent who can present further your boy’s status.

At the same time you have to take into account that the education your teenage boy receives while being taught about the ethical values involved in car driving, can also help in making him a responsible driver, hence more cautious and less prone to make accidents or take traffic tickets. All these aspects described above can determine the status of your teenage boy car insurance allowing him to get cheaper deals while concluding the terms of such an insurance policy.

You are looking cheap car insurance for students or teenagers? Visit insurance9.net customer resource that offer information and free car insurance quotes.

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By Adrianna Noton

Can you remember what people used to do for budget car insurance quotes before the internet? Probably not, because they didn’t do anything except settle with what the local agent offered and forked over the cash to pay the bill each month. Auto insurance companies back then were cleaning house and we were paying for their huge success stories in the process because we didn’t have any other option. All of that changes with the age of technology.

Now, by making good use of your internet connection, you can easily locate the best insurance quotes available no matter where the company is located. You are sure of your decisions because these quotes can be compared to each other in only a matter of a few minutes and you have all the information you need right on the screen in front of you. This not only saves you a lot of money but it also saves a lot of time you can spend doing something else.

While you are in the process of looking for the right car insurance there are a few key things you need to be looking for. While they are usually pretty obvious to most consumers they are still important enough to review yet again.

The first being not just the price, but also the service and coverage you will receive for that price. Cheap insurance isn’t much good if the coverage and the service you receive are almost non existent.

You should also look for a company that appears to be strong enough financial to be here in the coming years. You don’t want something to happen to your vehicle now and still be fighting in court 5 years later trying to recover money that is due to you from a bankrupt and now non existent company.

Another important thing you will want to look for is a company that allows you to make changes to your policy very quickly using there website. Otherwise you would have to call and go through a drawn out process each and every time you wanted to make even the smallest of changes. A company that likes to conduct business online is a very good thing these days!

Above all, the best budget car insurance quote will always be the one that fits nicely in to your existing budget as well as provide you with everything you need your policy to include. If you want your deductible to be low, it should be easy to get it from the company you choice. If you need to make payments ever month instead of every six months, it should offer that option too.

There are hundreds of auto insurance companies offering a wide variety of services and bonuses. Make sure you do an adequate amount of comparison shopping before you ever think about making a purchase and a commitment. You should be aware of exactly what you are paying for at all times so that you can take full advantage of the coverage and services that are being offered to you.

About the Author: Auto insurance is a worthy investment for drivers. As it offers protection, it also offers a peace of mind. Spending time to find the best car insurance quotes is essential because it could result in immense savings.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=445276&ca=Finances

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Saving money is always a smart move and sometimes a necessary choice, especially with the current uncertainty that surrounds us in the world today.  While considering ways to cut costs, do not discount the amount that can be saved on your Car Insurance rates. With a little extended effort shopping for the best rates, one can save a surprising amount on their car insurance. And remember, if you don’t ask about a certain type of discount, the insurer is not likely to volunteer the information!  It literally PAYS to be informed, before you get a quick car insurance quote.

Do Your Due Diligence

We expend three to four times more effort trying to decide which car we will buy than which car insurance we will purchase.  While both deserve adequate research, equal time should be invested in choosing your  Car Insurance.  By giving due diligence to finding the right company for your needs, you could save hundreds of dollars a year, and maybe hundreds per month. As your needs change so should your car insurance coverage. By comparison shopping you will get a good idea of what insurance company can meet your current needs at the most reasonable rate.

Do a Policy Review With Your Current Company

As one ages and their children grow up, their needs change in every aspect of their life, including insurance. By meeting with your insurance agent and analyzing your current plan, you will be able to discover areas that may need updated and in turn can save you money. Maybe you are at a point in life where you can swing a $1,000.00 deductible, in place of the $500.00 one. This alone will lower your  Car Insurance rate. In addition, maybe your children are now teenage drivers and are maintaining good grades in school; this is cause for a discount. If you have a good driving record or have attended driving classes these may help you qualify for lower insurance rates. The time spent with your agent can assist you in finding items like these and more.

Review and Correct Your Credit Report

Many people may not be fully aware of how much their credit ratings affect their insurance costs. When applying for car insurance, your credit report plays an important role. Because of this, if you have any concerns about your report, notify the three leading credit bureaus; Experian, Trans Union and Equifax to request a copy of your free yearly credit report. In this way, you are able to review and correct any errors or have outdated information removed. This will provide you with a ‘cleaner’ report allowing you to qualify for better/ lower insurance rates.

Consider Your Deductible Amount – Could You Raise the Amount?

By adjusting the amount of your insurance deductible, you can decrease your rates by up to 40%.  The lower your deductible, the higher premium you will pay. By increasing your deductible, for example, from $250 to $500 you can see a considerable change in your Car Insurance rate. Make sure that you do not violate any rules with your lender or bank note, if your car is currently financed.  But usually, you can raise the deductible up to $500 or $1,000 without a problem. Lease cars may present different rules, so check your contract paperwork.

The Type of Vehicle You Drive Can Increase (or decrease) Your Rates

There are models and makes of cars that are more predisposed to theft and damage, which means they can cost more to insure. Exploring these concerns might help to prevent purchasing a vehicle that will be more expensive to insure. Check out sites such as Edmunds, KelleyBlueBook and Money.com for current lists of ‘most expensive’ and ‘least expensive’ vehicles to insure.

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