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AUTO INSURANCE
Understanding auto insurance is not an easy task. Most people know very little about it, only learning after they were in accident and had to file a claim. Below are some tips that will help educate about auto insurance, allowing you to get the best coverage for your needs, without spending too much money. You will also learn what to do in case you get into an auto accident.

Buy the right amount of auto insurance liability coverage!
Most people are overly concerned about having a low deductible. You should however, be more careful about having a liability coverage that protects you. If you get into an accident, and have a $1000 deductible, it is not the end of the world. However, if you are at fault in an accident, and hurt some very badly, and you don't have a large amount of liability coverage, you are in big trouble. The injured parties insurance company will sue your insurance company for your entire liability coverage. They will then go after your personal assists to cover any additional costs.

The bottom line is, talk to your insurance agent to determine what the right amount of liability coverage is for you.

Buy the right kind of liability!
Make sure that if you buy a $400,000 liability coverage that this amount can be used for one person or two or as many as are involved. Some plans will only offer a certain amount to each person that is hurt. For example, a $400,000 plan may only payout $125,000 per person. So, if you are faced with a $300,000 lawsuit from one person, you are personally responsible for $275,000 of the suit.

Buy an umbrella policy!
An umbrella policy will protect your home from lawsuit. This type of insurance usually only costs about $100 - $300/year and will provide you with $1 million in coverage in case you cause some serious damage in an accident.

Consider buying GAP insurance!
If you are buying a new car, not having 'gap' insurance can cost you a great deal of money if your car in an accident.

Find the right auto insurance agent!
You need to be comfortable with the individual that is handling your policy. You are trusting that they will offer you good advice, and get you the right coverage, at an affordable place. A good way of finding a good agent is to ask around.

Maintain a good credit history!
Most people do not know that auto insurance companies will look at your credit score when determining whether or not to grant you coverage, and if so, how much. Learn how to improve your credit score.

**Don't know what your credit score is? Find out by getting a copy of your credit report!

**Learn who else will look at your credit report and why.

Compare plans!
You want to make sure that you are getting the best price for your auto insurance coverage. Not doing your homework can result in your paying much more for the same plan that could have been purchased cheaper elsewhere.

First contact your state insurance department or a comprehensive insurance pricing guideline. Once you have grasped what you can expect to pay, call some different agents. Each agent should be able to give you exact numbers of what different plans cost.

Compare service!
Before deciding on what auto insurance company you are going to go with, you should visit your local auto body shops to find out how fast your company settles claims. Some companies take much longer than others. Also, some companies may also give a hard time about making the payment. In addition to asking the body shop, ask friends and family that have coverage by the same carrier.

Know the claims process!
Before you buy a policy, find out if you are obligated to use a specific auto body shop in your area when repairs are being made and/or if you will be required to use 'after' market parts for your car.

Find out about "diminished value"!
Diminished value is defined as the value of your car after an accident. Before purchasing a policy, find out if the carrier will pay you the difference from the diminished value and what your car was valued at before you got into an accident.

Are discounts offered?
Auto insurance companies offer all sorts of discounts for different scenarios. For example, you may be entitled to a discount if you have not gotten into any accident in 'x' amount of years. You may also be entitled to a discount if you keep your car stored in a garage. The best thing to do would be to compare all offered discounts by the different companies you are considering and determine which one has the most that apply to you.

We also feature a section that will teach you guide you on saving money on auto insurance.


 

 

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