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Insurance Basics Chart Of Fees And Other Cost Factors
$500 deductible $1,000 deductible More than 1 car
Anti-Theft Devices Air Bag No Accidents in 3 Yrs
No Violations in 3 Yrs Low Annual Mileage Drivers over 50
Driver Training Course Automatic Seat Belt Anti-Lock Brakes
Auto and Homeowners Coverage with the Same Company

Types of Mandatory coverage:
Bodily injury liability. If you injure someone in a car accident, this coverage pays that person's medical and rehabilitation expenses, and any damages for which he or she may sue you. In most states, you must buy coverage of at least $15,000/$30,000 (the $15,000 pays for injuries to one person; the $30,000 is the total available per accident).
   
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Property damage liability. If you're at fault in an accident and you damage someone's property, this coverage pays to fix it. In most states, you must buy $5,000 worth of coverage. Many standard policies include a higher limit-often $25,000. (Of course, if you total a new Mercedes, you'll need more).
   
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Medical benefits. This coverage pays medical bills for you and others covered on your policy, no matter who was at fault in the accident. In most states, you must buy at least $5,000 worth of coverage. The typical driver buys $10,000.


In addition to the mandatory coverage , you may want:
 
Collision. It's all well and good to pay to fix someone else's car, but this coverage will pay to fix yours.  
  

Comprehensive. This coverage pays for theft, as well as damage to your car from "hazards," including fire, flood, vandalism or striking an animal.  
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Uninsured/underinsured motorist. If you're injured in an accident and the person who hits you doesn't have enough insurance -- or any insurance -- you'll be glad you have this coverage. It will pay for your losses and damages, including your medical bills, lost wages, and pain and suffering.

Understanding Your Auto Insurance: 4 Important Terms You Ought To Know About Your Insurance Policy

When you get an automobile insurance policy, you might be confused by all the jargon and “legal-eeze” the policy has in it. However, understanding your auto insurance policy isn’t as hard as you might think. By knowing a few simple terms, you will have a real understanding of what it is your insurance carrier covers and doesn’t cover, in the event of an accident or something more. Now, the terms you need to know are:

- Collision
- Comprehensive
- Property Injury Liability
- Bodily Injury Liability

Understanding Your Auto Insurance

Understanding Your Auto Insurance Coverage: 4 Terms That Often Confuse Folks

In understanding your auto insurance, you need to know what each term means.

1 – Collision Coverage

Collision coverage is wonderful to have should you get into an accident and need repairs or replacements for your vehicle. Now, you can choose the deductible level you’re comfortable paying for. Keep in mind that the lower the deductible, the higher the premium is going to be and vice versa. The common deductibles are:

- $250 deductible
- $500
deductible
- $1,000 deductible

This insurance is similar to medical insurance. You must pay the deductible first before the insurance company pays for the remainder of the balance for the repair.

2 – Comprehensive Coverage

Understanding your auto insurance means you also need to know what comprehensive coverage means. Comprehensive coverage covers damage that’s been caused by certain natural disasters, falling objects, vandalism, theft, etc.  Just like the deductibles in the collision coverage, the more out of pocket you can handle, the lower your insurance premium is going to be.

Besides the comprehensive and collision coverage you should have, you should also have liability coverage. Why should you have liability coverage? In understanding your auto insurance, you need to understand what liability coverage is.

You’re driving down the road and begin to slow down. However, your foot slips off the brake pedal and hits the acceleration pedal instead. The next thing you know, you run right into another vehicle. Liability coverage will pay for the damages you caused with your vehicle. The liability coverage will cover both property and injury damage.

Liability Coverage: Property Damage

Property damage on liability coverage means repairs to things you might have hit with your vehicle are fixed or replaced such as another vehicle, building, mailboxes, etc. And, liability coverage will protect you should the other party decide to sue you for the damages.

Liability Coverage: Bodily Injury Coverage

You never want to be without bodily injury coverage. If you’re in an accident that is your fault and you injure someone in the process, you are responsible for the costs of their lost wages, hospital bills, etc. However, if you don’t have bodily injury coverage, you’d be paying for this yourself. This coverage could save you tens of thousands of dollars in case someone decides to sue you. Most states demand that people have bodily injury coverage on their insurance policies.

Yes, all policies have their limits and have various degrees of coverage. However, when understanding your auto insurance, it’s important to know what you’re paying for and why it’s so important. Nobody wants to be in an accident so make sure you’re prepared for it by having the right insurance coverage.

 

Ways To Lower Your Insurance

Here are some basic ways to lower your monthly payment:
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COMPARISON SHOP
The insurer you select should offer both fair prices and excellent service. Quality personal service may cost a bit more, but provides added conveniences, so talk to a number of insurers to get a feeling for the quality of their service. Ask them what they would do to lower your costs. Check the financial ratings of the companies too. Then, when you've narrowed the field to three insurers, get price quotes.
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ASK FOR HIGHER DEDUCTIBLES
 
Deductibles represent the amount of money you pay before you make a claim. By requesting higher deductibles on collision and comprehensive (fire and theft) coverage, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision cost by 15% to 30%.
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DROP COLLISION AND/OR COMPREHENSIVE COVERAGE ON OLDER CARS
 
It may not be cost-effective to have collision or comprehensive coverage on cars worth less than $1000 because any claim you make would not substantially exceed annual cost and deductible amounts. Auto dealers and banks can tell you the worth of cars.
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ELIMINATE DUPLICATE MEDICAL COVERAGE
   
If you have adequate health insurance, you may be paying for duplicate medical coverage in your auto policy. In some states, eliminating this coverage could lower your personal injury protection (PIP) cost by up to 40%.
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FIND OUT ABOUT AUTOMATIC SEAT BELT OR AIR BAG DISCOUNTS
 
You may be able to take advantage of discounts on some coverage if you have automatic seat belts and/or air bags.

FINDING CHEAP CAR INSURANCE FOR WOMEN IS EASIER THAN YOU THINK  If you’re a young woman driver, auto insurance providers are generally willing to offer you a lower quote.

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