Auto insurance is provided by car insurance companies who offer different levels of protection to the driver of the vehicle, passengers, third parties and the vehicle in the event of an accident. It’s down to you, however, to choose and purchase the right auto insurance policy for your needs. Part of being a responsible driver is ensuring you have adequate auto insurance to cover you, your passengers and other drivers on the road in the event of an accident.
Here are some hot tips on finding low cost auto insurance:
This is the most basic form of auto insurance policy offered by many car insurers. It means that if you are involved in an accident and it is proven to be your fault (liability) then your insurance provider will pay out a sum of money to the other person involved in the accident (third party) to cover bodily harm or property damage. The amount of cover and what will be paid out is agreed during the initial quote. Make sure you check what is included in third party cover and whether it is realistic enough for your needs.
Use Comparison Sites
There isn’t just one standard business auto insurance policy, so it’s down to you to do some research and find out which type of business coverage best suits your needs and what kind of work you do. Commercial or business vehicle insurance policies will cover you for the same kind of incidents as other insurance policies like collisions, non-collision damage, bodily injury and property damage to name but a few. Here are some of the types of business auto insurance coverage:
-Medical, Personal Injury Protection and No Fault Cover
The deductible on your car insurance policy is the amount you pay before your car insurance company will pay anything after an accident. For example, if you’re deductible or excess amount is set at $500 and you cause an accident that brings about $1,500 worth of damage to the vehicle, body, or property of a third party, you are liable to pay the first $500 and your insurer will pay out the remaining $1,000. However, many insurers allow customers to increase the level of their deductible to reduce their overall insurance premium. The higher the deductible, the lower your monthly car insurance rate will be, saving you money in the long-term. Keep in mind, if you are involved in an accident that is your fault you’ll have to payout a large sum of your own cash.
Know the Value of your Car
This might be offered as a policy extra that protects you in case of a collision or accident involving an under-insured or uninsured driver. Your insurance company will pay out a sum of money to cover damages and will attempt to recuperate their losses from the at-fault party through other means. Rental Reimbursement, Towing and Labor
You could also take your vehicle to a used car salesman and ask him to give you an honest valuation of your car. So, why does knowing the value of your car help you find cheap auto insurance? Well, if your car isn’t going to sell for much in the future, it isn’t really worthwhile buying a fully comprehensive insurance policy when liability insurance may be enough.
If you are self-employed, run a business, or spend your day driving around for the company you work for, it’s crucial that you take out a full business vehicle insurance policy to ensure you, your equipment and your other passengers are covered in the event of an accident.