Are you regretting the purchase of high-priced auto insurance? You’re preaching to the choir because there are lots of residents who feel the same.
Vehicle owners have many car insurance companies to pick from, and though it is a good thing to have a selection, having more insurance companies makes it harder to locate the cheapest rates.
The easiest way to compare insurance rates from multiple companies is to realize auto insurance companies participate in online systems to compare their rates. To get started, all you need to do is provide a small amount of information including how much coverage you want, how much school you completed, if a SR-22 is required, and the make and model of your vehicles. That information gets sent immediately to multiple top-rated companies and you should receive rate quotes very quickly.
When it comes to buying the best insurance coverage for your vehicles, there really is no cookie cutter policy. Every situation is different so your insurance needs to address that. These are some specific questions may help highlight whether you might need professional guidance.
If you can’t answer these questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. To find an agent in your area, complete this form or you can go here for a list of companies in your area.
Understanding the coverages of your auto insurance policy aids in choosing which coverages you need and proper limits and deductibles. Policy terminology can be difficult to understand and coverage can change by endorsement. Below you’ll find the usual coverages available from auto insurance companies.
Collision coverages – Collision insurance will pay to fix damage to your 7 Series from colliding with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.
Collision can pay for things like backing into a parked car, colliding with a tree, driving through your garage door, crashing into a ditch and hitting a mailbox. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. Another option is to bump up the deductible in order to get cheaper collision rates.
Comprehensive (Other than Collision) – Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.
Comprehensive coverage pays for claims like falling objects, fire damage, vandalism, hail damage and rock chips in glass. The most your auto insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.
Medical expense insurance – Medical payments and Personal Injury Protection insurance kick in for short-term medical expenses for rehabilitation expenses, ambulance fees and funeral costs. The coverages can be used to fill the gap from your health insurance plan or if you do not have health coverage. Medical payments and PIP cover both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and may carry a deductible
Auto liability – Liability insurance can cover damages or injuries you inflict on other people or property. It protects YOU against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property.
Liability coverage pays for things like loss of income, structural damage and court costs. How much coverage you buy is up to you, but consider buying as high a limit as you can afford.
Protection from uninsured/underinsured drivers – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 7 Series.
Since many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. So UM/UIM coverage is very important.