3.16.2012

The Biggest Auto Insurance Saver is You!

Saving on Your Auto Insurance Begins With Knowing Your Policy
Auto insurance contracts should be carefully read, examined and compared before you finally make a decision. Invest your time in reading more before you decide and save money. Your learning will be a big investment for your financing.

Know the basic rule that affect you.
You do not have to be an attorney or an insurance agent to know You may not be serious about pursuing a job in the insurance law or you do not intend to be an car insurance agent but it pays to learn the basic principles that have an impact on your auto insurance policy. However, and as a first step, be aware that the rules about auto insurance vary from one place to another because we all know that insurance principles are jurisdictional, that is, what can be applied to a specific state may not be the same as those followed in another state. To learn more about the rules, visit the website of the National Association of Ins urance Commissioners naic.org/state_web_map.htm and look at the rules of your own state.

There are several factors that impact the rules that apply to the car insurance business

1. Subjects and objects of insurance coverage- people, vehicles to be covered.
2. What and how much you are covered for.
3. Know how to request and enjoy your claims. For example if you lost your car due to a peril not insured against, then you record will be marked with a loss 'claim' experience. This tells you not to file a claim unless you are sure it is covered for it, as any claim will count against you.

Be sure to read your policy and request things to be discussed if you are not sure of them. The insurance ID card is not your car policy. The Declaration Page is not your car policy either. Your policy is the small guide that comes with the initial package you received when you first purchased your auto policy.
Learn about the exact coverages and benefits that your policy entails. Insurance companies are out there to profit, in the first place, not to believe or disbelieve your story. Insurers are very good at marketing their products but they are equally good at identifying a legal way out to escape liability when you incur a loss that needs to be paid.

Important things that you have to note are the requirements before you can file your claim and the period given for you to file the claim. You might lose your claim simply because it was filed out of time.

Do you know your options?
Auto insurance policies may appear the same to you but they are not. Time limits and benefits set in the policy along with exclusions are critical to know. This may sound tedious, right? It's true. Studying an insurance policy, especially with the fine prints and overlapping meanings may be boring, but you need to get accustomed with it, maybe once in a while. Reading you r policies is good for your financial health. The short time you need to study the policy may save you thousands of dollars. There is no doubt that the biggest discount on auto insurance is the one that you get by reading the policy. Moreover, reading your policy will make you sound like an expert among the mass majority of people who do not read their auto policies.

The authenticity and strength of the insurance company is equally important along with the price. For sure, certain companies may offer you lower premiums but what if at the time that you file your claim, the company is already filing for insolvency proceedings? Some carriers may lower premiums to get more customers, and thus cash, when they are in financial turmoil, and to; unfortunately, be in further trouble later.

Know the factors that could affect your premium
Credit Score: People with high credit scores are rewarded with lower premiums. Insurers give quotes in consideration of s everal factors such as your credit score. Thus,if you have credit issues you might have to check with companies that do not check credit.

The model and type of your car: The performance, engine size, body build, along with the value of your vehicle are the main determinants for premiums. Before buying a car, research on the car's safety rating. In addition, have a current data on what cars are prone to be car napped.

Do you really need full coverage?
Be advised that your thousands of dollars of items in TVs, rims, and sound/video systems are not covered under the regular auto policy. The policy needs to be endorsed for these extras and you need to pay extra premiums. You insurance company assumes that, at the time you got full coverage policy, your vehicle has not been altered, therefore, the car's worth is determined as with no extras. Ask your agent about full coverage options and if they are appropriate for your case, and what are the benefits that you can get in the event of a covered loss.


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