With power comes responsibility. As a young driver you are now entering an entirely new exciting world. You also need to enjoy this new world without being irresponsible. Insurance for your vehicle is not only necessary because it is required by the law, but also because it can save you from financial ruin.
With power comes responsibility. As a young driver you are now entering an entirely new exciting world. You also need to enjoy this new world without being irresponsible. Insurance for your car is not only necessary because it is required by the law, but also because it can save you from financial ruin. Here you are provided with a brief but concise understanding of how to go about getting the maximum coverage for a minimum premium.
Different companies provide different types of policies. Most of them have a lot of common coverage.
Types of coverage
Liability coverage - Liability coverage will take care of expenses incurred due to accident caused by you to another individual. Such expense can be for bodily injury or to their property. Legal cost is also covered if a lawsuit is filed against you by him.
Collision coverage - It covers damages to your car in case of accident with another car or object.
Comprehensive coverage - it covers damages to your car for reasons like theft, vandalism, natural calamities etc.
In both the above cases you pay deductibles, which is a predetermined amount to be paid by you before the insurance company pays up.
Uninsured motorist coverage - If you, your passengers or family members suffer bodily injury or death, due to accident with a driver having no insurance, this coverage will help.
Underinsured motorist coverage - If you, your passengers or family members suffer bodily injury or death at the hand of a driver whose insurance is insufficient to cover your expense, this coverage will pay for the shortfall.
Medical payments - It provides cover to you and your passengers for injuries sustained in an accident even as a pedestrian or while travelling in someone else's car.
What coverage to take and what not to take depends on your insurance needs and how big a risk you are willing to take.
Liability coverage is not only mandatory, but its limits to be decided by you, requires some thinking. If the limits are set too high you end up paying higher premiums. If the limits are set too low you may face financial ruin if a lawsuit is filed against you.
Opting for higher deductibles may prove to be expensive for an old car.
Tips to save on auto insurance
1. Shop around and compare insurance quotes before deciding to buy one.
2. Check out cars that attract lower insurance premiums. Mostly they are safe and inexpensive models.
3. If your parents have auto insurance, you may get a discount if you get added to it. Multiple policies from the same provider may make you eligible for discounts.
4. Getting good grades at school and college also helps to get discounts. You may need a B average or above for this.
5. Keep a clean driver's record and drive responsibly. No claims will keep you in their good books.
Buying insurance is not only a necessity but also a socially and morally correct move.
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