AUTO INSURANCE TIPS
When purchasing auto insurance, your liability coverage should be enough to protect your assets. Purchasing low liability limits may save a few dollars per year, but you risk having to liquidate your assets if someone driving your car is found responsible for causing serious injury.
All operators of your car need to be named on your policy. Failing to list certain drivers could result in non payment for damages to your car and lower liability if an unlisted person is allowed to drive. Parents are required to add their newly licensed children to their auto policy. There is no charge to add other drivers, IF they have their own policy.
The cost of YOUR particular auto insurance is based on the following information: 1st - drivers, their license history, including length of time licensed and any tickets or accidents. 2nd - vehicle year, make and model. 3rd - coverage YOU need to purchase to best protect yourself.
Auto insurance claims are paid on an Actual Cash Value basis. This means that the age, condition, mileage and even market value could affect your total loss payment. The payment you receive may not pay off your loan balance. If you finance a car, it is wise to purchase GAP insurance. If you did not purchase this when you bought your car, call us and we can offer it to you at a lower rate.
If you have an older car and it is in excellent condition, you should have it appraised and insured with a Stated Amount. This allows for a claim payment based on the Stated Amount rather than Actual Cash Value.
Remember that all policies have exclusions and limitations. Be sure you examine your policy and discuss your coverage with your agent. If a charge is not show next to a listed coverage, then you have NOT purchased that protection.