Hi, my name is Brian Stevens. I am a former insurance agent and financial consultant and I want to show you how much auto insurance coverage you really need and how to get it at the best price. How do insurance can be so confusing? Most policies look like they are written in a foreign language. Here are simple explanations for the five basic types of auto insurance coverage so you can decide for yourself what you need and what you do not.
Collision coverage is based for repairs made to your car no matter who is it fault. If you purchased or leased a car your dealer will require you to carry this coverage. I recommend getting a highest deductible you can afford. Increasing your deductible from $100 to $500 will save you 10-20% on your insurance.
Comprehensive coverage, this coverage pays for damages to your car from fire, theft and vandalism. It also pays for damage from natural disasters like hail storms and hurricanes. You should carry comprehensive coverage but again get the highest deductible you can afford.
Liability coverage, this coverage pays for your legal fees and any claims made against you if your car kills or injures someone or damages someone else’s property or car. If you do not have a lot of assets you can go with the minimum your state requires. However, if you do have a lot of asset, you should get the highest amount you feel will protect you from lawsuits.
Uninsured motorist coverage, this coverage pays for damages done to you, your passengers and your car caused by uninsured, under insured and hit and run drivers. With more than 15% of the population driving without insurance, and hit and run accidents on the rise this is a good coverage to have especially if you live in states that have a high number of uninsured drivers like Mississippi, Alabama, California, New Mexico and Arizona.
Medical coverage, this coverage also known as personal injury protection pays you medical expenses and your passenger’s medical expenses if you are involved in an automobile accident. Consider eliminating this coverage if you already have medical insurance that covers you.
The best way to get inexpensive auto insurance is to comparison shop and the easiest way to do that is to get quotes from an insurance comparison website. It is quick. It is easy and it is free.
Visit lowerratequotes.com or if you are on You Tube click on the lower rate quotes link to the right of this video to get auto insurance quotes from top rated companies and see how much you can save. You can get more tips and advice in their article section and get answers to your questions plus get tips on how to lower your premium from an insurance expert by using their online chat service.
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