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By Ed Sneineh
Auto insurance contracts should be carefully read, examined and compared before you finally pick your choice. Invest your time in reading more before you decide and save money. Your learning will be a big investment for your financial future.
Laws and rules of your community.
You do not have to be a legal professional or an insurance representative to know You may not be fascinated by pursuing an occupation in the field of law or you do not intend to be an car insurance representative the primary laws that impact your car insurance policy. However, and as a first phase, remember that the guidelines about auto insurance vary from state to state because we all know that insurance rules are jurisdictional, which means that, what does apply to a particular state may not be the same as those adopted in another state. Check the website of the National Association of Insurance Commissioners naic.org/state_web_map.htm and look at the rules of your own state.
Three primary elements that you have to note when researching about rules affecting auto insurance policies:
1. People and vehicles we are covering.
2. Limits of coverage in case of loss.
3. Claim handling. 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 advices you not to file claims unless you have the proper coverage for it, because they will count on your record, even with a zero pay off.
Reading the policy or, at least skimming it quickly is needed before you file it in your filing cabinet. The insurance ID card is not your auto policy. The Declaration Page is not your auto policy either. Your policy is the small booklet that attached with the initial package you received when you first purchased your auto policy.
Know exactly your coverage benefits in case you lost your car due to the incidents that the car is insured for. Insurance companies rely on facts, not feelings of who is right or wrong when they pay claims. 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.
Learn about all options
Auto insurance policies may appear the same to you but they are not. Find the time to read on the provisions of each policy and compare the benefits. This may sound tiresome, right? It’s true. Studying an insurance policy, especially with the fine prints and overlapping explanations may be boring, but you need to get familiar with it, maybe once in a while. Reading your 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 a pro among the mass majority of people who do not read their auto policies.
Aside from the price that you have to pay for the premium, consider the credibility and stability of the company. 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? Actually certain companies when they are in deep financial trouble may end up taking drastic cut in premiums to get as much cash as they can, and to; unfortunately, be in further trouble later.
Know the factors that could affect your premium
Your Credit Score: Good credit score will lower your premium. Insurers give quotes in consideration of several factors such as your credit score. Not all companies check credits and you may have to examine only companies that do not check credits if you have credit issues.
Car make and model: Insurance companies charge based on certain criteria like value of vehicle, body build, performance, and engine size. 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.
Learn more about full coverage
Have you just added a $5,500 rims to your car and a $4,000 sound systems with $2,000 TVs and DVDs? All of these extras are not covered under the regular auto policy. The policy needs to be endorsed for these additions and you need to pay extra money. You insurance company assumes that, at the time you got full coverage policy, your car has not been altered, therefore, value of the vehicle is determined without 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 you lose your car.
About the Author: Ed Sneineh, Chicago Auto Insurance Agent since, former college educator of insurance, & founder of Chicago based Insurance Navy, a leader in providing affordable
Chicago auto insurance
. Visit our website and get your
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in less than 5 minutes. We also blog for you to
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