Auto Insurance - What You Need To Know
Barry Friedmann
You have no idea how much information the insurance company already know about you when you apply for an auto insurance quote. This could prevent you acquiring auto insurance and affect the premium you will have to pay, if you are considered to be a bad risk.
If you have a really good credit rating, because you always pay your debts in good time, you could achieve a high rating. In comparison with a person who regularly gets behind in their payments of their accounts. Insurance scores mostly move in the same direction as your credit history, but not always. Your credit report doesn't reflect your auto insurance risk score.
It may be a good idea to ensure that you have conducted your financial life well, before you apply for your auto insurance.
Other things that could effect acceptance of your auto insurance policy is your driving record, your previous claims history, and where you live. The state that you live in usually has a required minimum auto coverage and some states will also require that you have personal injury protection. It would be a good idea to check your state's requirements and verify how much the current minimum is, as well as any additional requirements required to place auto insurance.
If you have had and previous car accidents, the insurance company you are applying to for auto insurance need to be notified of all the details.
The focus of the auto insurance company will always be on auto insurance losses to themselves.
If you wanted to take a look at your own motor vehicle insurance report, you can access a copy from your state's department, and there are companies you can get your credit history from: i.e.: Truecredit or Experian.
You also need Bodily Injury Liability cover, to protect yourself for other people's bodily injuries or death for which you are responsible. This does not cover you or anyone else who may be in your car - only the person driving the other vehicle. This protects you against medical bills, loss of income and pain or suffering. If you require legal defense, you will be covered for that. It is always possible that a lawsuit can be filed against you, so make sure that you have enough auto insurance to cover your contingent expenses. This should be stated in your policy.
Auto insurance cover for your own vehicle would be called comprehensive insurance, and that should cover damage to your car if it is stolen, damaged by flood, fire or animals and pays to fix your car, less the excess you have agreed upon. The excess is the deductible that you arrange to pay out of your pocket before claiming from the auto insurance company. In order to keep your premiums low, one usually selects as high a deductible as possible.
If you are driving quite an old car you could consider dropping this coverage, as the coverage is usually limited to the value of the car.
In most cases, your spouse would also be insured if you have named him/her on your policy. You will need to confirm this with your insurance company. If you have a boy/girlfriend you live with and s/he uses your car and is involved in an accident, you may not be able to claim from your auto insurance company, unless you have been given permission and s/he has been added to your auto insurance policy.
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