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Car Insurance Xperts!

ANSWERS TO ALL OF THE MOST BAFFLING CAR INSURANCE QUESTIONS







WHAT DOES LIABILITY COVERAGE MEAN TO ME?


 





Liability coverage pays for damage that the insured driver would have otherwise been responsible for.  For instance, say you cause an accident and the damage done is estimated to cost $6,000.  Assuming you are insured for $6,000 or more under your auto insurance plan, your out-of-pocket expenses will be minimal.  Often times, the two areas covered by liability coverage are people and property.  Generally, each individual liability coverage plan will have a maximum amount of money it will pay per injured person, as well as a maximum amount of money it will pay for all injured persons combined.







WHAT KIND OF DISCOUNTS CAN I GET?


 





When shopping around for auto insurance, make sure to be aware of the potential discounts you can get.  While certain companies may offer unique discounts, here are a few that tend to be available across the board in some form:


Good (or “Safe”) Driver Insurance


Many insurance providers will offer some sort of incentive for each year you go without an accident or violation.  Different companies will offer different incentives, so make sure to know your options.


Multiple Vehicle Insurance


Some companies will offer a reduced rate for each additional vehicle you have on your insurance plan.


Homeowner Packages


Often times, it is possible to get a discount on your auto insurance simply by being a homeowner.  It is also possible through many agencies to bundle home owner’s insurance with auto insurance for a discounted price.


Various “Student” Insurance Packages


There are several common student discounts available through most providers.  These can be based on the student’s grades, how far away he or she goes to college (in relation to his or her hometown), and so on.


Additional “Safety” Discounts


It is often possible to receive a reduced rate for various safety features your car may have.


Other


Often times certain vocations are likely to receive discounts based on their professions.  This is especially true of members and former members of the United States armed forces, though other professions may be eligible as well.  Additionally, it is rather common for senior citizens to be eligible for a reduced insurance rate, especially if retired.







WHAT IS GAP COVERAGE?


 





GAP is an acronym that stands for “guaranteed auto (or asset) protection”. Gap coverage comes in handy if your vehicle is totaled before you have paid it off. This coverage will pay you the difference between the blue book value of your vehicle and the amount left on your loan when your vehicle is totaled. This can save you an enormous amount of money if you purchase a new car and it is totaled within the first several years from the time at which you purchase it.







WHAT DO “COLLISION” & “COMPREHENSIVE” COVERAGE REALLY MEAN?


 





Collision insurance covers damage done to your vehicle during an accident, while comprehensive insurance covers theft, damage done by an act of God, or any damage done to the vehicle not during the course of an accident.  Neither of these types of insurance are required in the United States, but it is most prudent to purchase one or both of these plans, especially if you are concerned with fixing cosmetic damage done to your vehicle.








IS SIMPLY PURCHASING THE STATE MINIMUM CAR INSURANCE ENOUGH?


 







 


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