While used car salesmen have developed, over the years, a reputation for less-than-transparent information given to customers, the insurance “whiz-bangs” of today may not be far behind.
Put out one or two of your current policies for bid and watch the variety and interesting numbers that come back. You will be surprised and possibly shocked.
Which brings us to automobile insurance. Take note: Here are five key things to keep in mind. First, do not skimp on liability coverage. Most experts advise you to make sure you have enough liability.
In virtually any serious crash, figures like $25,000 per individual personal injury or $50,000 per incident or $10,000 for property damage truly don’t go very far. Remember, an average award for vehicular liability is more than $388,000 (2009), and the average time for these cases is 40 months. Experts recommend $100,000.
Second, try “bundling” auto and home insurance with a single carrier, which can result in a healthy discount. Next, the difference in premiums between a $250 deductible and a $1,000 deductible is some $300 per year. Even if you have a single accident in three years, you will have saved some $900, which should normally, and easily, cover out-of-pocket repairs.
Amazing. Statistics show one in seven drivers is uninsured. While your mandated insurance will usually cover, minimally, just a few dollars more can buy uninsured-motorist coverage. At least double your coverage since you will be getting nothing from the uninsured. Finally, if at all possible, try and pay your premium up front. There is a worthwhile savings of $100 or more!