Things You Need To Know About Auto Insurance
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by: BarryFriedmann
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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.
Your credit report doesn't even have your auto insurance risk score. If you have a really good credit rating, because you always pay your debts in good time, you could be rated highly, in comparison with a person who regularly opens and closes accounts, or gets behind in their payments of their accounts. Insurance scores usually move the same direction as your credit history, but not always.
You will do well in making sure that you have conducted your financial life well, before you actually apply for auto insurance.
Things that may effect your auto insurance acceptance is your driving record, your previous claims history, and where you live. Most states have a required minimum auto coverage. Many states will require that you have personal injury protection also. You should take into account your state's requirements as to how much the minimum is currently, as well as any other requirements you will need in order to place your auto insurance.
If you have been in numerous previous car accidents, the insurance company you are applying to for auto insurance will want to know all the facts.
The focus of the auto insurance company will always be on auto insurance losses to themselves.
If you want to look at your own motor vehicle insurance report, you can access a copy from your state's department, and there are numerous companies who you can obtain your credit history from: i.e.: Truecredit, Experian, etc.
Bodily Injury Liability covers other people's bodily injuries or death for which you could be responsible. This means it does not cover you or anyone else who may be in your car - only the person driving the other vehicle. This policy will protect you against medical bills, loss of income and pain or suffering. Should you require legal counsel, this policy will cover you for that as well. A lawsuit could be filed against you by another party, so you should ensure that you enough auto insurance to cover your expenses without you losing everything you own. All this should be clearly stated in your policy.
Comprehensive insurance is the name of the auto insurance cover for your own vehicle, and that would cover damage to your car after an accident, if it is stolen, damaged by flood, fire or animals and will pay for the repairs to your car, less your excess agreed upon when taking out thepolicy. The excess is the deductible that you arrange to pay out of your pocket before the insurance company will pay their share. One usually selects as high a deductible as possible, in order to keep your premiums as low as possible.
If you are driving an old car you could drop this coverage, as one is usually only covered up to the limit of the car value.
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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