Car Insurance - Be wise before, not after

Pay smarter not higher

So you have bargained hard on the price of the car and then on financing it too. You feel on top of the world, and your friends confirm that you really had a deal. You take pity on the car dealer and the financier, whom you have just vanquished. Now comes the insurance part. Just insurance, you think. You want to finish it all, and are in a hurry to have the pleasure of driving your dream car home. Probably, your people were showing signs of impatience. You were about to nod at the standard quote of the dealer or the financier. Stop! It is time to run that extra mile. After all it is not enough your car alone runs extra miles for a gallon of gas. Match the machine for the sake of your own wallet. Shop around. We..... On our part, spill the dealer's beans.

Compare

Comparing others' income with yours may give rise to envy and misery. But, comparing others' quotes certainly makes you wiser. The dealers can recover their loss in price from your insurance premium. There are plenty of insurers around. So, please go ahead and compare their quotes. However, beware of a trap. Do not consider small companies who look the other way, when it comes to claims. There are agencies to rate the payment abilities of the insurers. Consider only the ones who make it to the list. Yet, this is only the beginning!

Installments

Paying in installments may be easier but not smarter. You know that you end up paying more for your car, if you pay for it in installments. Your insurance payment is no different. Consider paying in one lot or in lesser periods. It is also safer to link payments with Automatic Clearing House processing. By that you not only ensure timely payments, you save on processing charges too

Personal Property in your car

It is natural to have personal property in your car while driving. It's logical that they are also covered in your car insurance. It is not automatically covered in the car insurance. The costly items need to be photographed beforehand to validate your claims. Yes, you can even claim the valuables stolen or damaged in an accident from the home insurance. But, in the absence of it, it is wiser to provide a value for them in your car insurance.

Penalty for loaning your car

Sometimes you have to loan your car. Eventhough it is risky to do so, it is not possible to avoid it all together. But you need to discriminate in your lending. If your friend is not insured, the affected party will claim all damages from you. All you can expect from your friend is a 'sorry'. That you already have it anyway for having lent the car. Even if the claims are covered, your premiums will go up after any accident claim

The higher rating you'll dislike

Your car will attract a company rating depending on the model and other factors. The rating will range from 3 to 27. The higher the rating, higher will be the premium. Though it may not be possible to know from the insurers, it is better to get a quote for the model you want to purchase beforehand

Include your Teens

If you have teenaged sons and daughters at home to take out your car in your absence, better check up with the insurers before finalizing the inclusions. Some do not need that up to a certain age, but others will. In case of (licensed) teens not included in the insurance getting your car into accidents, the insurer may cover the claims but will recover the back-premiums for them from the payment. This will be from the date of their license and not from the date of the commencement of insurance! There are also certain issues here, as given below.

•  14 year-old teen drivers should have parental consent to go for the Instruction Permit.
•  They are expected to pass the driving and visual exams
•  They need to drive for at least 50 hours under an adult supervision. This quota includes a minimum of 10 hours drive at night
•  The teen driver must also have the proof of passing the test or program with a certificate or an affidavit for the minimum
    quota of driving prescribed above
•  The practice period for the Instruction Permit is six months
•  The teen driver must apply for the Restricted Driver's License when 15 years old with parent consent, but before
    turning 16 years of age.
•  Complete a driver's education program or full vision, written and driving tests

            To ensure that teen drivers receive sufficient time to practice thereby offsetting the number of accidents that involve teenaged drivers each year, Maryland has many privileges for each license: Instruction Permit Teen drivers can drive anytime as longs as they are accompanied by an adult. Restricted Driver's License The Restricted Driver's License allows teen drivers to travel to and from school (not school activities); to and from employment or farm-related work; or at any time when accompanied by an adult. Non-restricted Driver's License Teen must be at least 17 years of age and fulfilled all requirements outlined for the Instruction Permit and Restricted Driver's License. To learn more about Kansas teen driver laws and regulations, please visit the Kansas DMV. So, you are only renewing You can say, these are the precautions required only when a new car is purchased. What about the renewals? These issues apply for renewals also. There are also other issues to it. Cancel that Old Policy You get a better offer and switch to that. Wise decision, but not if you stop with that. You have to cancel the old policy. May be you think that it is OK; even not to reply the reminders from the previous insurer. So far, no problem. The problem may be brewing in sly. Insurance companies update such clients' record as delinquent policyholders! Such remarks affect your credit worthiness at a latter date. A written cancellation is a stitch in time.

Finally

You take a lot of care when buying a car, financing it, and even in choosing the service station for it. It is a sad fact that many people leave the insurance to the dealer, or continue with the existing insurer without looking around. A few steps in this direction will get you that extra mile. They do not even revise the coverage. You can either save money by hunting for the best price or get the best coverage for the same money. It all just boils down to the simple decision. Whether, you want to be wise before or after?

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