Car Pooling

Save Money by Choosing the Right Car Insurance:

An important issue for motorists is to protect their financial investment in their auto with appropriate car insurance. With car insurance being an extremely competitive market, consumers shouldn't have any problem finding a variety of companies competing for their business.

Most states have compulsory liability or no-fault insurance, however it is also necessary for drivers to protect their asset in case they cause an accident. A study conducted by the Insurance Research Council in 2006 found that in 2004 15% of U.S. drivers were uninsured, an increase from 13% in 1999.

It's recommended that it's in consumers best interest to re-evaluate their car insurance policy each year.

Your insurance needs are frequently changing, particularly when you reach important events. Major events can include turning 25, getting married, retiring, having a family, buying a new car and improving your credit rating. All these events affect the kind of insurance you require and how much you require.

There are a number of other things you should consider to ensure you have appropriate cover at the cheapest price.

- If the auto will not be driven, you could consider lowering your liability coverage to the state compulsory minimum and excluding collision coverage from your policy. You may still want to keep comprehensive cover in case the car is damaged or stolen while in storage.

- Young families who are thinking about purchasing a bigger car should consider how the new auto will impact on their insurance premiums. If you are probable to be car pooling or driving other people's children around you should consider raising your liability coverage.

- For families with teenage drivers, car insurance can be quite costly. Some insurers give discounts for teens that take a driver safety course or maintain a B average or more in school. Your insurer may also allow you to include an "accident forgiveness" clause to your policy that promises your premium will not go up if your teen is involved in one minor accident. To keep insurance premium low you could consider raising the deductible on your policy and consider having your teen drive the family's oldest, cheapest car.

- If you're over 50, you may be eligible for lower premium as older drivers are considered as more cautious than younger drivers. Some insurers may also offer a driver's refresher course to help you to qualify for a rebate.

There are a number of types of insurance coverage you should consider when purchasing an insurance policy:

- Most states require that you hold a minimum liability insurance. This insurance pays for medical expenses and damage caused to another person's property if the damage is your fault.

- Some states require that you hold 'no fault' car insurance. This insurance pays for medical expenses, rehabilitation, funeral expenses, lost wages and in-home help to the driver of the auto and any passengers, regardless of who caused the accident.

- Consider whether you need to be covered for uninsured or underinsured motorist protection. This would cover you and your passengers in the event that you are in an accident caused by an uninsured or underinsured motorist.

- Consider what other kind of cover you need, comprehensive insurance also pays for auto damage caused by fire, theft, wind, hail and a run-in with the local wildlife.

- Collision insurance is another choice. It pays for the cost of repairs or the cash value of the auto, if it is damaged or totaled in an accident. Most banks insist collision coverage be held for a financed auto until you have paid of the loan.

To start looking for an insurance quote that suits your needs a comparison service is a great place to start.

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