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Auto Insurance

Auto insurance helps to cover drivers from accidents that involve their cars, trucks, motorcycles, and other vehicles. This type of insurance can cover individual drivers or families with multiple drivers and multiple vehicles. Auto insurance coverage is available to protect against financial loss that would occur from physical damage to the vehicle. It can also provide coverage for bodily injury to the insured members or other drivers, as well as other types of liability that may result from an auto accident.

Protection Against Theft or Damage

Depending on the type of auto insurance a driver has, coverage may include financial loss from any theft or property damage to the vehicle. If the insured driver was responsible for an auto accident, appropriate auto insurance can cover the costs of vehicle damage or bodily injuries to other drivers as well.

Injury Coverage

When the insured driver or other drivers are injured, auto insurance can help to pay for mounting medical bills. In some cases, auto insurance will help to cover lost wages faced by injured individuals who are unable to work because of their injuries. In the event of death from an auto accident, it may also help to cover funeral expenses to provide relief for family members.

Auto Insurance Requirements

Not only is auto insurance essential for protecting drivers from the hazards of the road, it’s also required by law in every state. Each state has certain minimum requirements for the types of auto insurance needed for drivers. If you’re unsure of the legal requirements for your vehicle, we can help. Let us evaluate your unique driving needs, habits, and risks to determine the optimal auto insurance policy for you.

Auto Insurance Savings for Student Drivers

Auto insurance rates are highest for student drivers and those under 25 years of age. The reasons for the increased rates are due to the young driver’s inexperience and statistics show an increase in traffic accidents for young drivers. Auto insurance companies can combat these higher rates by offering a number of discounts to lower the overall cost. Lower insurance rates are available by becoming eligible for these discounts:

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The Good Student Discount

Good student discounts are discounts offered to students who maintain a 3.0 grade point average. To be eligible for these discount students must be between the ages of 16 and 24 and show good scholastic accomplishments such as making the dean’s list, honor roll or achieving high SAT scores. The student remains eligible for the discount, which could be 15 percent or more as long as the grade point average remains the same. The student may be required to submit a copy of the student’s report card or school transcript as proof of eligibility.

Safe Car Discount

Safety features on newer cars such as anti-lock brakes, airbags, and a passive restraint system lower the rates for student drivers. Safer cars generally mean fewer accidents and fewer insurance claims, which save the company and the policyholder money in the end. Reduced rates are given to drivers that have no accident claims.

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Discounts for Driver’s Education Courses

Many insurance companies offer discounts for student drivers that have taken a driver’s education course or defensive driving course. These courses provide the student with the knowledge to avoid traffic accidents and be a safer driver, which also lowers the young driver’s risk factor. These courses can be found by checking your local directory or performing an Internet search. Check with your insurance company for state-specific eligibility and requirements such as certificate of course completion.

Adding Student Drivers to Existing Policy

Parents can add student drivers to an existing policy for less than if the student applied for a separate policy. Assign the student to an older model vehicle for more savings. The policy will cover the student when driving this vehicle. The premiums will go down year after year as long as the student remains on the policy. The longer the student has been driving the less risk they pose to other drivers.

Additional Ways to Save Money on Auto Insurance

Additional discounts are offered for older model cars, multiple cars on the same policy and cars with security or anti-theft systems installed.

Things to Consider When Buying Auto Insurance

In my last blog I talked about things to consider when buying homeowners insurance. I also spoke about the costs associated with the insurance. One thing that can help to offset the premium is to combine home and auto insurance with one carrier. Many companies offer up to a 15{15f1a233c156bea60e24ed4b0a9c44f31f66ebebce98603cd69dbfddc9938677} discount for the business.
 
Other factors that your agent will look at to determine the most effective, cost efficient coverage is the following:
 
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AUTO INSURANCE

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  • Year, make and model of vehicle
  • Address car is garaged
  • Drivers – all household members eligible for coverage
    • Date first licensed
    • License # and date of birth

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COVERAGES

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  • Full physical damage coverage required if loan is involved
  • If more than one vehicle on policy multi-vehicle credit could apply. Also, account credit would apply if home/auto with same company

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Many companies offer various credits and discounts. The best advice is to consult your agent and discuss your coverage needs. Take advantage of all savings by having your agent assess your needs on a yearly basis.
If you would like to read our blog on Things to Consider When Purchasing Homeowners Insurance please click on the following link:

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