Courtesy of https://www.iii.org/article/8-auto-insurance-myths When purchasing an auto policy, it’s important to understand the factors that affect your policy costs and coverage. Unfortunately, there's a lot of bad information that passes for "common wisdom"—here, we separate myth from facts about car insurance. Myth 1 – Color determines the price of auto insurance It doesn't matter whether your car is “Arrest Me Red” or “Hide In Plain Sight White”—the color doesn’t actually factor into your auto insurance costs. The price of your auto policy is based on many factors, such as car make, model, body type, engine size and the age of the vehicle, as well as the car’s sticker price, the cost to repair it, its overall safety record and the likelihood of theft. Insurers also take into account the age, driving record and sometimes the credit history of the driver. Myth 2 – It costs more to insure your car when you get older Quite the opposite, in fact—older drivers may be …
Auto Insurance
8 Myths About Auto Insurance
Courtesy of https://www.iii.org/article/8-auto-insurance-myths When purchasing an auto policy, it’s important to understand the factors that affect your policy costs and coverage. Unfortunately, there's a lot of bad information that passes for "common wisdom"—here, we separate myth from facts about car insurance. Myth 1 – Color determines the price of auto insurance It doesn't matter whether your car is “Arrest Me Red” or “Hide In Plain Sight White”—the color doesn’t actually factor into your auto insurance costs. The price of your auto policy is based on many factors, such as car make, model, body type, engine size and the age of the vehicle, as well as the car’s sticker price, the cost to repair it, its overall safety record and the likelihood of theft. Insurers also take into account the age, driving record and sometimes the credit history of the driver. Myth 2 – It costs more to insure your car when you get older Quite the opposite, in fact—older drivers may be …
Auto Insurance And You
Courtesy of iii.org Once you have a clear picture of how you use your car and your priorities, you’re ready to shop for insurance. Generally, it’s a good idea to compare policies from at least three different insurers. You’ll want to consider fundamental factors such as coverage and price, but it’s also worth evaluating prospective insurers as well. The following are the most important factors to consider. Types and amount of coverage Try to compare apples to apples when choosing your insurance policy. All of the policies that you review should have the same types and amount of coverage. It is difficult to compare policies, for instance, if one provides $50,000 in property damage liability coverage, another only $30,000, and a third $100,000. Coverages that you’ll want to consider, though some are optional, include: Primary liability—including bodily injury and property damage coverage Medical payment coverage Uninsured motorist coverage Collision …