Car insurance is a necessity that protects you if you're in an accident or another event that damages your car. Legal requirements can make you feel like you have to spend more money than you'd like to.
Fortunately, car insurance does not have to be expensive. In fact, there are ways you can lower those costs to better fit your budget. Here are some simple strategies you can use to pay less for car insurance.
Research Your Actual Requirements
Take your time to do research and make sure you only pay for what you have to. Check out these common coverages that may be optional or adjustable.
Personal Injury Protection
Personal injury protection coverage or PIP, immediately covers you and your passengers for any medical expenses if you're hurt in a crash regardless of who's at fault. PIP has other names, like Medical Payments Coverage or MedPay. Not every state requires you to carry this coverage, and states have different ideas about the minimum amount you need to have. For example, the Pennsylvania minimum is $5,000 per person while Delaware is $15,000 per person.
Liability coverage is required by nearly every state. Like PIP coverage, the minimum amounts vary wildly by state. Alaska and Maine require the highest liability minimum of all at 50/100/25. These numbers refer to how much will pay out on your behalf if you're at fault. In this case, up to $50,000 per person and $100,000 per accident for bodily injury and $25,000 for property damage.
You don't have to carry liability coverage at all if you live in New Hampshire. Contact your state DMV to find out what your minimum responsibility is. Insurance companies offer the minimum amount as well as greater liability amounts that might not be necessary or affordable for you.
Collision and Comprehensive
These two coverages pay for any damage to your car from collisions, weather events, theft, or falling objects. The bank you make payments to is definitely interested in these coverages so they can protect their property until it's paid for.
You can't drop these coverages entirely, but you can choose different deductibles to lower your premium. For example, a $1000 deductible saves an average of 8% over a $500 deductible.
Skip the Extras
Insurance companies offer extra coverages to help you out during emergencies, like rental car reimbursement, auto towing, and roadside assistance. To help save money, skip these extras if you can rely on family and friends for help. Or, consider an inexpensive automobile club membership instead.
You can lower your insurance costs when you do your research, skip the extras, and shop around for cheap car insurance. For more information, contact a company like LA Insurance today.Share
24 November 2019
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!