Auto insurance is a necessity but how do you know if you are getting the best value for your monthly premium?
The following factors are important in ensuring that you are getting the protection you need while paying the best rate:
1. Liability Insurance
Liability insurance, also called 3rd party insurance, covers the cost of damages and injuries to another party in the event of an auto accident. Insurance policies limit the amount that they will pay out for these types of claims. Often, the cover is so limited that it does not provide for the full cost, leaving the policy holder out of pocket at the end of the day.
It is critical to ensure that the limits for liability insurance are high enough to provide you with enough cover so that there is never a shortfall.
2. Personal Insurance
Personal or first party insurance covers your own costs for damages and/or injuries in an accident. You can choose the level of cover that you require, however, it is advisable to select a policy that will provide for the replacement value of your car.
In order to claim from your insurance provider, you may need to pay a deductible first. This deductible is normally a standard amount and is there to discourage small claims on a regular basis. Make sure that you know what your deductible will be and when you will need to pay it to avoid claims not being paid out.
3. Theft Insurance
Most people are unaware that theft insurance does not automatically form part of a car insurance policy. You will probably need to pay an additional amount which will be added to your monthly premium to be covered in the event that your car is stolen.
You can also opt for additional theft cover that will provide for items that are part of the vehicle or in the vehicle when it is stolen. For example, the car radio, mobile devices, laptops, etc.
4. Additional Driver Insurance
If another person is driving your car when an accident occurs, your insurance will not provide any cover whatsoever. You need to opt for additional driver insurance for this type of cover and list the driver/s who will be allowed to drive the car and will be covered in the event of an accident.
For each additional driver you add, there will be an increase in your monthly premium. New drivers or drivers under the age of 21 years will cost more than experienced drivers. However, adding drivers to your existing auto insurance policy is still less expensive than taking out separate insurance.
You need to be aware that insurance providers often put a limit on how often you can claim or on how much you can claim within a specific period of time. For example, you may be limited to claiming only once every year or two years. Be aware of these restrictions and only claim for the amounts that really matter rather than small claims that you could cover yourself.
Your claim history could also affect the premium or rate that you pay. Regular claims could result in an increase in your monthly premium over and above your regular annual increase. Once again, don’t sweat the small stuff and only claim when really necessary in order to get the best value from your insurance provider.
If you are looking for a well known insurance agency in Syracuse, you should definitely consult Haylor, Freyer and Coon Inc. in New York.
It can be difficult getting the best insurance at a rate that you can afford. Weigh your options up carefully and consider all the factors that might affect you in the future to get comprehensive cover from a reliable auto insurer in Syracuse, NY.