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Autoinsurerquote’s is a free tool that makes searching for auto insurance a snap. We know how busy you are. We also know how complicated and tedious shopping for auto insurance can be: Filling out multiple forms on different insurance websites. Figuring out the right deductible and coverage level. Wondering if you need supplemental medical coverage. It’s no wonder that studies show that 43% of people are paying up to $450 dollars per year more than they need to on their auto insurance.
Know Your Terms Auto Insurance
How Much Car Insurance Should You Buy?
In order for you to drive legally in your state, it is necessary for you to meet the minimum state insurance requirements. Furthermore, you need enough car insurance to protect your life from financial ruin if you are involved in a car accident. Purchasing the minimum coverage, in some circumstances, can suffice, however, it varies case by case.
Learn Popular Car Insurance Terms
Deductible – Predetermined amount your insurer subtracts from your settlement for collision and comprehensive claims. If your car repairs cost $5,000 and your deductible is $500, you’ll get a claim check for $4,500.
Additional insured – A household member of the policyowner, who is also covered by the policy as a driver — typically all licensed drivers in the home aside from the primary driver.
Car insurance quote – An estimate of how much a company will charge you for car insurance.
Collision coverage – Pays to fix your vehicle if you cause a crash or have a one-car accident, such as hitting a tree. Typically required with an auto loan.
Full coverage car insurance – A policy that includes liability insurance plus collision and comprehensive coverage.
Liability insurance – Pays for others’ injury treatment and property damage if you cause a crash, as well as your legal defense costs if you’re sued.
10 Factors That Affect Your Car Insurance Rates
The types of car insurance and how much coverage you need
Type of vehicle
Claim history as well as prior insurance history
What is Full Coverage Car Insurance?
Full coverage essentially entails policies that cover not only your liabilities but damage to your own vehicle too. Furthermore, it means you have insurance in the types and amounts that are suitable for your income, assets and risk profile.
Standard full coverage policy (liability, comprehensive and collision, uninsured motorist and medical coverage) should cover:
The damage you cause to others but restricted to your liability limits.
Your vehicle, up to its fair market value, minus your deductible
Your injuries and those of your passengers, if you are at fault, up to the amount of your medical coverage.
Your injuries and your passengers, if you are hit by an uninsured motorist, up to the limits of your uninsured motorist policy.
What is Non-Owner Car Insurance?
Non-owner car insurance provides liability coverage for those who drive cars they don’t own. Liability coverage pays for injuries and property damage you cause to others in a car accident. However, it does not cover any damage to the vehicle you rented or borrowed, or any of your own injuries if you are at fault of the incident.