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 Posted: Fri Oct 10, 2008 4:37 am Post subject: Shopping for Auto Insurance |
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Hi all..
Is higher deductible desired for Auto Insurance? What could be the most important factors to consider before I go out shopping for one?
Thanks, Plasticmind
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Plasticmind
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| Posted: Fri Oct 10, 2008 5:43 am Post subject: |
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Hi,
If your deductible is more then your bill would come down. Don't forget to ask your carrier whether it is possible for you to carry on with such deductible in case you file a claim. I'm sure your agent would also help you regarding this. Bluebell
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Bluebell
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| Posted: Fri Oct 10, 2008 6:00 am Post subject: |
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Hi, one important thing for you at this point should be to determine the exact measure of coverage. It would depend on 2 major factors -
* Your objective of possessing the vehicle.
* Whether your driving history has been spotless
See, one half of your insurance expenses would go to meet the liability while the rest would meet the damages caused to your vehicle. Regards, ArindamSenIndies |
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ArindamSenIndies
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| Posted: Fri Oct 10, 2008 6:31 am Post subject: |
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One more important thing that we all should note is that, right now there are so many carriers in the insurance market offering quotes for you. All you'd need to do is to take the trouble of collecting quotes for all the important ones and compare each one with the rest. This has also become a common practice for the ones who have been paying heavily of late. Crossbreed
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Crossbreed
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| Posted: Fri Oct 10, 2008 6:39 am Post subject: |
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Hey, please don't forget to ask for the discounts that these carriers would offer you if you seek more than one insurance with them. It could be coverage for your home as well as your car. Also make sure that you don't miss the discounts on air-bags, lock-free brakes, burglar-trackers etc.
Regards, Evan |
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evan
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| Posted: Fri Oct 10, 2008 6:59 am Post subject: |
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Guys, I'd also like to address the stacking factor. It has been seen that quite a lot of people have started paying higher premiums for stacking. Stacking insurance benefits (collecting for the same damages from more than one carriers) is not allowed over a majority of states in the U.S. but some states would just choose to close their eyes in this issue.
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ArindamSenIndies
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| Posted: Fri Oct 10, 2008 7:12 am Post subject: |
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My friend, always remember that your rate is determined upon a number of factors namely-
- The price tag of your car
- The repair charges
- The accident record
- The probability of theft and burglary
So, taking all of these factors into consideration you should be looking for a company who would not only explain every bit of the automobile insurance coverage or the payment process, but would also settle your claims smoothly. So, you should be going through the settlement records of different carriers as well.
Thanks, Purpleheaded08
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Purpleheaded08
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| Posted: Fri Oct 10, 2008 7:26 am Post subject: |
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| Quote: | | What could be the most important factors to consider before I go out shopping for one? |
See..another important thing that you should know is that a majority of the carriers today would offer you the choice of an installment payment system. You could pay for the entire sum broken into parts for your chosen period of time. But, always note that in going for an installment payment system your expenses are bound to get increased considerably. Again, remember that your expenses would increase more if you choose more number of installments. Hope you'd remember that!
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Crossbreed
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| Posted: Fri Oct 10, 2008 9:16 am Post subject: |
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Hey Plasticmind,
One very common mistake is not informing your carrier while shifting in with a different carrier. Remember, to notify your shift to your existing carrier that very day. But also, remember to notify them of your shift only when you've the new policy in force. If you are a resident of NY, I'm sure you'd be aware of the charges for all those days that you go uninsured.
Again, I must tell you that its not at all tough to cancel your policy all of a sudden. Just send them your cancellation request in writing or pick up the telephone and forward your request. So, now you know it better I guess.
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ArindamSenIndies
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| Posted: Fri Oct 10, 2008 9:20 am Post subject: |
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The higher the deductible the lower the premium...
| Quote: | | Stacking insurance benefits (collecting for the same damages from more than one carriers) |
First of all that is NOT what stacking is...stacking is when you 'stack' coverages from more than one vehicle...ie i have two cars each has 25/50 UM coverage if stacking is allowed i have 50/100 .....What you discribed is double dipping and some states allow this on some coverages, for example MO allows you to double dip medpay meaning you can collect under your medpay AND the bi coverage from another carrier, however i fail to see what this has to do with the price of bananas? 
. | Quote: | | is not allowed over a majority of states in the U.S. but some states would just choose to close their eyes in this issue. |
Again this doesn't make sense, either a stack allows stacking or it doesn't...some states do have a 'stacking option'...
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Lori
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| Posted: Fri Oct 10, 2008 1:51 pm Post subject: |
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No one mentioned this regarding your deductible. How much are you comfortable paying out of pocket? If you can only come up with $250.00 (comfortably), then you need to quote a $250.00 deductible. It does no good to have a $1000.00 deductible to keep your rates down if you can't afford the $1000.00 out of your pocket.
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LifeIsGood
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| Posted: Fri Oct 10, 2008 5:56 pm Post subject: |
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| Great point Life. I always took this into consideration when getting my vehicles insured. Sometimes paying a little higher premium is betting than trying to dog up a quick grand. |
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fireyone
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