One of the soundest investments that one can make - and Robert Jain and others in finance will agree - is auto insurance. Most people use cars, vans, and other such vehicles to get around, and while they are usually careful when behind the wheel, the margin for error always exists. Before you put the money down for this type of insurance, it's important to know what you're investing in. Here are the most important auto insurance questions to ask.
"Before I buy auto insurance, do I require it by law?" Most of the United States has mandated car insurance, meaning that, depending on where you live, you must buy some form of insurance for your vehicle. There are exceptions to the rule - New Hampshire is perhaps the most prominent - and the specific plan needed will depend on your residence. Nonetheless, if you own some type of vehicle, names like Bob Jain will recommend that you invest in auto insurance.
"If I need auto insurance, what will be covered?" Despite the different coverage types that auto insurance entails, there are a few commonalities to be noted. Liability, for example, will help cover the costs for those that have been injured in accidents. Collision focuses on vehicle damage that can't be repaired. The more money that you spend on a plan, the better your coverage will be, so keep this in mind when looking into specific plans.
"Is it true that the color of my car influences my insurance premium?" When it comes to the misconceptions regarding auto insurance, this is among the strangest. It's also one that many people believe, which is why it's important to note that color plays no part in how much your insurance premium is. The model of your car, your age, and the number of accidents on your driving record are more influential. Color is a personal preference, not an auto insurance variable.
"How can I make auto insurance less expensive for me?" If you've been paying for auto insurance, but believe that the rates are too high, it's possible to make it less expensive. One of the ways to do this is by building a solid driving record. By driving with care, abiding by the rules of the road, you will develop a solid reputation behind the wheel. This is the easiest way to lower your insurance, so if you feel like you're paying too much at the onset, you can always revisit this in a year or two.
"Before I buy auto insurance, do I require it by law?" Most of the United States has mandated car insurance, meaning that, depending on where you live, you must buy some form of insurance for your vehicle. There are exceptions to the rule - New Hampshire is perhaps the most prominent - and the specific plan needed will depend on your residence. Nonetheless, if you own some type of vehicle, names like Bob Jain will recommend that you invest in auto insurance.
"If I need auto insurance, what will be covered?" Despite the different coverage types that auto insurance entails, there are a few commonalities to be noted. Liability, for example, will help cover the costs for those that have been injured in accidents. Collision focuses on vehicle damage that can't be repaired. The more money that you spend on a plan, the better your coverage will be, so keep this in mind when looking into specific plans.
"Is it true that the color of my car influences my insurance premium?" When it comes to the misconceptions regarding auto insurance, this is among the strangest. It's also one that many people believe, which is why it's important to note that color plays no part in how much your insurance premium is. The model of your car, your age, and the number of accidents on your driving record are more influential. Color is a personal preference, not an auto insurance variable.
"How can I make auto insurance less expensive for me?" If you've been paying for auto insurance, but believe that the rates are too high, it's possible to make it less expensive. One of the ways to do this is by building a solid driving record. By driving with care, abiding by the rules of the road, you will develop a solid reputation behind the wheel. This is the easiest way to lower your insurance, so if you feel like you're paying too much at the onset, you can always revisit this in a year or two.
About the Author:
If you'd care for additional information regarding insurance and other finance-related topics, consult Bobby Jain.. Free reprint available from: What To Ask About Auto Insurance, With Robert Jain.
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