In this segment we are definitely going to use a large tablet and a couple of ink pens, to write it all down. Keep track of each quote and company. In all 50 states the law requires insurance coverage to be carried by each and every driver. While many drivers attempt to avoid paying for insurance coverage. This is totally and completely irresponsible. This attempt is only temporary, and will cause you far greater harm and headaches then any amount of money you think you might save in the process.
Operating a vehicle without insurance coverage can or may cost your driving privileges to be suspended, along with a healthy fine. (The amount of the fine could have paid for the coverage) Driving a vehicle without insurance coverage can additionally cause your vehicle to be impounded. Yes, Impounded, Towed away and placed in storage until you can provide proof of insurance to the court, or law enforcement agency that ordered your vehicle to be impounded. Lastly before an impound service will lawfully release your vehicle to you, they will require proof of insurance coverage.
Every tow company in America, hope’s you don’t provide proof of insurance coverage. When you don’t, they have a right to lien sale your vehicle and keep the money to pay for the impound and storage fee’s. Having the proper coverage is something for everyone to consider. How much equity do you have in your life is what you should consider. Having $25,000.00 in liability coverage when the equity in your home is $200,000.00 is not only taking a terrible risk, but out right dumb! You need to protect your assets and future with the proper coverage.
The sole purpose of insurance coverage is to protect YOU and Your Assets from being taken away or lost, due to a lawsuit against you. The probability of a lawsuit when you own or have nothing is usually slim. Disaster strikes when you have everything to loose! This is life, up close and personal.
The fastest and easiest way to seek the proper information is: On-line. The Internet is a perfect match for insurance coverage, comparison and shopping. Lets go to several links placed on this site for example: www.geico.com: You know the company with the cute little talking gecko and the British accent? In order to make this easy, simply click on any of these links, you see while reviewing our web site and the entire offerings of the insurance industry are a click away. A word of advice about car insurance: If it sounds too good to be true, then it probably is, OR you forgot to include the true nature of your previous and past driving history? You get what you pay for in this area as well. As we mentioned, buying your vehicle insurance policy or coverage from the dealer is a mistake. Insurance companies don’t sell vehicles and automobile dealers don’t deliver a very efficient service to the consumer selling insurance either. http://www.aarp.org/benefits-discounts/insurance-products/ might be something to consider for the baby boomers? But then they have the advantage of AARP’s ability to buy in large groups, something most insurance companies like to provide coverage for.
As we discussed in our first segment, number one (1): How much can you afford, Your finances?
It is important to budget your new insurance payment into the equitation at all times. For instance: If you were driving an old clunker with only PL &PD (Public liability) and (Property Damage) Chances are the payments were fairly reasonable? On the other hand now that you are considering a new or near new “ Perfect vehicle” not only the bank or lender wants to ensure their collateral is safe and secure but you should as well. After all, your hard earned dollars are going to pay for this new beauty for a few years to come. Never allow: Your vehicle coverage to laps, this is a sure way to get into a bind with your lender placing (VSI) vendor supplied insurance coverage on the vehicle. This by the way doesn’t cover YOU in any manner. It simply insures the value of the collateral (vehicle) for the lender. If you need additional explanation about this: Please refer to Segment one (1) where (VSI) coverage is discussed in depth.
For those of you with a (DUI): Driving under the influence or (DWI) Driving while intoxicated. Even if you’re initial offense was reduced to a “Reckless driving”. Always be honest and up front with the insurance company representative. Not if, but when, they find out you told them a “story” your new rate should reflect that, in the next contact you receive from them.
Driving records are a matter of (Public Record) available to everyone, including your next possible insurance company or policy provider. Honesty is always the best policy!
For our Lease customers: We have a different set of circumstances: The cost of insurance coverage on a leased vehicle is extremely higher. Because the required coverage is much higher as well. You should always remember, you don’t own a leased vehicle. The leasing company does! You are simply renting it, for a prescribed period of time. The leasing company needs to have additional coverage so they will not be held liable if a situation of loss presents itself. Lease overage requirements begin at: $100,000.00 $200,000 and $300,000.00 some are in the area of $200,000.00 to $500,000.00 There is substantial cost for these amounts of coverage. Always know what you are getting yourself into long before you sign your life away with new purchase or lease agreement.
Note: Leasing: The possible benefits and disadvantages of leasing will be discussed in the next two segments: Number (9) and (10)