Buying Auto Insurance
Having the right auto insurance policy is
very important. You want to be sufficiently
insured in case you have an accident, but
you don't want to be paying more than you
have to for your policy. Below are some
common tips that will help you select an
appropriate car insurance policy.
Get a Copy of Your Credit Report
Many people are
unaware that your
will influence the rate you pay for your
auto insurance policy. Therefore you
want to make sure that all of the
information on your report is accurate and
How Much Coverage You Need
If you are purchasing your new car with
an auto loan from Premier Auto Financing, or
any other loan provider, you are going to be
required to have full coverage insurance.
This means that you have all the minimum
coverage for your state of residence.
You can visit the
Motor Vehicles to learn what the full
coverage requirements are for your state.
Your Driving Record and Existing Auto
Prior to looking for a new auto
insurance policy you need to review your
current policy and how much you are paying.
Knowing this will allow you to accurately
compare new plans with your old one.
You also need
to familiarize yourself with your driving
history. Specifically, do you have a history
of tickets? If you do, you need to
find out how many points you have and when
these points are scheduled to be removed. If
the points are listed for elimination soon,
you should wait until the points are gone to
request quotes for a new insurance plan.
A poor driving history will result in
higher auto insurance costs.
Online websites like
will allow you
to input your information to receive quotes
from several of the major carriers in your
area. Some of these quotes will be instant,
some will not. You can expect to be
contacted by all companies within a few days
from the time you submit your auto insurance
Now that you have your quotes, compare
the prices and specifics of each policy. You
should consider what kind of payment
schedule is offered. Meaning, are payments
due monthly, quarterly, or annually. You
need to find out what will happen if you
miss a payment. Also, make sure all of the
coverage limits are the same so that you are
making an accurate comparison. Obviously,
you want to select a few companies that are
Now that you have narrowed your potential
insurance carriers down to a few, you need
to analyze each company. You need to find
out which company is going to be the fastest
and most reliable when handling your claims.
You can visit the
Deparment of Insurance for your state
and research complaints filed by policy
holders for each company. A good idea is to
also contact your local auto body shop. They
should be able to give you a good idea about
which insurance company is the best. You can
also visit A.M. Best to view the ratings of any
auto insurance provider.
Your Policy One More Time Before You Sign
Now that you have decided on which auto
insurance carrier you are going to use,
review your policy again. Make sure that it
is 100% the coverage you are looking for.
There are two
clauses that you also need to look for
before signing. One, make sure that you
'retain the right to sue'. Some insurance
companies will not allow you to sue if you
are involved in accident. They only allow
you to enter into arbitration. If this
clause is present, most companies will allow
you to eliminate it. If they do not remove
this section, use another carrier. The
second clause you need to be aware of is the
'aftermarket requirement'. Some carriers
require that you use aftermarket parts on
your car if you get into an accident. If
this is the case, do not use this carrier.
Your Old Policy
Believe it or not, many people forget to
cancel their old coverage when buying a new
auto insurance policy. So, remember to
cancel your old policy!
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