Feb 04
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Good behavior is rewarded by top car insurance companies, according to a recent article by Motley Fool writer Selena Maranjian. In “5 Car Insurance Surprises,” some benefits and downsides that you may not be aware of are highlighted. Some insurance companies offer accident forgiveness for your first at-fault accident. While you may have to be with the company for a few years before you qualify, there are insurers who offer this type of plan right away.
Having a good driving record free of accidents and violations means you will pay less for car insurance than someone without a clean record. State Farm car insurance quotes may also give you a better rate if you have a high credit score. You can purchase breakdown insurance which will cover repairs to your car that are not included in any warranty you may carry. This does cost a good chunk of money though and isn’t available for cars that are too old.
More expensive cars typically cost more to insure, but rates can actually vary significantly from company to company based on your make and model. That is why it is so important to shop around and get numerous quotes from companies like Mercury insurance. As long as you were not at fault in an accident, fourteen states have the option of diminished value insurance coverage. This will compensate you for any difference between what was covered in damage to your car and what value you may have lost.
Gap insurance is available to cover any difference between what your insurer pays you for the value of your totaled car and what you actually owe on the car. It is possible that without this coverage, you would have to pay the difference out of pocket between your loan or lease amount and the money covered by insurance. That is in addition to buying another car. Shop around online for car insurance because Consumer Reports says that 14% of you could pay less with another insurer.
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