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Thursday, February 26, 2009

Car Insurance Considerations

By Tom Martens

Car insurance is a necessity whether you like it or not. So with that in mind, here are a few things to take into consideration when looking for a new car insurance policy.

Policies come in all shapes and forms. Understand what your policy does and does not cover. If you are unhappy with the coverage, request a new quote. It's that easy! Car insurance providers will work with you, so don't take the shortcut.

If you are purchasing a car and will have a loan on the vehicle, full insurance coverage is required. In fact, most banks and lending institutions require proof of insurance as part of the loan contract. You want to make sure you have coverage that will pay off what is owed on the loan in case you have an accident before you can pay off the car loan. Ask your insurance provider for details.

If you own a home or have life insurance, bundle your policies. That means you purchase all your insurance policies from the same provider. This can provide significant savings on all your insurance policies, and it simplifies your life because you are dealing with one insurance provider for all your needs instead of several insurance providers.

You may be surprised, but the location of your home greatly influences your insurance rates. Car insurance is more expensive in metro areas, because there is an increased risk in theft or vandalism. Also more expensive vehicles demand more expensive car insurance policies.

If you have teen drivers in your family who need car insurance, this creates a new set of issues. Teens are considered high risk drivers due to their inexperience behind the wheel. It can be very expensive to add a teen driver to your car insurance policy. However, if your teen is a good student, ask your insurance provider if they have good student discounts. Good students are viewed as responsible, which helps lower the risk in the eyes of the insurance provider. Your teen could also enroll in a basic or defensive driving course to help lower their insurance premium rates.

Insurance providers also offer many other discounts for senior citizens, veterans, and women. Certain organizations like the AARP, also sometimes qualifies you for a cheaper premium.

Ask around and gather several different insurance quotes. There is going to be a provider willing to offer a cheaper rate than any other. If the coverages are equal or close, you have found a winner!

Contact a qualified car insurance provider, have them examine your situation, and answer any questions or concerns you might have.

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