So, you’ve had your eye on that sweet little red sports car. When trying to determine which car to purchase, keep in mind that the vehicle that you choose can have a direct influence on how much your car insurance premiums will be. Here is a list of vehicles that typically will increase your insurance costs.
In some cases, these vehicles can cost more to insure:
High performance vehicles
Vehicles equipped with added technology features
Very small vehicles
Vehicles known to have a history of theft
If you are concerned about how your new car will impact your insurance premiums, call Insurance Doctor. We can give you the best possible insurance price on the policy that best suits your insurance needs.
Everybody parent who has a child just learning to drive or getting ready to get his or her license just dreads the thought of carrying insurance coverage for the new driver. Insuring a teenage driver can be quite expensive. It is a known fact that, on average, drivers under the age of 25 pose the greatest risk to insurers. Because of this, insurance companies charge higher insurance rates for 16 – 24 year-old drivers than for any other age group.
While there are several options available, probably the least expensive option would be to add your teenager to your existing auto insurance policy once he or she obtains their learner’s permit. Your teen may actually be able to take advantage of certain discounts on your existing policy such as safe-driver and multiple-car discounts. Inquire about the good student discount.
At Insurance Doctor, we can review your current policy and help you determine your most cost-effective option. If you’re considering a used car for your teen, let us know the make, model, VIN#, and year of the cars you’re considering and we can better provide an accurate insurance quote.
What a great question. Many people think that if the car isn’t worth much then it is not necessary to insure it. But even if your family car has little value, you will still need to carry some insurance on it.
Your automobile insurance policy is comprised of multiple types of coverage. You usually have some flexibility in the types of coverage as well as the amounts of coverage on your plan. With that said, just about every state has laws that require drivers to carry liability auto insurance and many states require proof of coverage in order to register your car.
It is required that drivers carry liability insurance. This type of coverage provides financial protection from liability claims against you when you or a family member causes an accident that results in bodily injuries to other people or causes damage to their property. Every state has mandatory minimum limits of liability coverage.
Comprehensive and collision insurance is another type of coverage included as part of your automobile insurance plan. The collision and comprehensive coverage reimburses you for physical damage to your own vehicle resulting from collisions and possible other causes such as falling objects or fire. You may not want this type of coverage if your car is worth less than $1,000. The most you would receive in reimbursement would be its actual value after depreciation and depending on your deductible, that probably isn’t much. Some car owners only carry liability insurance on the family clunker.
If you have questions about the coverage of your existing automobile insurance policy, call Insurance Doctor.
Are you looking for a way to lower expenses this year? Trying to balance your budget? There are some ways that you might be able to lower your car insurance. Here are a few tips:
Raise Your Deductible – Your deductible is the amount of money you are required to pay on a claim before your insurance covers the balance. You can easily lower your car insurance premiums by increasing your deductible because the insurance company won’t pay as much if you get into an accident. Remember, this means you will pay more at the time of an accident.
Pay Your Premiums Up Front – The longer you stretch out your payments on your premium installments, the more you pay in fees. Lower your car insurance premiums by paying for your premiums six months in advance.
Ask About Discounts – There are multiple discounts that you may be eligible for. Good driver discounts and multiple policy discounts can reduce your auto premiums significantly. Ask your agent if you qualify for any of these or other possible discounts.
Eliminate Unnecessary Coverage – Carefully review your policy and get rid of policy add-ons you no longer need. If your car has greatly depreciated in value you may want to consider removing your collision insurance since it would probably cost more to fix it than it is worth. Many people with older vehicles pay only for liability coverage.
Examine Your Car Habits – Explore other possible discounts with your insurance agent. You may qualify for lower rates based on how you drive or care for your car. You may qualify for low-mileage discounts or reduced rates because you store your car in a garage.
If you have questions about your current car insurance policy, call Insurance Doctor. We will evaluate your current policy and look for ways to save you money while providing you with the automobile coverage you need.
Have you ever wondered what formula goes into factoring the cost you pay for your automobile insurance? Your driving record is one of the biggest considerations, but there are other factors that go into calculating the premiums you pay for insurance coverage. Here is a list of some factors that can either increase or decrease the cost of automobile insurance coverage:
1. Type of vehicle you drive: make, model and year – Some vehicles are more expensive to repair and statistics show that accident rates differ for different types of cars.
2. Insurance coverage history – If you are a new driver or previously have not had insurance coverage, you can expect to pay higher rates.
3. Designated vehicle use – Claiming your car as a work vehicle can increase your premium.
4. Personal factors – Your age, sex and marital status can influence your insurance rates. Studies indicate that older drivers, female drivers and married drivers usually have better driving records which can give these categories of drivers lower premiums.
5. State of residence – High population states tend to have more accidents. Also, the type of insurance system in the state can affect your insurance premiums.
Contact Insurance Doctor if you have questions about your insurance coverage and to get a free insurance quote.