Courtesy of iii.org The basic personal auto insurance mandated by most U.S. states provides some financial protection if you or another driver using your car causes an accident that damages someone else’s car or property, injures someone or both. But to make the best decisions about purchasing other types of auto insurance coverage you might need, you’ll want to understand what’s covered, what’s not covered and what’s optional. In addition to understanding types of coverage, you’ll also want to consider coverage amounts. Why? Because state-required minimums may not cover the costs of a serious accident, so it’s worth considering purchasing higher levels of coverage. Here’s a rundown of the types of coverage available—some are required; others are optional; all are priced individually (a la carte) to let you customize coverage amounts to suit your exact needs and budget. Mandatory coverage Nearly every state requires car owners to carry the following auto liability …
Car Insurance
Teenage Drivers Insurance Update
Courtesy of iii.org For parents, the excitement of having a first-time driver in the house is usually tempered with worry. With little driving experience, immature drivers are at a higher risk for accidents. Of course, safety concern is uppermost in most parents' minds but other stressors—like the high cost of insuring your new driver and the financial liability implications of a teen driving mishap—can be reduced with these steps. Before getting a learners permit, make a call to your insurance professional Your agent or rep can clearly explain the costs involved in insuring a teenage driver. The good news is, as your teenager gets older, insurance rates will drop—providing he or she has a good driving record. Therefore… Involve your teen in the car insurance discussion From the outset, it's important to talk to your kid about the relationship between driving a car and the attendant responsibilities, including insurance costs. Explain and reinforce driving safety tips and the …
What Happens if Your Car Insurance is Cancelled?
Courtesy of iii.org There's a difference between an insurance company cancelling a policy and choosing not to renew it. Learn why your insurance might not be renewed Auto insurance cancellation Insurance companies cannot cancel a policy that has been in force for more than 60 days except when: You fail to pay the premium You have committed fraud or made serious misrepresentations on your application Your drivers license has been revoked or suspended. Auto insurance non-renewal Either you or your insurance company can decide not to renew the policy when it expires. Your insurance company must give you a certain number of days notice and explain the reason for not renewing before it drops your policy (the exact timeframes and rules will depend on the state in which you live). There are a number of reasons an insurance company may choose not to renew a policy, and it may have nothing to do with you personally. For example, your insurer may have decided to drop that …