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Auto Insurance Tips

Here are a few tips to help you make sense of the auto insurance industry:

  1. It is not wrong to assume that the insurance company is in business to make money.
  2. It is also not wrong to assume that the people in the insurance companies are honest and can make the  money they need while acting with integrity.
  3. The industry is well regulated and monitored.
  4. The products that your insurance company sells are complex and you will have much more success with these products if you pay attention to what you are buying. If you take the time to buy properly you will be well served.
  5. Your insurance policy is a contract and you are entitled to the coverage and benefits that are in that contract. In almost all cases if you pay more you get more. They will not be motivated to give you what you did not pay for.
  6. Examples of policy choices are:
  • A $1,000 collision deductible policy will cost less than a $200 collision deductible.
  • If your car is less than three years old you can buy a replacement cost policy that will allow the use of new OEM parts. It may replace the whole car in some cases if it is less than a year old.
  • A good loss of use addition to the policy will get you in a rental car right away and keep you there longer. If you don’t buy this, you are on your own for at least several days.
  • An important consideration is the use and drivers for which the the car is insured. If you are driving it to work and your young son or daughter is using it is important that the policy reflects this.
  • It makes sense to match the policy to the car. A nice safe 10 year old car works just fine for getting back and forth to work, but if it is only worth $2,000 it may not make sense to pay for collision coverage.

Hopefully, you are lucky enough to not need your insurance. However, if the time comes when you need it, you’ll be glad to have the proper insurance. If you do need to make a claim there are some more tips at the Report a Claim page.