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Used Car Insurance Tips

By: StaffPublished September 24, 2021

Tip #1 Insurance Rates on Used Cars Are Changing, So Change Along with Them

If you want to avoid overpaying for used car insurance, the key is to shop around. Auto insurance rates and premiums are in constant flux, with rates increasing rapidly one year and then leveling out the next. In addition to these industry-changing rates are your personal factors. Your credit history and driving record are two of the main determinants insurers use to arrive at your insurance rates. Neither of these is a static number. So if your insurance company is not accounting for an improved credit rating or driving record, it is probably time you find someone who will.

Tip #2 There Is No Excuse For Not Shopping Around

Today’s technological landscape has made shopping for used car insurance as simple as clicking a button. A number of insurance company websites and internet review sites let you shop for and compare quotes side by side. There are many online insurance quoting tools which allow you to shop for the best car insurance by zip code.

Tip #3 Understanding Used Car Insurance Terminology

Shopping around is only one-half of the battle unless you understand what you are shopping for, you could still end up paying too much. The following is a list of terms that can help you make sense of your insurance policy. Liability Insurance: Most states require a minimum amount of insurance. This is what is known as liability insurance. In most scenarios, liability insurance is the least expensive and will cover damage you do to other people, their vehicles or their property. Liability insurance is often broken into two parts:

  1. Bodily Injury: In the event, you are liable for an accident, bodily liability insurance pays for medical, rehabilitation and other physical damages you do to other people, passengers, and drivers.
  2. Property Damage: If you are responsible for damage to another person’s property, such as their vehicle, this coverage will pay for repairs and replacement

Collision Insurance: A step above liability is collision insurance. Collision insurance covers you. It will typically cover repairs you do to your vehicle, regardless of the cause. Comprehensive Insurance: Comprehensive insurance covers just about everything else. It will cover things like theft, vandalism and storm damage.

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