It is crucial to have a good car insurance policy if you are a smart and a careful driver. Shopping around and choosing the best available in the market, is the first step towards a good car insurance policy, but there are several silly mistakes that a lot of people, especially, those who are buying car insurance the very first time, make while purchasing car insurance. This is simply because you have access to a wide variety of auto insurance coverage present in the market combined with the precise requirements of your situation. More often than not, people end up making silly mistakes that would be costing them, hundreds and even thousands of dollars simply because they have not bothered to devote time to understand their specific requirements and accordingly locate the right coverage. Here are some of the silly mistakes that people often tend to make while purchasing a car insurance policy for themselves.
Mistake No.1: Shopping Without Doing Any Homework
Before you could even think of venturing out to shop know the answers to the following few relevant questions as a first step towards buying a decent car insurance policy.
- How much auto insurance coverage would your state need? You could browse online and find out your state’s coverage minimums.
- If your vehicle is still not paid off, what additional coverage would your lender need? For instance, do you need to get collision & comprehensive coverage?
- How much monthly premium could you afford?
- How much could you pay out of your own pocket in the event of an accident?
Once you are able to answer these questions, you would be ready with a baseline for exactly how much car insurance you could purchase and also, exactly how much you could pay. You need to do adequate research while choosing the best car insurance policy for your precise needs. Once you know your precise needs, you must browse the Internet and get free car insurance quotes from various insurance companies. You would see that even after restricting your research to the well-known and reputed carriers, you would find a remarkable difference in car insurance premiums offered by them and that would help you save a substantial amount of money eventually.
Mistake No. 2: Not Getting Adequate Coverage
More often than not, drivers would be focusing precisely on the bottom line while purchasing car insurance and they are really happy and satisfied when that total is actually low. However, to get that low price, often ample coverage is ignored. Drivers would be without adequate protection. Avoid this mistake as it could prove to be costly in the long run.
Mistake No.3: Thinking that You Are Fully Covered
You must realize that no insurance policy offers total coverage. You need to appreciate the fact that there would be numerous gaps even in some of the best car insurance policies. So, it is your responsibility to discuss clearly with your insurance agent regarding things that are not covered and accordingly, you need to adjust your insurance and make sure that the most probable events are all addressed. For instance, if you are living in a locality prone to car thefts and robberies, you should get theft coverage as a safety measure.
Some Don’ts While Buying Car Insurance Policy
- Don’t make the mistake of not disclosing all your prior claims.
- Don’t buy the cheapest available policy, instead, shop based on both coverage and price so that you are sufficiently protected and not subjected to any issues including high deductibles.
- Don’t make the mistake of not asking the relevant insurance company whether they are offering accident forgiveness or not. You must get accident forgiveness.
- Don’t buy a car insurance policy without getting all the discounts you are entitled to.
Simply by devoting a little time to doing research and then considering the available options, you could end up saving a tremendous amount of money while buying the most suitable insurance policy for your car.