Auto Insurance
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Auto Insurance Information
The world of car insurance can be complex to navigate. This guide breaks down the basics of auto insurance, from understanding your policy options to smart strategies for choosing coverage and deductibles. With the right information, you can make informed choices to get the optimal insurance for your needs and budget.
How Auto Insurance Works
When you get car insurance, you transfer the financial risk of getting into an accident or your car being damaged or stolen to an insurance company. In exchange for paying your monthly premiums, the insurance company agrees to pay for certain covered losses up to the limits of your policy.
Different types of auto insurance coverage may be added to your policy, such as the following:
- Liability insurance for damage you cause to others
- Collision insurance for damage to your vehicle from a collision
- Comprehensive insurance for noncollision damage such as theft or vandalism
- Uninsured motorist coverage, which can you if a driver with no insurance hits you
Many factors go into calculating your exact premium, including your driving record, location, vehicle type and amount of coverage. Overall, the more coverage you choose, the higher your premiums.
How Auto Insurance Deductibles Work
A car insurance deductible is the specific amount policyholders must pay out of pocket when filing a claim with their insurance company. This amount is predetermined and agreed on when purchasing the insurance policy. Once the deductible is paid, the insurance company covers the remaining expenses related to the claim up to the policy’s coverage limits. The deductible represents the insured’s share of the financial responsibility in the event of a claim, ensuring that the insurer pays only for damages beyond this initial amount.
Deductibles may be a fixed dollar figure or a percentage of the total insurance coverage outlined in a policy. The deductible amount can fluctuate significantly depending on factors such as the amount of coverage you’re required to carry, your driving record and the value of your vehicle.
Where to Get Car Insurance
When shopping for car insurance, get quotes from several providers to compare rates and coverage options. The following are good places to start your search:
- Independent car insurance agents
- Insurance company websites
- Online insurance marketplaces
- Your state’s insurance department
Review your policy details once you’ve compared auto insurance quotes to ensure you get the coverage you need. A car insurance agent can help you to get the best value for your money.
Contact Us
Cowey Insurance Group assists drivers in Havelock, Jacksonville and Newbern, North Carolina. Contact us today to learn more.
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