Saving money on car insurance is far easier said than done. After spending endless hours comparing quotes from multiple companies, attempting to find the picture-perfect policy can seem like finding a needle in a haystack. But before you settle on a company or policy, you should know that there are just some things that your insurance company won’t tell you.
Many of these things can cause you to spend more in the long-run, regardless of how low your premium may be. Here are a few lesser-known facts about car insurance that can impact how much you pay each month.
Paying all of your insurance costs up-front may seem daunting at first, but it can certainly save you money in the long-run. Most insurance companies offer sizeable discounts to customers willing to pay the full cost up front. Drivers can typically opt out of the monthly installment plan, and pay either the 6 or 12 month cost at one time. For more information regarding this option, it is best to speak directly with an agent.
Personal Item Reimbursement
The majority of people understand that damage to your vehicle after a collision or break-in is covered by insurance, but your personal belongings are not. Even the most encompassing policy does not reimburse you for stolen items. This is why it is important to never leave expensive items such as laptops, cell phones, and other valuables in the car. Having to deal with the emotional pain of a break-in is bad enough without having to deal with the financial aftermath. Insuring your more expensive possessions is a great way to prevent this from happening to you.
Car insurance always covers medical expenses for the driver and passengers after an accident, but it doesn’t cover expenses for your pets. If you frequently transport your pets in your personal vehicle, this is definitely something worth thinking about. Veterinarian bills for serious injuries can easily cost upwards into the thousands, and some drivers may be expecting their insurance company to chip in. Be sure to take a closer look at your insurance policy, since more comprehensive policies may offer reimbursement for injuries up to $1,000.
Taxes and Other Costs
No one enjoys paying tax and registration fees, but in the event that your car is totaled, many companies offering car insurance may be willing to reimburse you. While doing this is a legal requirement in some states, it is not in others. This means that it is your responsibility to extensively research your policy and local laws before signing up. Even if your state does requires tax and registration reimbursement, some companies may not be required to do this if the other-party’s company reimburses you first.
Examine Your Policy Closely
Yes, there are many intricacies regarding insurance companies and policies, but many of them can be highly beneficial to drivers. Having a complete understanding of your policy and what it covers is one of the best ways to find out about these unspoken rules. You should also remember that these “rules” vary from company to company, and from state to state. By doing your homework, you can use these little-known facts to save you money and get the most out of your policy.