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Car insurance is very important. It’s so important in fact that most states in the US require drivers to have one. The cost of car insurance is an important factor that help car owners decide on which insurance company and coverage to choose. But trying to “guess-timate” the cost on your own won’t really help. Even if you know how much car insurance is in general, the cost in the exact area you live in could be significantly higher or lower.
The Average car insurance cost
Car insurance costs vary in every state. There are some states where the amount is still higher than the general average such as Louisiana or New York where the average car insurance cost is nearly twice the national average.
Consider the following statistics:
– Drivers under 25 have caused the majority of road accidents, at one point being involved in over 60% of road incidents within the nation.
– More than 35% of these were a case of driving under the influence of alcohol or drugs.
– More than 50% of all these cases involved drivers that were between 17 and 22.
The average cost of car insurance for people within this age group (from 17 to 24) is high. On the other hand, people between 20 and 24 see an average insurance quote that is lower than those in the 17-24 age group. If you are 25 years old or older, then your average cost of car insurance will be much lower than teens and those in their early 20s especially if you are 40 and above.
More informations about car insurance cost
The car insurance cost also varies based on gender. Women drivers are considered safe drivers and this is why they get lower insurance rates. Studies have shown that men are more likely to cause accidents because of reckless driving, over speeding, or driving under the influence.
How much is the difference? Men tend to have insurance that is at least 12% higher than females. This is an average when all states have been taken into consideration. This generally means that a woman can get car insurance that is at least a few hundred dollars cheaper than men
Types of Coverage
What exactly is a full coverage plan and just how much insurance does one person exactly need? To find out, here is a list of the numerous insurance plans or coverage offered by insurance companies for you to choose from. You may get one, two or all of the options mentioned here.
Liability coverage – in a nutshell, liability coverage will pay for the expenses for damages done to the car you hit, in case you were found to be at fault in an accident.
Bodily Injury Liability or BIL – this covers expenses such as medical bills of the passengers and driver of the vehicle you hit. There is a limit but it will cover the majority of medical expenses.
Personal Injury Protection or PIP – this type of coverage will cover your medical bills, to a certain extent, and the treatment expenses for the people who were with you in your car during the accident.
Collision protection – this will cover the expenses for your vehicle, even when you are at fault. This means that your vehicle will be repaired and the cost will be shouldered by the insurance company, to a certain extent. If your car is completely wrecked then it will be replaced.
Comprehensive – this will take care of expenses to repair damages to your car dealt by forces other than a car accident, such as flooding and earthquake.
Uninsured and Underinsured Motorist – this will take care of the costs to repair damages in case the person you got into an accident with does not have sufficient insurance coverage or if they are not insured at all.
Which of these coverage options are important? Which can be taken out of the picture so you can cut down on car insurance cost ? Every state except for New Hampshire requires liability coverage and this is by far the most important. You may also want to get BIL to ensure the other person’s medical expenses will be covered, otherwise you will need to pay for their medical bills yourself.
The rest are not essential but they are recommended if you can afford them. You will never know when you’ll need them.
By going only for liability and BIL coverage your average car insurance cost will go down. It might not be the wisest choice but it does strip away the unnecessary add-ons and leave only the policies that will save you from a financial crisis in the event of a road accident.
Getting a Higher Deductible – Car insurance cost
If you really want to lower your monthly premium then you should opt for a plan that has a high deductible. The deductible is the amount you have to pay out of pocket. For example, if you purchase collision coverage and indicate a deductible of $500 this means that if your car does collide with another car, you will need to shell out $500 out of the total cost of repairs. Why go for a higher deductible?
First of all, it lowers your monthly premium. Secondly, it means you are paying less for a service you may not need. It is better to pay $500 when you get into an accident instead of paying a premium that is a hundred dollars more expensive and yet you may never have to use it.
It is very important that you choose your car insurance coverage wisely and take the time to scout for the best offers. Some people wish they could forego getting car insurance, thinking it’s just an unnecessary expense. But it’s not an expense at all but rather, an investment. There are things we wish would never happen to us, such as a car accident or car theft but these things do happen. And when they do, you better be ready.
Select your state below and check car insurance cost in your city.
When we consider insuring our vehicles, the first thing that comes to our mind is how we can make it cost effective. Because of the rising prices of almost everything under the sun, we would like to get the maximum out of our car insurance. Here, we shall discuss how we can save on our insurance and the maximum benefits out of it.
Adding a Second Driver
In cities like Kolkata, there is always a chance of having to pay a higher premium if the driver is comparatively new and has little or no experience. But companies like Bajaj Allianz automatically reduce the premium if another driver is added who has a considerable amount of experience and has a clean sheet. This is one of the easiest ways of saving on your insurance and often the most effective. More details can be found on the company’s website which will give you a clear idea of how to go about the entire process.
As we all know too much of anything is bad, the same goes for car insurances. We may think that insuring our cars for the upcoming 20 years may be worth it, but in the long run, we may not even use that car for that period of time. In this case the money goes to waste and there are lesser chances of us being able to save our hard earned money. So it is necessary to be wise and practical while choosing our insurance.
Keeping it Simple
Always try and keep your car as it came in the showroom. Any additional fittings or modifications made by you will automatically shoot up the insurance cost of your car. Insurance companies like reliance general keep a strict lookout for such modification and if any, the insurance cost almost doubles itself in some cases. If you wish to find out how, you can visit the company’s website and get to know the details.
Asking for Discounts
Various companies like Bajaj Allianz offer discounts on car insurance if you ask for them. These are namely bundled insurance discount, good student discount, low mileage discount etc. a more comprehensive list can be found on their website.
Often before buying your next car, it is important to have knowledge of the insurance policies offered. Companies like Mukesh Hyundai or Dewar’s Garage have online portals which help you determine the best insurance rates online.