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Buying your first auto insurance policy isn't as complicated as it may seem. Here's what you need to know about buying auto insurance and what you should be looking for in an insurance policy for your vehicle.

What Kind of Coverage Should You Consider?

Before you can start comparing insurance companies and quotes, it's important to determine what types of coverage you will need. You first need to find out how much coverage is required by the laws of your state. Every state will have their own laws concerning auto insurance and how much minimum coverage is required in order to drive legally.

Next, depending on your situation you can choose the additional coverage you need to protect yourself, your vehicle, and its passengers. There are basically 4 types of coverage: comprehensive, collision, liability, and uninsured driver. Which types are best for you depends on a number of factors like your budget and the type of car you drive. For example, if your car isn't worth much, it might not be worth it to purchase a collision policy.

How Much Coverage Should You Consider?First Time Auto Insurance Buyers Guide

Once you have determined the types of coverage you want, the next step is to choose how much protection you want. Again there are different limits set by each state and you will have to at purchase the amount of protection that meets those minimums. The biggest choice you will probably have to make is deciding your deductible.

Choosing a higher deductible usually results in a lower premium. So you can save some money by choosing a higher deductible. Just remember that should you have an accident or have to make a claim that the deductible has to be paid out of your pocket first before the insurance company will pay for any additional costs.

Shop Around to Find the Best Value

Today the internet can be a valuable tool for researching both the insurance companies themselves and their prices. Spend some time looking for the company that can provide the most benefits, the best customer service, or more coverage for a lower cost. Choosing a company with a good reputation and great customer service can be just as important as finding the company with the lowest prices. That being said, getting online auto insurance quotes can be a convenient way to quickly compare rates from many companies.

How to Know If You're Paying Too Much?

When comparing rates, make sure that the quotes include the same types of coverage, limits, and deductibles. If not, one quote might look lower than another, but it won't provide the same amount of protection.  

Also make sure to check with each company to find out what types of discounts they offer and which ones you may qualify for. This could make a big difference in the cost of your auto policy.

Review Your Auto Insurance Policy

Once you have found the right policy for you, it's recommended that you review your auto insurance policy periodically to make sure it still provides the right amount of protection for your situation. You definitely want to check it anytime you have a major life change such as getting married, having a baby or have changes to your assets such as buying or selling your car or home.

Before you buy a policy, make sure you know exactly what it covers. Understanding what you are buying is important. If you have any questions or need help you can always turn to a local agent for help.


By Matt Reynolds - Google+
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
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