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Buying a car always starts off as a fun experience but trying to find the right car insurance can be a hassle.
But here's the thing: You can actually get a car insurance quote and have proof of coverage in minutes.
In this post today i will go over why you need car insurance, how it works and how to get a few car insurance quotes in minutes.
So, What Is Auto Insurance?
In Plain English, condo insurance, also known as H06 Insurance is protection against a covered loss for your condominium.
Unlike a traditional home, when you buy a condo you don't actually own the building or the land your condo sits on; however, you do own everything on the inside of the condo including the internal walls.
This is where condominium insurance comes into play, since you aren't renting the unit, and you don't actually own the building, you still need coverage for your personal property, liability, loss of use and personal electronics.
Unlike a traditional homeowners insurance policy, a condo insurance policy does not cover the structure of the building; that part of the building is going to be covered by your homeowners association's (HOA's) master policy.
How Does Car Insurance Work?
To buy car insurance you must first answer a few questions about yourself personally as well as your car.
After that it will be time to pick the different coverage options you want on the policy as well as the coverage amounts.
Keep in mind that almost every factor will impact your premiums and the more coverage you add to the policy the higher the premiums will go.
Once the policy is in-force you will get proof of insurance in the form of an insurance card that you can either print for your records or keep on your cell phone.
If you have any damages to your car or it's stolen then you would need to file a "claim" with that insurance company.
When you file a claim you are essentially asking your insurance company to pay for the damage. If the damage is covered, the insurance company will pay for the damages up to specific limits.
Who's Covered By My Auto Insurance?
Auto Insurance policies will cover you, your spouse, and any other family members you name on the policy.
Your policy would also cover you if you are driving someone else's car as long as you have their permission.
Finally, if you let someone drive your car, even if they aren't on your insurance policy they are still covered.
Is Car Insurance Mandatory?
Yes, car insurance is required in every state except for New Hampshire.
Now, if you live in New Hampshire you shouldn't jump for joy just yet because, you are still required to take financial responsibility for any accident you may have.
The actual minimum requirements you need for car insurance will vary by state; however, usually the below coverage types are required:
And here's the thing:
If you drive without insurance, you could get a fine, have your license revoked, or even go to jail so it's essential that you have this coverage.
How Much Car Insurance Do I Need?
Each state is going to have different requirements for minimum car insurance and we are putting together a detailed guide for each state.
In the mean time, it's essential to remember that the minimum amount of insurance required by your state will not be enough to protect you 100%.
Let's say you are only required to have $15,000 of liability coverage in your state, but you cause $65,00 worth of damages.
Are you going to be able to pay out the additional $50,000 when you go over your insurance limit?
It's also possible that your state will only require you to obtain liability coverage, which would leave your own car completely unprotected.
Now, if your car is super old and you don't really care much about it to get full coverage, it's still essential to have some form of comp & collision coverage on your policy.
Your comp & collision will cover the cost of damage to your car but not before you pay your deductible.
You will have to pay a deductible when you add comprehensive and collision to your policy.
It's usually between $500 to $1,000 and is required to be paid before the insurance company will start covering costs.
Always consider how much you can afford to pay out of pocket when choosing a deductible because if your car is damaged you will need to come out of pocket with your deductible before the insurance company pays.
What Will My Car Insurance Cover?
Your car insurance policy is going to be made up of different types of coverage and each type of coverage will protect you in different situations. Below is a layout of what these policies usually cover:
Your Basic Coverage
Below are the coverage options offered in most states, but keep in mind that coverage can vary.
Damages Or Injuries You Cause
Liability Insurance: In a majority of states, this is the only required coverage which means that if you're in an accident and are responsible (also called at-fault), liability will pay for:
Damage To Your Car From Nature
Comprehensive: Covers random events that you have no control over:
Damage To Your Car From Accidents
Collision: This part of the policy will cover accidents with other cars and objects no matter who's at fault. Collision will also cover you if you overturn your car accidentally.
Damage To Your Car From Uninsured Drivers
Uninsured/Underinsured Motorist Property Damage: This might shock you, but around 13% of drivers are uninsured around the nation, according to the National Association of Insurance Commissioners. If a driver without insurance (or one without enough insurance) hits your vehicle this coverage would kick in.
Personal injury protection (PIP): PIP also goes by Medical Payments coverage and is offered in most states. However, PIP is available only in the states that require it to be offered. Basically any time a car causes someone injury, these coverages will both pay for:
PIP, which varies by state, is a bit broader and may cover other losses such as funeral expenses, lost wages, and rehab costs.
Your Injuries Caused By An Uninsured Driver
Uninsured/underinsured motorist bodily injury: Pays for injuries and lost wages if an accident is caused by an uninsured motorist.
What Car Insurance Won't Cover?
It's essential to know exactly what car insurance is and what it isn't; below we go over a few things that car insurance won't cover.
Your auto insurance will not cover mechanical repairs unless they were caused by a covered loss such as a collision, fire, or vandalism. Normal wear and tear on your car isn't something a car insurance company will handle.
Hopefully you have some type of warranty to help with those repair costs. So things like bad breaks and oil changes aren't something covered by your car insurance.
Commercial Driving Isn't Covered
Your car insurance for your personal vehicles will only cover personal driving. If you are using the car for any commercial reasons like Doordash or other delivery services.
You also wouldn't be covered for ride-sharing companies like Uber or Lyft.
However, there are some companies that offer coverage for ridesharing services for an extra cost.
How Is Car Insurance Priced?
I think it's important to talk about where these insurance quotes come from.
Now, I can assure you they aren't random and that insurance companies are looking at a ton of factors when trying to determine your costs such as:
Are You A Safe driver: No accidents or files claimed in the past will show that you are a safe driver.
You Don't Speed: No history of speeding tickets on your MVR will show that you are a good driver.
The Value of Your Car: A more regular car costs less to repair than a luxury car.
How Old You Are: The older you are the more experience you should have behind the driving wheel. This means you are less likely to wreck which is why your rates can go down as you get older.
The Deductible And Coverage Amounts You Choose: Like most things, the more car insurance cover you purchase the more expensive it will become. Also, the lower your deductible the higher your premiums will go.
Your Credit history: You probably didn't know that you have an insurance score just like you have a credit score. It's actually been proven by several studies that a low insurance credit score means you have a higher probability of filing a claim. This means your rates will be higher with a lower score.
In general, each insurance company will have their own underwriting guide'lines that they follow so that's why it's always best to shop around for quotes.
What's The Average Cost of Car Insurance?
As we discussed above, your auto insurance premiums are based on several different factors which include the make and model of the car you drive.
In general it means that your specific costs will be different from any other driver, and makes it hard to determine what you will pay for car insurance.
However, according to Valuepenguin, the average cost of a car insurance policy is $2,390 per year, or $200 per month, when averaged across states with a full coverage policy.
The average cost of a car insurance policy meeting only the minimum requirements of each state is $937 per year, or $78 per month.
How To Get Car Insurance
There are a few ways to get car insurance and we cover them briefly below:
It's honestly as simple as coming to a site like ours and clicking the orange button above to check out some quotes and apply. You usually can get an approval and have proof of insurance documents in minutes.
Through An Agent
Going through an insurance agent is a great way to make sure you understand exactly what types of coverages go with your policy.
The only downside is that sometimes agents are captive, which means they will only be offering one product and can't compare multiple quotes for you.
Items You Need, To Get A Car Insurance Quote
Your most basic personal information: Your name, address and date of birth is usually what a majority of car insurance quotes start with.
Name of your current car insurance company: Most car insurance companies want to see that you've had continuous insurance coverage and if not, you might be seen as a high risk.
Standard vehicle information: You are going to need your vehicle identification number (VIN) and whether you own, finance or lease your car. You should also know if your car has certain safety features like anti-lock brakes or air bags.
How You Will Use Your Car: Is this a work car or a personal car, are you using UberEats, Lyft or Instacart? You could need additional ride-share coverage or a business policy.
Driver information. This includes driver’s license numbers for you and any other drivers in your household, how long you’ve been licensed and your occupation. It also may include your estimated credit tier.
How much coverage you need: Of course you should have some idea of what coverage amounts you need. If you aren't sure most quotes come with a few suggestions.
There is absolutely no reason to wait around, you can get your car insurance quotes today by clicking the button below.
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