There are several different kinds of vehicle insurance, and according to whether you owe money on your vehicle or not, can dictate the type of insurance you have to carry. Liability, comprehensive and collision auto insurance are all available at a variety of limits, and with a variety of different companies.
When it comes to purchasing insurance you're going to need to know the difference between these types of insurance in order to shop smartly. Also, make sure that you do not choose your insurance agent with the first quote that you get. It's vital that you shop around in order to save money where you can.
As you begin shopping around for insurance they're going as to whether you want liability, comprehensive and collision on your vehicle. All states require that you carry a minimum of liability insurance in order to drive on the road, but the comprehensive and collision can be up to you.
If you have financed your vehicle, or make payments every month on your vehicle, there's a good bet that the bank or financial institution is going to require that you cover your vehicle for any damages as well. This is to repay the loan on the vehicle should your vehicle be totaled in an accident. The type of insurance that is used to cover the vehicle is called collision and comprehensive.
While it is more expensive to carry comprehensive and collision insurance along with your liability insurance, you can find different companies that are going to offer you special discounts. It's important that you shop around and look for all the discounts that you can.
Look for good student discounts, multiple car discounts, safe driver discounts, senior citizens discounts, and others. Also check any organizations that you belong to and see if there is a discount that you can take because you belong to the organization. And of course, check and see if you get a discount for putting your vehicle in a locked garage, having a good security system, or have security parking.
Comprehensive and collision auto insurance is often an option. In other words, by state law you're not required to carry it, but, your financier may require you to carry full coverage on the vehicle that they have loaned you money on.
Whether you have to have full coverage or not, shopping around is going to get you the best insurance for the least amount of money.
