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  • What kind of auto insurance do I need?
  • July 8, 2015
  • A higher deductible can lower your premium, but…

    “To determine how high or low your collision and comprehensive deductibles should be, consider that higher deductibles lower your premium but increase the amount you must pay out of your own pocket if a loss occurs,” said Holly Anderson, spokesperson for State Farm. “Ask yourself how much you would be willing to and able to pay on short notice in order to save on your premium.

    Shop until you drop. When comparing companies, make sure you’re comparing the same levels of coverage,” suggested Anderson.

    Are there any discounts? Car insurance companies offer a number of discounts for everything from “safe driver” discounts (if you rarely have accidents) and if your child maintains good grades at school. If you get your home insured from the same company, you can also take advantage of discounts, advised Knauf.

    Drop collision if your car is too old. If you have an older car and it gets totaled, the insurance company will pay you what the car is worth. If it is only worth a couple thousand dollars, it is hardly worth it to continue to pay for collision coverage, suggested Knauf.

    Ask your agent if the customized parts on your car are covered. “If you have features on your car such as a wheelchair lift, or even special paint, find out if they are covered in your policy,” Knauf  said. “Some insurance companies call it a ‘customization endorsement’ which are special valued policies that recognize an unusual value on a car.”

    Source:  Insurance Information Institute, PCIAA, State Farm

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