Most insurance policies are to the point and easy to understand. However, there may be times for everyone when questions arise about a portion of your coverage. Sometimes you may have a question about your policy that no one you know has an answer to. This is a good time to speak with your agent to learn the truth and facts about your coverage.
With the economy downturn, more and more people are making changes to save money. In many homes, interns are accepted for the extra money. However, if you rent rooms or part of your home to a roommate, make sure that person doesn’t have to be on your policy.
You may also be concerned about someone leaving your home. In the event that your children go off to college, consider dropping your car cover if that vehicle stays home with you. The car not driven does not need the necessary coverage to be on the road. I could only think of the comprehensive policy of protection against storms and other acts of God for this vehicle.
Letting your friends drive your car could be a serious mistake. No matter how much you trust someone, there is always the possibility of an accident. Consider the consequences if your policy does not include that person as a driver. You are still responsible for the accident if the auto and insurance policy is in your name.
Most likely, the financial institution where you financed your car will require you to maintain comprehensive and collision coverage to satisfy the loan. However, making payments to an individual could be a different scenario. The choice of coverage required will be a choice between you and that person. Always be sure to get all details related to your car deal in writing.
You may not have control over the amount of your deductible if your car is financed. In some cases, the lienholder will determine the amount of your insurance deductible. This is another way your lender protects the property you are lending money for.
Regardless of the questions or concerns you have about your auto insurance, it’s important to make sure you speak with an agent about it so that you understand your policy. Learn more about saving money and getting the best coverage by scheduling an appointment with your agent.