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Plan your auto insurance coverage to properly accommodate your needs
As the cash for clunkers program comes to an end with over 625,000 new vehicles on the road in the U.S., one effect of the jump in sales will undoubtedly be a spike in new car insurance plans as well.
As the cash for clunkers program comes to an end with over 625,000 new vehicles on the road in the U.S., one effect of the jump in sales will undoubtedly be a spike in new car insurance plans as well.
However, when filling out a new plan be sure to plan accordingly and get the plan that best suits your, and the vehicle's needs.
While auto thefts were actually on the decline for the fifth consecutive year in 2008, dropping 13 percent from 2007, the Insurance Information Institute warned that the optimistic statistics should not be a sign to ease up one's guard with their vehicle as four vehicles were still being stolen every two minutes according to that same data.
Instead, one should ensure that their coverage includes theft, a feature that not all insurance plans to feature without an additional payment.
"Vehicle theft is covered under the comprehensive portion of an auto insurance policy," said Jeanne M. Salvatore, the senior vice president and consumer spokesperson for the Institute. "It is an optional coverage and generally carries a $250 deductible, though you can save money by raising the deductible to $500; raising it to $1,000 can save you up to 40 percent on your premiums."
Car owners who either leased, financed, rolled debt into a new car, or purchased a vehicle without a substantial down payment may also want to consider a Guaranteed Auto Protection (GAP) plan.
According to MSN Money, GAP insurance plans enable consumers who owe large amounts of money towards their vehicles to receive a payment worth the amount the car is worth and not factor in debt in the event the car is totaled in an accident.
Learn how easy and convenient shopping for auto insurance can be. Get your free auto insurance quotes today!
Posted: August 25, 2009
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