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Why is car insurance comparison so important? The key to finding the best price for any product is to compare different providers and car insurance is no different. Where most consumers ultimately fail is understanding exactly what type of coverage they are buying.

” We estimate that almost 80% of car insurance policy holders have no idea about their policy details “

Unlike a new pair of shoes or holiday vacation car insurance is mandatory so the need for education is many times overlooked by the simple requirement that you need car insurance to own a vehicle.

This popular and most unintentional train of thought exposes vehicle owners to great personal liability in the event of an accident so you must learn about the details of car insurance well ahead of just comparing car insurance rates.

What should I know about car insurance?

The details of any car insurance policy will comprise of a few things including:

  • Types of Coverage
  • Policy Limits
  • Policy Deductibles
  • Exclusion to Coverage

These 4 factors are the guts of your policy and will play much more of a role in providing coverage when an accident occurs than your premiums ever will. Car insurance premiums are simply a monetary sum paid to car insurance companies in exchange for coverage so you need to know what coverage you have in place before writing a check.

” The results of any car insurance comparison search will depend highly on how much you know about car insurance “

What types of coverage are available?

All states have minimum car insurance requirements for liability insurance but liability coverage does not provide insurance coverage for you or your vehicle. The key components of an auto insurance policy are:

  • Bodily Injury Liability Coverage
  • Comprehensive / Collision Coverage
  • Uninsured Motorist Protection
  • Medical / Personal-Injury Protection
  • GAP Insurance
  • Medical Payments

Then you have additional coverage options like rental car coverage and roadside assistance. It’s also important to note many people think no-fault car insurance is a type of insurance but it is not. No-fault car insurance is simply a law designed to help reduce lawsuits and avoid having to determine who was at fault.

“ You can NOT buy no-fault car insurance, you can live in a no fault car insurance state however ”

What are policy limits?

Every type of car insurance coverage has a limit to the coverage available in terms of dollars. For example, you could have collision coverage in the amount of $20,000 however if your car is worth $50,000 how good is this insurance coverage to you?

Almost all state minimum car insurance requirements are set at levels well below the amount any reasonable driver should have so when you start car insurance comparison always make sure the limits of coverage are not just the bare minimums but at levels which provide enough peace of mind for your unique profile.

What are policy deductibles?

Car insurance deductibles are the portion of any car insurance claim you must pay out of pocket BEFORE the car insurance company’s coverage kicks in.

For example, if you have a $250 deductible and the repair cost to your vehicle (under an insured event) is $2,500 then you will be required to pay $250 of the final bill. Although many repair shops work out ways around small deductibles like this to avoid you having to pay anything its important to note this practice is a very grey area and some car insurance companies even insist on you providing a receipt for the deductible paid before issuing your claim.

Choosing a higher car insurance deductible is also one of the best ways to lower your car insurance rates. Some consumers report a 10% savings or more simply by raising their deductible for $250 to $1,000.

What are Exclusions to Coverage?

A car insurance policy is not a “free for all, everything is insured” type of policy so make sure to read what is not covered especially parts of the policy which refer to letting other drivers use the car.

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