Auto Insurance for a Smart Car

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Key takeaways...
  • Even though smart cars are safer than regular vehicles, drivers still need to purchase typical car insurance coverage to minimize losses in the event of an accident
  • There are several supplemental options to ensure you are fully covered
  • Smart cars tend to be cheaper to insure than other car options

Though they are a relatively new phenomenon in the United States, smart cars are expected to bring massive changes to the world of auto insurance.

In addition to being surprisingly cheap to insure, smart cars are fuel efficient and highly economical inventions.

As economic struggles continue to pile up in the U.S., the popularity of smart cars will continue to increase as time passes.

Smart cars are popular among city dwellers looking for a way to get around cheaply – super slow on gas or electricity.

Avoid problems with the authorities by carrying the required amount of car insurance in your state. When looking for auto insurance products for your vehicle, be sure to shop around.

Compare quotes from several providers before you can make your decision. Comparison shopping is a good way to keep your car insurance rates down.

Start comparison shopping today for better auto insurance by entering your ZIP code above!

What type of coverage do I need for my smart car?

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Accidents happen; that’s a fact of life. Sometimes, we can’t stop them no matter how careful we are.

But we can always take the necessary measures to minimize their effects. When it comes to car accidents, we purchase car insurance just to be safe.

Smart cars are not immune to accidents either, which is why you need to purchase the right type of coverage to protect yourself from financial devastation.

Here are some of the coverage options you might want to consider for your smart car:

– Liability Coverage

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Most drivers are required to carry auto liability requirements in almost every state (New Hampshire is the only exception), so you have no choice if you live elsewhere.

Liability coverage comes on two levels: bodily injuries and personal property.

If you are legally liable or responsible for damages to property, liability coverage helps pay for it. The coverage will also pay for medical expenses if an at-fault accident results in bodily injuries to the occupants of the other vehicle.

– Underinsured/Uninsured Motorist Protection

Underinsured/Uninsured motorist protection is also mandatory in 20 states and the District of Columbia.

This coverage provides protection in the event of an accident with an uninsured driver or a driver who doesn’t have sufficient coverage.

Underinsured/uninsured motorist protection pays for the damages to property and your medical expenses if the uninsured/underinsured driver is at fault.

– Personal Injury Protection (PIP)

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If someone sustains injuries in an accident, Personal Injury Protection (PIP) will help pay for their medical expenses. PIP covers a broad array of costs including: 

  • Funeral costs in case of a fatality
  • Work loss
  • Rehabilitation expenses
  • Any replacement costs

This coverage pays for resultant medical or funeral expenses regardless of who is at fault.

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– Comprehensive Coverage

Comprehensive coverage will help you cover the losses to your vehicle if it’s dented in a hail storm, broken into, or stolen.

In general, a comprehensive policy covers losses such as animal collisions, natural disasters (think floods, hail, etc.), theft, and vandalism.

– Collision Coverage

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This coverage helps pay for the damages to your car if you are involved in an accident with another vehicle, roll over, or hit stationary objects such as telephone poles, lamp posts, a guard rail, et cetera.

Collision and comprehensive coverage are not a must.

However, you must add them to your policy if you still owe some on a car loan or if it’s a lease. Either way, you may have to throw in GAP (guaranteed auto protection) insurance too.

GAP insurance pays for the difference between the amount you owe on the vehicle and its actual cash value.

Before you purchase auto insurance products from any provider, go online and compare quotes from other carriers to see if you can get a better deal; chances are that you will.

The Cost of Insuring a Smart Car

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Smart cars are cheaper to insure than regular cars. It will cost less to insure a smart car than what you’ll have to part with when purchasing coverage for your family sedan. But why?

The cost of car insurance is based on risk. The riskier a vehicle is perceived to be, the higher the cost of insuring it.

Of course, other personal factors such as driving record, credit history, and age also come into play. Here are a few reasons why smart cars relatively cost less to insure:

  • Smart cars are cheap – The average smart car model goes for around $15,000. A low price means low replacement costs in the event of an accident that leaves the vehicle totaled.
  • High safety ratings – Smart cars are small and yet extremely durable. Smart cars have surprisingly sturdy builds and have a pretty good chance of remaining intact even after rolling which makes them safer.
  • Smart cars have low mileage – Smart cars are designed for short commutes, not interstate road trips or such — hence less time on the road. As a result, these vehicles are less likely to be involved in an accident.
  • Fuel economic – As ‘going green’ continues to grow as the mainstream lifestyle, insurers are extending discounts to customers who choose eco-friendly vehicles.

Choosing Your Best Option

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Although smart cars are light and seemingly easy to steal, they are not popular among car thieves. However, installing your car with the latest anti-theft devices will reduce the chances of theft and reduce your auto insurance rates.

Keep in mind that the best way to make sure you are getting the best auto insurance rates is to shop around. Go online and compare quotes from as many providers as you can to get the best deal.

Enter your ZIP code below and compare at least three to four policies today!

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