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Did you know that your car comes third in places you spend most of your time after home and office? It is also a significant part of your investment where you spend a lot of money. Most of the money goes to repairs, pump, and maintenance. Auto insurance is vital and a requirement.
All auto insurance policies are not equal. You need to comprehend the terms, legal requirements in your state and compare various covers. Insurance agents don’t decide the type of auto insurance for you, but rather help you understand some of the jargons you will come across in your quest. Here are some lingoes you need to know:
Premiums
Premiums are the regular amount of money you pay to keep your coverage active. They are not fixed but vary from one person to another depending on age, driving experience, sex, driving history record and car state or type. Some insurance companies may check your occupation and credit score.
It is worth noting that the amount of premium is directly related to how coverage you get. High premiums imply great coverage and vice versa.
Collision Coverage
When you are involved in an accident, and your car is destroyed or damaged, collision coverage policy covers all the costs of repairs or replacement. The crash may be a collision with another car or hitting a stationary object or if an uninsured driver hits your car.
Comprehensive Coverage
This misnomer term is misinterpreted by most people to mean complete coverage. However, comprehensive insurance protects you from financial losses resulting from other accidents other than collision. Natural disasters, fire, and theft are some of the perils.
Deductibles
Deductibles are the amount of cash you pay in person in case of car loss or damage before the insurance policy kicks in to meet remaining costs.
Liability Coverage
In most states, liability coverage is obligatory. If you cause an accident and injure or damage other people’s property, it is fair to meet resultant expenses.
Do you need auto insurance? Get in touch with Hanneken Insurance serving Minnesota residents.