Car Insurance Guide

The car insurance you get can have an enormous impact on your life. It is an important cost/benefit analysis that everyone must decide on. For anyone first looking into car insurance or looking to change your insurance, you must make decisions such as what insurance company to go with, what policies you want to pay for, and your limits. First off, the cost of car insurance differs for everyone.

Some of the main factors are:

1. Driving Record

2. Annual Mileage

3. Type of Vehicle

4. Age

We will assume an average person in their 30’s who owns an average car and house. Collision/Comprehensive Coverage Collision/Comprehensive coverage covers damage to your vehicle regardless of who is at fault. The cost would be around $875 a year for a new model vehicle at approximately $40,000 with a $500 deductible. The person can save money if they take a $1000 deductible, spending $711.00 a year. If the driver goes 3 years and a month with no accident, you save money. Uninsured Motorist Coverage Uninsured Motorist (UM) is the most important coverage; it provides protection if the other vehicle does not have insurance or not enough insurance. Since most people in Florida have no insurance or minimal insurance, this is the most important coverage. If you do not have UM, you do not have full coverage. In the example above, the UM is only $174.00 more a year.

Disclaimer: Insurance policies differ for each company and the information above may not be 100% accurate.

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