Hot Car Insurance
Hot car Insurance offers financial compensation if you become involved in a car accident. When you purchase auto insurance, it typically covers you and your spouse, relatives who live in your home and other licensed drivers who have permission to drive your hot car. There are six basic types of coverage for your hot car:
* Bodily Injury Liability. If your hot car is involved in an accident that causes injury or death, this coverage pays your legal defense costs and claims against you or your family members living with you and others driving your car who have your permission.
* Property Damage Liability. If your hot car damages anothers property, this coverage pays your legal defense costs and claims against you or family members living with you and, of course, those who drive your hot car with your permission.
*Medical Payments or Personal Injury Protection. If your hot car is involved in an accident, this coverage pays medical expenses and possibly other expenses(such as lost earnings, rehabilitation, replacement of services, and funeral expenses, depending on the policy) for you or any passengers in your hot car. It also pays medical expenses and possibly other expenses for you or family members injured or killed while riding in another hot car or injured by another hot car while walking.
*Collision. If your hot car is involved in a collision with another car or any other object or in a rollover, this coverage pays for damages to your hot car, regardless of who is responsible.
*Comprehensive Physical Damage. If your hot car suffers damages from theft, fire, hail, wind, flood, vandalism, falling objects, or various other causes(excluding collision or upset), this coverage pays for losses.
*Uninsured or underinsured Motorist. If an uninsured, underinsured, or hit-and-run driver causes property damage or injuries to you or family members and other passengers in your hot car, this coverage pays for any resulting costs.
Every insurance policy sets a maximum for coverage, a dollar amount per person or per incident, depending on the type of coverage and the situation. Check out your policy to know what these maximums are. Remember the higher these maximums are the more your insurance is going to cost. Talk it over with your agent to make sure you are covered correctly.
Deductible - This is the amount the holder of the insurance policy must pay out-of-pocket before the insurance company pays the remainder of a covered loss, up to the specified coverage limits. A deductible can be anywhere from 0 to $1500 or higher. The lower the deductible, the higher the annual premium (total price for your yearly insurance). One way to save money on your annual insurance premium is to increase your deductibles. However, that increases your financial risk. If you have a deductible of $1000 or higher, will you be able to come up with that money if you are involved in an accident? You may be better off paying a higher premium for more peace of mind and financial security. Your decision to go with higher deductibles should be based on your comfort level with risk and your financial situation.
When shopping for insurance make sure you check with several different companies to get the best deal for your hot car.
Insurance is a good thing if you are ever in an accident, but it can be a real drain on the wallet otherwise. It is one of those necessary evils, and there's always the legal issues about insurance. Make sure you have insurance and that it covers what you want it to. If you're having trouble talking to your insurance person its easy to change. There's only about a billion insurance agencies around town.
Here's to your continued success in finding (and insuring) that hot car!