Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state, and exclusions may apply. Discounts may not be applied to all policy coverages.
If you have paid off your car, comprehensive coverage is optional. It may be a good idea to find out the Kelley Blue Book value of your vehicle. Would you be able to pay that amount to repair or replace your vehicle if it were stolen or damaged in an accident? If you can't afford to pay much out of pocket, then buying optional coverages, like comprehensive coverage and collision coverage, may be a smart investment.
Please note: The above is meant as general information to help you understand the different aspects of insurance. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features on this page are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page.
Being in the business for a very long time, I have found that most people are clueless about insurance, even most agents who sell them. I will agree that their rates are cheap. But I wouldn’t recommend them. Inexperienced adjusters. They do not fully investigate. The policy does not cover like, kind, and quality which is bad if you have a new vehicle.
Emily parked her car on the street outside a friend's building, during her visit the weather got bad, and she decided to stay the night instead of head home in the storm. The next morning when Emily went to leave she noticed the roof and hood of her car had huge welts in it. She figured it must have been caused by hail during the storm. She contacted her insurance company and they reassured her the loss would be taken care of by the comprehensive insurance coverage she selected when buying her policy although she would need to pay her $500 insurance deductible first.
This discount refers to the manner in which you make your insurance payments and has tiers, typically. For example, if you pay your entire premium up front, you are often given a discount: the highest preferred payment discount. A paid-in-full discount can save you $62 per year on your auto policy. Moreover, if you set up automatic payments from a bank account, you can often receive an Electronic Funds Transfer (EFT) discount.” An EFT discount can lead to savings of about $28 annually. If you are able to pay upfront or through automatic payments, this is a great way to get cheaper car insurance.
Products underwritten by Nationwide Mutual Insurance Company and Affiliated Companies. Not all Nationwide affiliated companies are mutual companies, and not all Nationwide members are insured by a mutual company. Subject to underwriting guidelines, review and approval. Products and discounts not available to all persons in all states. Nationwide Investment Services Corporation, member FINRA. Home Office: One Nationwide Plaza, Columbus, OH. Nationwide, the Nationwide N and Eagle and other marks displayed on this page are service marks of Nationwide Mutual Insurance Company, unless otherwise disclosed. ©2019. Nationwide Mutual Insurance Company.
You’ve heard the phrase “you get what you pay for.” This sometimes applies to car insurance. Sometimes an auto insurance company is cheap because it offers minimal customer support or because it cuts corners in the claims process, leaving you to pick up the pieces. If an easy and reliable claims process or customer service are important to you, evaluate your cheap auto insurance options carefully.
Coverage limits determine the most an insurance company will pay for a covered claim and comprehensive insurance does have limits. The limit on comprehensive insurance coverage is typically the actual cash value of your car. If your car were stolen, your comprehensive insurance policy would reimburse you for your car’s depreciated value. If you wanted to replace your stolen car with a new model, you would have to use money out of pocket in addition to the reimbursement.
The Insurance Information Institute (III) recommends that a good formula for deciding if comprehensive coverage is worth it is to multiply your yearly comprehensive premium by 10. If the resulting figure is higher than your car’s value, it may not make sense to buy comprehensive insurance (you’d be better off saving that money in an emergency fund).
Qualifying for this discount involves carrying two insurance policies with one company. Common bundling combinations include home-and-auto or renters-and-auto. The discount is greater for the former, with a homeowners-plus-auto combo saving an average of $110 per year, compared to $72 for a renters-and-auto pairing. The discount affects both policies. The estimated savings below refers only to the auto insurance policy discount.
Hi Eric – What you’ve seen is not an unusual situation. A company that’s good in one state isn’t in another. Liberty Mutual worked for you in California, but not in Florida. This is why it’s not possible to say one company is the best. That will vary by state and by your own personal profile. That’s why we produce these “10 Best” lists, to give you companies to investigate.
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