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Car insurance gives you financial protection in the event of an accident. It is legally required – no matter what state you live in, you must prove you have financial responsibility. Auto insurance is often accepted, but it’s not worth taking any chances.
But finding the right insurance can feel daunting. If you’re unsure where to start, look at our top tips below to help you find the best insurance.
Look at the price
Cost is one of the first things you will look at, and it’s understandable; running a car is a big financial investment. Not everyone has the budget to get premium insurance policies. So, as a first step, it’s a good idea to do some general research to find out what most brokers offer as a standard and what is offered as more comprehensive. This will give you a good idea of what you’re paying for and if the price is fair.
Consider the excess
Another financial factor to consider is the excess you would pay if you made a claim to your insurance company. There are two types of excess: compulsory and voluntary.
Compulsory is what you must pay and is decided by your policy. Voluntary is agreed upon by you, and the higher your voluntary excess, the cheaper your insurance policy. However, you must be able to pay the excess if you need to!
Look local
The internet is a great place to do your research, but you should speak to someone in person or get some general advice from a broker in your area. Speaking to a local insurance broker can help you find the type of insurance you really need, so start with a google search of car insurance broker near me.
Consider the type of insurance you want
Unfortunately, not all insurance policies are the same or equal. As you’d expect, the most comprehensive and secure policies are the most expensive, and it is recommended you opt for these as you’ll have more protection in the case of an accident.
There is third-party insurance, which won’t cover the damage to your car but will pay for someone else’s car to be fixed.
Third-party, fire, and theft are similar to third-party only, but will also cover you in the event of theft or fire.
Comprehensive coverage is the most advanced type of insurance policy. It covers all of the above, including damage to your car. Even if the accident is your fault, you have peace of mind of this protection.
Don’t forget medical expenses
This can be easily overlooked due to all the other factors you must consider, but it’s imperative. A lot of policies offer basic medical coverage for anyone in your car when it is driving. Still, medical bills can be costly, so it’s worth considering something more comprehensive if you can afford it.
Similar to medical expenses is the personal cover. Some insurance policies offer this as an add-on, so you have cover for severe injuries, such as losing a limb or even death. However, policies vary, and in some cases, you might need a medical exam before getting this type of cover.
