Reader’s Question:
I just got my new car. I had it financed. What kind of automobile insurance policies do you recommend I get?
Gary
Las Vegas, NV
Gary, have you spoken to an automobile insurance agent? I think you must get yourself a comprehensive automobile insurance coverage. Until you have fully paid the car, the financing institution needs guarantee that you can pay for it in full. You won’t be given the car without comprehensive automobile insurance coverage, which will pay the cost of having repairs or replacements done. It will also reimburse the lessor if the car is totaled. You are allowed to set the deductible yourself. The deductible is what you yourself pay (not the auto insurance company) in an accident. Comprehensive coverage has a greater premium than the minimum state requirement, of course. If the deductible you’ve chosen is high, the premium you will pay for monthly is lower. The state of Nevada insurance law requires its residents to have $15,000/$30,000/$10,000 in liability insurance.
One of the automobile insurance policies that you can also add on to your comprehensive automobile insurance coverage is Gap Insurance. When you start using your new car, its value depreciates, and vehicle values depreciate fast. Gap insurance comes in handy if you ever find your car totaled. Gap insurance pays for the difference between value of your car when you bought and its value when totaled. This difference can become a problem if your car becomes completely unusable, and you don’t have the cash to pay the lessor the difference.
I just got my new car. I had it financed. What kind of automobile insurance policies do you recommend I get?
Gary
Las Vegas, NV
Gary, have you spoken to an automobile insurance agent? I think you must get yourself a comprehensive automobile insurance coverage. Until you have fully paid the car, the financing institution needs guarantee that you can pay for it in full. You won’t be given the car without comprehensive automobile insurance coverage, which will pay the cost of having repairs or replacements done. It will also reimburse the lessor if the car is totaled. You are allowed to set the deductible yourself. The deductible is what you yourself pay (not the auto insurance company) in an accident. Comprehensive coverage has a greater premium than the minimum state requirement, of course. If the deductible you’ve chosen is high, the premium you will pay for monthly is lower. The state of Nevada insurance law requires its residents to have $15,000/$30,000/$10,000 in liability insurance.
One of the automobile insurance policies that you can also add on to your comprehensive automobile insurance coverage is Gap Insurance. When you start using your new car, its value depreciates, and vehicle values depreciate fast. Gap insurance comes in handy if you ever find your car totaled. Gap insurance pays for the difference between value of your car when you bought and its value when totaled. This difference can become a problem if your car becomes completely unusable, and you don’t have the cash to pay the lessor the difference.
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