Everyone loves driving his dream car during his lifetime. For those who have a strong determination to do so, they may engage in certain activities just to raise the necessary funds to buy the dream car. Others may spend an entire lifetime saving funds only to buy the dream car at old age, others may take ridiculous loan deals while others may engage in activities such as online sports betting with the prospect that they may scoop a huge win along the way.
Regardless of the method you choose to employ in order to get yourself your dream car, there is one thing you wouldn’t want to experience after going through the difficult stages of getting the money i.e. you wouldn’t want to lose your car to theft, accident or any other unforeseen unfortunate incidents. As such, you will most likely settle for insurance so that in case of an unfortunate thing happening to your car, you can always ‘get it back’.
While almost all insurance companies will state some good things, you need not fall for the first thing that comes your way. Rather look for the following things in order to get the best deal for you and your car.
How the insurance company rates you
The first thing that you need to know is that you may have the same car model with the next person but when you visit an insurer, you may get different deals. The reason behind this is that insurance companies judge you on the ‘risk’ you pose. As such if you are a high-risk person according to them, you will get something of an expensive deal but if you are a low-risk person, you will likely walk away with a reasonable deal. To determine your ‘riskiness’, insurance companies check one’s credit rating, criminal history, driving record, sex, age and even location (if living in a high crime area). On your part, you need to inquire with a lot of insurance companies and settle for one that rates you as a low-risk person. If you do this, you get yourself a good deal in terms of monthly or quarterly insurance payments whatever the case may be.
When driving, who is covered?
One thing that often overlooked by many people is who is covered under a policy. For many people, as long as the policy covers almost all instances in which the car may get damaged from theft, accidents to natural hazards, then they are okay. However, this should not only be the case. It’s likely that on some days you may lend your car to your wife/husband, a friend or even your child so that he goes to the mall. If the person you lend your car is involved in an accident, will he or she be covered? If yes, then you have a good policy.
Know your deductible
When involved in an accident, your insurance company will ask you to pay a deductible before it gives you your money back to repair or get a new car. Sometimes though the deductible may be $0. Deductible amounts are important as they determine your premiums. Go for low deductibles and you will pay high premiums (not advisable). Go for high deductibles and you will pay low premiums (advisable). This is advisable because you may not be involved in an accident for a long time.