Insurance | RANDI GLAZER | RENEWABLE ENERGY TAX CREDITS

The importance of motor vehicles is sometimes lost on people with an impeccable driving record and with those who do not wish to shell out thousands of dollars on annual fees. As a professional with over 20 years of experience in the field, I would like to give an informed explanation of why we need car coverage and other forms.

First and foremost, we purchase cars not only to protect ourselves but also the people we might harm in the unfortunate case of a car accident. Every state, with the exception of New Hampshire, has in place mandatory policies for car and motorcycle drivers. However, these policies may vary depending where you live and the kind of car you drive. States enforce policies in order to protect citizens from extreme financial loses and damages caused by vehicle and motorcycle accidents. With policies intact, these loses are greatly minimized for the drivers who do not have the resources to cover medical bills and pay to repair physical damages out of pocket. By making monthly payments and annual premium dues, companies are able to absorb a good portion of damages on behalf of their customers. Unfortunately, for many drivers fees tend to increase after a car accident.

Another great reason to purchase cars is the high possibility of actually being part of a car accident. Those who have been unfortunate enough to experience this burden are all too familiar with the financial strains that follow an accident. It is important for drivers to be able to protect not only themselves, but also to be financially responsible for the other parties involved in the case that the accident is your fault. This allows people to pay off damages and hospital bills, that would otherwise be too expensive to take on alone.

One final consideration to take into account when discussing the benefits of purchasing cars is the ability to protect your assets such as, your car, home and bank savings. Besides buying a house, cars are one of the biggest investments you will make in your lifetime. We will find ourselves paying off car payments for many years, which is why it is extremely important to protect such a significant asset. In many cases, banks require full collision coverage in order to secure full payment loans in case of an accident.

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Choosing your car is not an easy task. Where do you begin? Do you ask your friends for recommendations? Family? Do you go directly to the most well-known company according to recent TV ads? There are a plethora of options, all of which sound appealing in their own way. But with hindsight being 20/20, you won’t truly find out how well your car works (or doesn’t) until you have your first accident.

Luckily, a recent article featured on Usnews.com takes an in-depth look at exactly this situation and shares advice on how to tackle the dilemma.

To start, Jeanne Salvatore, an industry group spokeswoman for the Car Information states that”It always makes sense to first ask people who you respect who they have cars with, and if they were happy when they had a claim.”

Another helpful approach is to take to social media. People tend to be brutally honest when it comes to reviewing companies online, so search for posts on Twitter or Facebook using the applicable hashtag for the company in question.

The article goes on to recommend comparing similar policies in an effort to find out what factors may be causing higher rates; policies can vary by level of service, add-ons, as well as length of time. In the same vein, there’s no need to become obsessive and look for the best deal out there. When asked what percentage of magazine readers were able to get a better deal, Jeff Blyskal, senior writer at Consumer Reports, says that only 12 percent of the respondents were able to do so.

Once you have settled on a provider, you are tasked with choosing the various details of your policy. There are numerous add-ons to review but at the end of the day, the more you pay upfront, the greater your coverage will be. So make sure that you have considered all hypotheticals and are comfortable with the coverage your policy will offer in each possible event. For example, if you think of yourself as a careful driver, you may opt for a higher deductible in order to minimize your monthly rate.

Lastly, remember that policies do not fall under the one-size-fits-all umbrella; so whatever policy you end up choosing, make sure it meets all criteria that are paramount to your needs.

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