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So You’ve Bought Car Insurance… Now What?

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So You’ve Bought Car Insurance… Now What?

The majority of people know at the back of their mind that they need to get insurance for their new vehicle, but sometimes the excitement associated with purchasing a car might make them not research what the numerous car insurance policies out there. It could even cause them to sign u with the very first car insurance holder they see. Not taking the required time to go over the car insurance policy in detail might lead to financial issues just as quickly as they drive away in their new car.

 

Pay attention to the policy details

it is imperative that you shop around for the best insurance policy before signing on the dotted line. This is especially true if you are in the market for a new or used vehicle. You can take your time to discover the brand and type of car you want to buy, so you can ascertain just how much it would cost to insure. This can be a great strategy, as you are able to sort out every of your insurance requirements saving you lots of money before you even purchase a car. There are some vehicles like luxury and sports cars, which have higher insurance premiums. When you are interested in purchasing a car, you should also factor in your insurance payments to that monthly payment. It is imperative that you protect not just your self but your finances and your car as well.

Shop around for the very best deal even if you just signed on the dotted line

Just because you have already bought car insurance does not mean you still should not be on the look out for better deals and coverage at a price you can afford. If you have a policy for half a year or even a year, you can begin comparing your current policy with the policies that other insurance companies offer you for your car.

Make sure you actually understand what the policy delivers and what your
responsibility is

If you just bought your car, one thing you should not assume is that the Biloxi car lot will handle the insurance paperwork on your behalf. This is not only because it is not their responsibility, but the staff are also extremely busy. When you buy a car in Biloxi, you will be required to show that you have car insurance coverage on your previous car. you will also have to show that said coverage has been transferred to the new car. Biloxi car lots are required by law to view your insurance card. When you are allowed to drive off with your new car, it is simply because the car lot assumed you have confirmed with your car insurance policyholder that you have coverage. In the event that you are leasing or financing the vehicle, the lienholder actually makes it mandatory for you to have not
just liability insurance however, collision and comprehensive coverage as well. You have to check your policy to see if it only covers liability. If that is the case and you are financing the car, you might actually be in breach of your contract. This should be rectified as soon as possible to prevent any financial repercussions.

Understand what you need

When purchasing a car, it pays to know how much the car costs. That same logic applies to your car insurance. You have to understand the type of coverage you get, the deductibles and limits you get with the policy. For instance, the company that finances your car loan will require you to request for deductibles valued at $500 or less. This is where it pays to speak to your Biloxi car insurance agent or representative. Liability coverage can be described as the most basic of insurance required for you are able to ply the roads. The majority of states, Mississippi included, require that you have this
coverage as it helps to cover for injuries or damages to others that you might cause when driving.

While Biloxi, by virtue of the state, is a fault state, there are some no-fault states that require you to include PIP or personal injury protection in your policy. Personal injury protection helps to pay for any medical expenses valued up to a certain limit, regardless of which party is at fault in the course of an accident.

Do you have Gap insurance?

Gap insurance can be a wonderful thing to have. It is particularly useful if the money you owe is more than the value of your vehicle. This typically happens because cars lose their value once they are driven off the car lot. There are numerous instances where car buyers get into an accident as soon as they buy the car, causing them to owe much more than their policy covers. The purpose of gap insurance is to cover the costs which is estimated at the vehicle’s value when it became loss and how much debt you still have on it.

Do you have collision insurance?

Collision insurance is a necessity if you want to be protected. There are numerous instances when people get hit by an object or another car? this is where collision insurance comes in as it helps to protect your car. It is for this reason why lienholders demand that financed parties have it, as the car is still their asset till you pay it off.

Do you have comprehensive insurance?

Comprehensive insurance can help protect your car in the event it gets damaged by the weather. This is particularly useful if you live in Biloxi where certain parts of the town are prone to flooding. Comprehensive insurance can be a wonderful buy even if you never get to experience severe weather conditions. This is because you can be protected in the event it is damaged by vandalism, theft or fire. Buying insurance does not mean your due diligence stops, you have to pay attention to how the policy affects you, what exactly is covered in it and also see if you can get a better deal from a competitor.

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