Life is full of its expenses, both large and small. There are those irregular expenses which come along now and again, such as having to buy birthday gifts, repair your car, buy new clothes, or fix a water heater. These types of expenses are hard to trim out of your budget because they just seem like necessities when they arise: we more or less have to pay them.
And then there are the regular expenses that you know are coming each month and for which you need to be prepared. Under this category falls items like rent or mortgage payments, utilities, car payments, food, gas, and car insurance.
When it comes to paying our regular expenses, some of them are pretty much set in stone and not negotiable. For example, for rent or mortgage payments, you are going to continue to be paying what you pay now unless you decide to move houses or refinance your mortgage.
However, some of our other regular expenses allow us some control as to how much we pay each month. For example, for food or gas, we can make lifestyle choices which affect those expenses each month – driving them higher or lowering them.
But there is another regular expense that is easy for most of us to ignore – and yet we have more control over it than we think: that is car insurance.
Insuring Your Car Is A Necessity – But It Can Also Come In Handy
No – I am not advocating that you decide to stop paying for your car insurance. To the contrary, buying car insurance is required by law in most places. And not only that, it can come in very handy if you ever do get into an accident.
It is easy to underestimate the value of any type of insurance until you need it. In fact, car insurance is one of those things that we hope we never have to use. Still, it is good to know that the insurance is there in case an emergency should arise. You could say that buying auto insurance is like buying peace of mind.
Types Of Insurance Coverage To Consider
For auto insurance, there are a number of types of coverage you will want to consider. Each one comes into play in different situations. Here is a quick breakdown of each:
a. liability coverage (usually required by law) pays the other party’s medical and auto repair expenses if the accident is your fault
b. collision coverage pays for your vehicle repairs if the accident is your fault
c. medical payments coverage pays your party’s medical expenses if the accident is your fault
d. uninsured motorist coverage pays for your expenses (medical and vehicle repair) if the accident is the other party’s fault but they are not insured
Maintain Insurance For Your Car: Cheapest Insurance Rates Online
A great way to shop for car insurance and get the best deal is to shop online. Here are 3 tips for doing so:
1. Write down the coverage you want: In order to get comparable quotes from multiple insurers, it is smart to first use a spreadsheet application or pen and paper and write out exactly the types of coverage you want. Even if you should change your coverage needs before actually signing a new policy, it is a good idea to request the same coverage types of each insurance company so that you can compare pricing more easily.
2. Do research to make a list of at least 5 insurance companies: Now, do online research to make a list of at least 5 insurance companies that specialize in low-rate insurance.
3. Apply to all 5: After you have found at least 5, start applying. In fact, make sure to follow through and apply to all 5 companies. It will be tempting to stop after applying to 1 or 2, but applying with all of them could make the difference between a good rate and the cheapest-possible rate.
Car insurance is not only a legal necessity, but it also represents peace of mind. Follow these 3 tips to find the cheapest insurance rates online.