Hi, today we’re going to discuss car insurance calculator. This is really good information for you right now. To have the more information you have the better-informed consumer that you are. The more likely you’re going to save money and have all the coverages that you’re looking for.
Nowadays, insurance premiums are calculated on a whole lot more than they used to be. Used to be are you a man, or are you a woman, how old are you, what kind of car do you drive, and how many accidents and tickets do you have. Those are still figured in but along with that, where you live, your location, how many other people like you and your location have had car accidents what is the loss history. For that particular zip code that you’re in included and very very important to insurance nowadays is credit.
Somehow, insurance companies have created an algorithm that can show and it’s been held up through the court that people that have lower credit scores are more likely to have accidents. This is a situation that many people ask me why do they do that? how can they do that? my answer to you is it’s been upheld in the courts, the insurance companies have proven that their algorithm does rate and the insurance commissioners have allowed this.
So be aware that when you go shopping for car insurance. That you need to know how the calculations are made that determine your premium which includes each whether you’re a man or a woman, your zip code, the car that you’re driving, how many cars are on your policy? If you also have other policies with that company if you can bundle them and your credit score among other things.
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How Much Car Insurance Do You Really Need?
Many people ask, how much coverage I need when buying a car insurance? It’s important to you know that the more coverage you buy the cheaper the price you get. FYI, some insurance companies like Geico, American Family, and Allstate always make some noise if you want to get some information about car insurance or purchasing them. And here are some important coverage that you really need to purchase.
1. Bodily Injury Liability
Bodily injury is the big one. This covers you if you injure or maybe kill someone in a car accident. I took Florida for example. Car insurance in Florida, the state required limit is $10,000 per person and $20,000 per occurrence. And maybe you didn’t realize once those limits are met you are held personally responsible for the remainder. All of your assets including your savings in the bank and even your future wages are in danger. If you have any amount of savings, you’re gonna want more coverage.
2. Property Damage Liability
Property damage pays for the repair of somebody else’s car, home, or property in the case of an accident. With the average price of a new car in 2018 is being $35,000 you can see why the $15,000 minimum is a joke. Not to mention multiple car pile-ups or running into buildings.
3. Personal Injury Protection
This is where things get interesting. Personal injury protection covers your own medical bills and lost wages in the event of an accident. So, if bodily injury covers the other person, personal injury protection covers you.
4. Medical Payments
Medical payments are the option to basically increase the coverage of your personal injury protection – the lost wages part. It’s extra money for x-rays surgeries also ambulance rides without waiting for the results of a lawsuit or investigation.
5. Uninsured Motorist Bodily Injury
Uninsured motorist is the most interesting because it’s basically buying insurance for every other driver on the road. Where it gets complicated is that this should technically be covered by your health insurance, but you would have to call and always check to be sure. I know this so much boring to do that.
And that’s all I can suggest for you. If you want more explanation car insurance coverage, you can click on my related article ” How to know car insurance coverage “
