Auto Insurance for Less

When it comes to coverage for your car, comprehensive, collision, liability and deductible are a few terms you need to know and understand. We'll walk you through them.

Insurance Information

Deductible--How much can you afford to pay out of your pocket? That's how much your deductible should be. The lower your deductible, though, the higher your insurance premiums will be.

Comprehensive and Collision--These typically go together, and can be referred to as physical damage coverage. It covers things like broken windows, theft or fire. How much do you need? The age and value of your car may dictate that. According to Madelyn Flanagan with the Independent Insurance Agents and Brokers of America, "If your car is 10 years old or it's valued at two to three thousand dollars, you might not need comprehensive and collision coverage because you're going to pay as much money for that coverage as the car is worth."

Liability--This is an area many of us need more of. Liability coverage covers damage you do to other people's property, or injuries you might do to other people. The more you are worth, the more protection you need. That's because if you have a high net worth and you are at fault, the other guy can come after you in a lawsuit.

Filing a Claim

If you've ever been in an accident, you know how stressful those moments after the crash can be. However, if you follow the right steps, it can help avoid costly mistakes. The first thing to do is call your insurance company. This should be done even if you are not at fault, there's minor damage, or no apparent damage. There are cases where people try to claim damage and/or injuries after the fact, so it's important to report all accidents to your insurance company.

>>Ask the agent what forms you'll need. The company will require you to file a claim. To support your claim you may also be required to send in a "proof of loss" form, which is a sworn statement that usually must be turned in before the insurer makes any payments. You may also need to turn in medical and auto repair bills and a copy of the police report.

>>Get the names and numbers of everyone you speak with at the insurance company.

>>Make copies of any receipts related to the accident.

Here are some questions you may want to ask your agent:

>>Is there a time limit for filing claims?

>>Is there a time limit for resolving claim disputes?

>>When will the insurance company contact you?

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