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⚠️ Legal risks: Facing insurance claims that exceed your liability coverage puts your assets — including your home, vehicle, savings and investments — at risk in the event of a lawsuit.
6. Don’t file unnecessary claims. This is a big one, because nothing will jack up your premium faster than filing a damage claim. Of course, it's sometimes necessary to file a claim — after ...
The insurance premium a motor vehicle owner pays is usually determined by a variety of factors including the type of covered vehicle, marital status, credit score, whether the driver rents or owns a home, the age and gender of any covered drivers, their driving history, and the location where the vehicle is primarily driven and stored.
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a ...
A 12-month auto insurance policy is the same as a six-month policy, except that it is active for 12 months instead of six months. Many major carriers only offer six-month policies, but some may ...
The insurance company will ordinarily pay the judgment, up to the policy limits, once a court determines that an uninsured motorist was at fault. Some states' laws also allow additional insurance coverage to the insured policyholder through policy stacking provisions, whereby a claim may be made against multiple uninsured motorist policies.
For example, with a deductible of 10% with a minimum of $1,500 and a maximum of $5,000, a claim of $25,000 would incur a deductible of $2,500 (i.e. 10% of the loss), and the resulting payment would be $22,500. A claim below $15,000 would incur the minimum deductible of $1,500, and a claim above $50,000 would incur the maximum deductible of $5,000.
When shopping for car insurance, some companies will give you the option to have a 6-month or 12-month policy. While you might not think twice about this option, there are some benefits to each...