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Vehicle Insurance Question: I use my car for business. Do I need special insurance?
Answer: You need insurance on your vehicle whether you drive it for business or recreation. However, if you use your car for business, you may spend more time in your car. If this is the case, you may need a fuller insurance policy that can really protect you in case of an emergency. Also, you will want a very, very good liability coverage on your motor vehicle insurance. Otherwise, injured parties could sue your business in order to recoup their medical costs and other expenses.
Vehicle Insurance Question: Will my insurance rates go up?Answer: Although no one can predict the future, it is true that insurance rates tend to rise rather than otherwise. Insurance companies are affected by inflation just like any other business, causing them to increase prices. Also, the more cars are on the road, the more dangerous the road becomes and the more risk the auto insurance provider needs to account for.Vehicle Insurance Question: What is a deductible?
Answer: A deductible is the amount you agree to pay in case your car is damaged or totaled. If your deductible is $500, for example, and you are in an accident, you need to pay $500 towards the cost of your car repair. If the total amount of repairs is higher than this amount, your insurance provider will pay the rest of the bill, up to the coverage amount you decided upon when you signed your vehicle insurance policy. In general, you will want to get the highest deductibles you can reasonably afford, since higher deductibles mean that you pay less on insurance each month.
Vehicle Insurance Question: I have an extended warranty, a new car and a membership with my local AAA, I don't still need auto insurance, do I?Answer: Yes. A warranty only covers damage to your car - and often imperfectly, at that. It will not cover the medical costs of anyone injured by your car and it will not cover the cost of replacing your car if your car is damaged beyond repair or is stolen. Automobile clubs are useful for towing and general help but they, too, do not cover the many potential car problems that auto insurance protects you from. Plus, even if you have warranties, a new car with dealership servicing, or an AAA membership, you still need insurance on your vehicle in order to legally drive in most states.
Understanding these facts about car insurance can help you decipher your vehicle insurance policy and can help you understand your auto insurance premiums as well. When it comes to your vehicle insurance, you will want to know all the facts so that you can keep both yourself and your car safe.
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