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On the Road Again: Navigate Auto Insurance Like a Pro

Last updated 02/16/2024. 4 min.

 

Why Auto Insurance is More Than a Legal Requirement:

Some people see insurance as the means to the end of owning a home or a car. You can read the Rainy Day Ready Blog to hear about a customer who, through a rough experience, no longer feels this way. There are too many cautionary tales for you to be uninformed. Insurance is required in some cases, but you should see it as much more than that. As NerdWallet notes, “Medical bills and car repair costs can add up when multiple vehicles and drivers are involved, which can quickly become overwhelming.” Let’s delve into why auto insurance is so crucial and why it’s essential to see it as an investment in protecting your financial well-being.

Types of Coverage: Collision, Comprehensive, Liability—what do these mean?

When it comes to auto insurance, you’ll encounter terms like collision, comprehensive, and liability coverage. But what do these terms mean? Let’s break it down:

  • Collision Coverage: This type of insurance helps cover the cost of repairing or replacing your vehicle if you’re involved in an accident, regardless of who’s at fault.
  • Comprehensive Coverage: Comprehensive insurance goes beyond accidents, protecting your vehicle from non-collision events like theft, vandalism, or natural disasters.
  • Liability Coverage: Liability insurance steps in when you’re at fault in an accident, covering the other party’s medical expenses and property damage.

Understanding these coverage options is essential to making informed decisions about your auto insurance policy.

Shopping Tips: How to get the best rate and coverage:

Now that you know some of the types of coverage available, let’s explore how you can secure the best rate and coverage for your needs:

a) Compare Quotes: Don’t settle for the first offer you receive. Shop around, get multiple quotes, and compare them to find the most competitive rates.

b) Bundle Policies: Consider bundling your auto insurance with other policies, such as home insurance, to save money through potential multi-policy discounts.

c) Adjust Deductibles: Raising your deductible can lower your premium, but ensure you’re comfortable with the out-of-pocket expenses in case of a claim.

d) Review Coverage Limits: Ensure your coverage limits align with your financial situation and the value of your assets. Green Brook is here to offer insights.

e) Pay in Full: Oftentimes, you can receive a discount for paying in full. Paying the 6-month or annual premium upfront can save up to 15%.

Claims: What to do when you’re in an accident:

Accidents happen, and when they do, it’s essential to know what steps to take:

  • Stay Calm: After an accident, stay calm and check for injuries. If anyone is hurt, call 911 immediately.
  • Exchange Information: Exchange contact and insurance information with the other parties involved. Document the accident scene with photos if possible.
  • File a Claim: Contact your insurance provider promptly to report the accident and begin the claims process.
  • Follow Instructions: Follow your insurer’s instructions regarding repairs, inspections, and necessary documentation.

 

Green Brook will guide you to the best auto insurance. At Green Brook, we see insurance as a “necessary expense.” It’s necessary because it protects your money—your wealth, income, etc. It’s also an expense, meaning we should shop to ensure we’re getting the best price for the insurance protection we need.