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5 interesting facts about car insurance

Owning a car obviously means that you need auto insurance, but most people don’t get the best deal simply because they’re not informed. Make sure you know your stuff before signing any agreements and get the best value from your car insurance package.

Paying premiums in full is beneficial

Most people pay their auto insurance premiums in instalments. While this method may sound convenient, it is not economical. If possible, paying the premium in a lump sum saves you money. Instalments come with an extra fee for that convenience. Paying in full will not only save you the administrative expenses but also earn you a discount.

An insurance company can cancel your agreement

Your car insurer reserves the right to end your contract at any time. However, it has to be as per the terms in your policy documents. Contracts are usually terminated due to a breach of an agreement [https://www.etags.com/blog/interesting-auto-insurance-facts/]. If you violate the policy, your insurer is at liberty to deny a renewal or cancel the policy document. Compare car insurance companies and select one with the ideal terms.

Your credit is linked to car insurance

Some people think stopping payments and changing car insurers is harmless. You can decide to do so, but there are eventual repercussions. Your former insurer may report you to the credit bureau, and it will lower your credit score [https://www.kbb.com/car-advice/articles/five-things-you-might-not-know-about-car-insurance/]. Switching car insurance providers is not a problem. Nevertheless, clear any outstanding payments and complete the paper work before switching.

Types of car insurance

Your vehicle has likely been insured for numerous years but you have probably never known the two types of auto insurance. Third party insurance is one of them. It compensates for the damage, injury or death of another individual. The name ‘Third Party’ refers only to other people besides you and the insurance company. The other is comprehensive insurance, and as the name suggests, it covers the damage to a third party and your own vehicle.

Colour is not a determinant of auto insurance

Some people think the colour of a vehicle influences premium rates, but this is a misconception. Although colour has no impact on your rates, the type of vehicle is undoubtedly a significant factor in determining premiums and other costs. Low-risk cars will help you to get lower rates than high-risk ones [https://personal-finance.thefuntimesguide.com/auto_insurance_rates/]. There are other numerous factors for calculating rates. Conducting a car insurance comparison will help in making a wise decision.

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