Car insurance is required by law in Philadelphia. However, the law doesn’t say that you have to pay a lot of money for it. Understanding a few things about your Auto Insurance in Philadelphia can help you save money as well as protect your personal finances and investment.
* Car insurance policies are typically short-term. Expect a six-month or one-year term for your new policy. Short terms give you the opportunity to compare rates and make sure you are getting the best prices for the best coverage at all times.
* Auto insurance companies offer a lot of discounts but some of them are not advertised. Buying a car with safety features such as an anti-theft device or buying your auto and home insurance policies from the same company can result in a cost savings. If your agent doesn’t mention discounts, be sure to ask. Teen drivers with good grades may be eligible for discounts. Mature drivers who complete driving safety courses may also get a reduced rate on their auto insurance in Philadelphia.
* You can buy more than the minimum coverage limits. While minimum coverage is typically sufficient to cover the property damaged caused in minor accidents, it may not be enough to protect you if you are involved in a serious crash with multiple injuries. If your insurance won’t cover the expenses, you may be personally sued for the difference.
* Many insurance companies offer convenient payment plans to help customers stay insured. Ask your agent how you can spread your payments of your term to make them more affordable.
* Choosing a higher deductible makes you a lower risk to the insurance company. However, even though a high deductible will result in lower premiums, be careful about selecting a deductible higher than you can realistically afford to pay if you are involved in an accident.
If you are not happy with your current premiums, be sure to drive safely to improve your driving record and compare rates among different insurance companies when you get close to the end of your term. Be sure not to cancel your policy before you have a new one to stay in compliance with the law.
