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Always make sure that you are protected with some form of car insurance when you rent a car, and ALWAYS understand the terms and restrictions of your insurance coverage. If you are not insured by your existing car insurance policy or by your credit card, then you should consider purchasing the collision damage waiver.
Your car insurance policy is a finance tool, and the deductible is one the most important parts that determines both the cost, and how much you’ll pay in the event of an insurance claim. In many cases, raising your auto insurance deductible from a very low $200 to $500, can lower your policy approximately 15% to 30%.
In looking at auto insurance as a financial tool that protects your financial assets and health, senior drivers have different needs. For example, consider a 69 year-old widowed female on a fixed income. Does it make sense for her to be carrying a $1,000 deductible? Senior drivers have unique auto insurance needs and requirements and need the help of experienced insurance agents.
Every car insurance company has unique underwriting guidelines for evaluating different drivers. As a result, the points on your record may have a more significant impact with one insurer versus another. As always, it pays to shop around. Here's what bad drivers need to know to save on car insurance.
When you receive your policy in the mail, you'll notice that it's a very thick stack of documents. Take a few minutes to read it — it's important. If you need help understanding everything, here's a few "cliff notes" from the declarations page to policy medical payments.
Your car is the largest source of risk for being sued for everything you own, you earn, and in some cases, what you will own and earn. Every car accident is different depending on the type of car you hit, and more importantly, the passengers in that car at the time. Do you have enough car insurance coverage to protect against possible insurance claims? What if you hit a minivan and seriously hurt a family of four?
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