Auto insurance premiums vary significantly from person to person, depending on various factors. While some of these factors are within your control, others may be out of your hands. Understanding your high rates can help you make informed decisions about your coverage.
In this article, we'll explore 10 common reasons your auto insurance rates may be so high.
Full coverage auto insurance usually costs between $1,500 and $2,200 annually. If your premium exceeds this range, several factors may be inflating your costs.
The final quote depends on your specific coverage choice.
You can also add the following car insurance coverage options:
🚘Rental car reimbursement - It covers the cost of a rental car while your vehicle is being repaired or replaced following an accident.
🔧Roadside assistance - It offers assistance in case your vehicle breaks down on the road, such as due to a flat tire, dead battery, running out of gas, and other issues.
🗳️Loan/lease payoff coverage - It covers the difference, within specific limits, if you owe more on your vehicle than its value and your car is stolen or totaled.
👨🏻🔧Mechanical breakdown - Also called as car repair insurance, it pays for repair expenses when your vehicle breaks down, requires new parts, or experiences various mechanical issues.
Each state requires a minimum of car insurance coverage to meet financial responsibility laws. Liability insurance is the main mandated coverage in all states except New Hampshire. However, New Hampshire requires drivers to show they can cover costs in case of an at-fault crash.
Talking to your agent 👨🏻💼 or provider 🏨 can help you choose the right coverage.
Here are 10 ways you can reduce premiums without sacrificing coverage:
Reasons why you want to consider switching:
Choosing the right insurance as a first-time car owner can be tricky due to the many options available. Here are the essential steps to simplify the process for you.
💂🏻 Safeguard your finances from unexpected auto incidents with the right insurance. 😌
At Doing Well, we understand the importance of securing your financial well-being and provide services tailored to ensure you're well-protected and prepared.
We provide monthly calls, continuous bookkeeping, and reliable support to free you up to enjoy life. Doing Well is your trusted ally in financial management, guiding you towards personal financial success.