When you buy a new car you will want to protect your investment. Taking out an auto insurance policy is one way to do this, and if you have a car loan, this insurance might be compulsory.
It is important to note that not all policies will give you the same benefits, and pricing can vary between providers. Insurance is a competitive industry, and this means consumers now have more choices than ever before. If you are looking for new auto insurance or want to change your existing policy, here is what to look for in 2020.
A Range of Discounted Policies
Every driver is unique, and your circumstances could mean you are entitled to a discount on your auto insurance. Don’t be afraid to ask your preferred insurance provider if you can save money on your monthly premiums.
For example, combined home and car insurance policies, a good driving history, additional training and customer loyalty could help to reduce the cost. Companies such as USAA offer further discounts for families and those in the military. As policies can change, it is worth taking the time to assess your policy during each renewal period.
Convenient Claim Processing
If you do have an accident on the road, the claims process should be fast and convenient. In 2020, digital technology has changed the way insurance companies deal with customer claims.
When you choose a reputable company you should expect online claim processing. This feature lets you check the status of your claim and provide any vital information at a time that suits you. These tools might be accessible via a website or dedicated app, and you can even update your details or request roadside assistance online.
More Policy Choices
In 2020 auto insurance policies are more customizable. This means you can have the coverage that best suits the way you drive, at a price that reflects your circumstances. Liability auto insurance is the most basic form of cover and is usually a legal requirement in most states. Liability gives you financial protection if the accident is your fault and there is an injury to the other party’s body or property.
To protect your own vehicle and reduce the costs relating to repair or replacement, comprehensive and collision coverage is recommended. Damages will be paid for whether it is an accident, weather event, theft, fire or vandalism.
For those who transport passengers, your auto insurance can be boosted with personal injury protection, uninsured and underinsured insurance.
Clever Payment Systems
Not everyone gets paid on the same day, and budgeting can be difficult when bills are scheduled throughout the month. There are insurance companies who offer flexible payments, catering to your timetable — not theirs.
You can choose a payment plan that fits in with your payday, so you will never be caught off guard. For new auto insurance policies, coverage can start on the day you sign up, without a long waiting period.
Auto Insurance in 2020
For drivers, auto insurance is necessary, but not all plans and companies are the same. With research and consideration, you can find the right solution for your needs. By comparing providers you may be able to find a discounted rate and all of the inclusions that matter to you.
If the time does come that you need to make a claim, it should be a quick and easy process. Take your time to find a reputable insurance company because you never know when you might need them.
HedgeThink.com is the fund industry’s leading news, research and analysis source for individual and institutional accredited investors and professionals