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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

4 Common Mistakes To Avoid With Your Auto Insurance Policy

by Jason Prescott

Auto insurance is one of those things that you purchase in the hope that you never need to use it. And although there's a good chance you'll never need to submit a major car insurance claim, it's still important to make sure you have the right coverage for your needs. Specifically, when it comes to your auto insurance, there are a few common mistakes you'll want to be careful to avoid.

Not Paying for GAP Coverage

If you just purchased a brand new car (or are planning on doing so in the near future), always look into GAP coverage! This added protection will ensure that you are reimbursed for the amount you paid for the vehicle before it was totaled, rather than the value at the time it was totaled. Because new cars depreciate instantly when you drive them off the lot, this coverage can help you avoid financial loss in the unlikely event that your new car gets totaled shortly after you buy it.

Opting for State Minimum Coverage

While state minimum coverage may be your cheapest option, it's generally not the best choice. State minimum coverage will keep you "street legal," but that's about it. You won't have adequate protection if you're involved in a major accident. Furthermore, if you're making payments on your car (buying or leasing), you'll be required to have comprehensive and collision coverage anyway.

Overlooking Insurance Discounts

Almost all auto insurance companies offer a number of money-saving discounts to those who meet certain criteria, so be sure to research the discounts offered by your company and take advantage of any that apply to you. Some common discounts include those for students, safe drivers, and even members of certain organizations.

Letting Your Coverage Lapse

One of the worst mistakes you can make when it comes to your auto insurance is letting your coverage lapse. This happens when you forget to pay your insurance premium or forget to renew your policy when it expires. When your coverage lapses, not only are you uninsured, but you could face steep penalties and reinstatement fees when you try to purchase auto insurance again in the future.

These are just a few of the most common auto insurance mistakes that you'll want to be careful to avoid, as they can be costly and lead to major headaches.Fortunately, most of these mistakes are easily avoidable with the right amount of foresight.