Policy Premiums and Deductibles

Charles Goodman Group: Trusted Insurance Companies in Armonk NY

When discussing auto insurance and deductibles, there are two things that drivers are concerned about. First, they are concerned about the amount they will have to pay. Second, they are concerned about the coverage their insurance policy will provide. Speaking to an Armonk insurance agent is an excellent way for a driver to get information about a policy they are considering.

The most expensive part of an automobile insurance policy is liability insurance. Liability insurance is required by law as it helps protect other drivers and pedestrians. It is not a good idea to lower liability protection in an attempt to lower premium cost. The reason for this is that the driver will be held responsible for any damage that is over the limits of their policy. In some cases, this could amount to tens, if not hundreds, of thousands of dollars in damages.

Other types of insurance coverage are beneficial but are not necessary. These could be removed or reduced to lower premium costs. For example, a driver who has an older vehicle or a driver who could afford the out-of-pocket expense for replacing a totaled vehicle may not want to purchase collision or comprehensive coverage. Of course, before making these decisions, it is best to talk to an insurance agent.

The automobile a person drives will have a huge effect on premium cost.

An agent from the Charles Goodman Group in Armonk NY would be happy to answer any question you have about health insurance companies.

Insurance companies use accident statistics like those found at the Highway Loss Data Institute to determine the price for insuring a particular vehicle. An automobile that is expensive to repair or that does not have extensive safety features is seen as a higher risk vehicle by insurance agencies. Therefore, they will charge higher premiums. Conversely, an automobile that is inexpensive to repair, has many safety features to protect the occupants and is not likely to be stolen will not be seen as a huge risk and will be cheaper to insure.

Insurance discounts can make a huge difference in automobile premiums. Insurance companies provide discounts for drivers who have a safe record, who have a vehicle with safety features and anti-theft devices, drivers who are willing to make electronic payments and drivers who pay the entire premium in full as well as teenage drivers who maintain a high GPA.

Insurance companies will increase premium prices based on the distance a person drives on a daily basis and the areas where they drive. Individuals who drive long distances will pay more than those who drive less. Individuals who drive in areas where vandalism is common will pay more than those who are in areas that are considered to be safer for vehicles.

Insurance premiums are a major part of the expense car owners pay on an annual basis. Speaking with an insurance agent is a great way for a car owner to make sure they are not paying too much for their insurance and that they are receiving sufficient coverage for their driving needs.