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Affordable Auto Insurance Policies

Updated on March 12, 2011

Unbeknown to many, the type of insurance coverage that you opt for will determine the amount of insurance premium you will be paying. In other words, the more insurance coverage you apply for, the higher your premiums will be, and vice versa. With insurance charges contributing to the day-to-day financial hassles, it comes as little surprise that many people today are in search of the more affordable and cost-efficient insurance policies available in the market. Here are some of the simple factors that have a direct impact on the cost of insurance policies that you end up paying.

One very cost-efficient opportunity to buy an affordable auto insurance policy presents itself when you have other types of insurances such as home insurance, life insurance or health insurance. You can opt to consolidate all your policies under a single insurer if you haven’t done so already, and then go ahead to request for an auto insurance quote. The reason why you will get an affordable insurance plan is because insurance companies today are willing to give you a significant discount if you have more than one policy with them since either way they will still be benefiting from your business with them.

As previously mentioned, the type of coverage you go for will be directly proportional to the amount of money you will be paying towards the policy. So, before jumping to conclusions, here is a review of different types of common auto insurance policies to help you make an informed decision as to which could be the most cost-efficient and affordable for you, without compromising on the type of coverage that you will get.

Comprehensive insurance coverage – otherwise referred to as fully comprehensive coverage, is undoubtedly the best insurance coverage in the market as yet. As the name would suggest, this coverage covers comprehensively in the event of an accident, but only if you are at fault. All charges incurred to you, your car, a third party, their car, and all else in between will be covered by your insurer, but only when you are at FAULT. You will have no liability save for the deductible which you had set out in the policy agreement. As is therefore expected, a comprehensive auto insurance coverage will be more costly than a third party one.

Third party coverage – this is the most basic type of insurance today, which is mandatory in almost all countries. Each vehicle you see on the street MUST have this coverage and as the name would suggest, it covers all damages you cause to a third party’s vehicle. This is the most affordable of all insurance coverages available today. Even so, although basic, it isn’t for everyone in the sense that if the cost of your vehicle is high enough, you would be better off checking other types, since footing the expenses after an accident could be very expensive, to say the least. An old, not-so-worthy vehicle in terms of value could do well with this.

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