car insurance

Car insurance - What's up with it?

Buying car insurance doesn’t have to be difficult.  Here are a few steps to help you along the road to all the auto insurance coverage you need.  Your best bet is to talk to your bank.  The larger banks in Canada all have mortgage and insurance products and as they say “better the devil you know.”  Of course you aren’t going to just take the banks offer.  You do need to shop around for the best deal and coverage that you can get.  I just think that if your banks car insurance premiums are reasonable it is best to keep as much of your finances under one roof as you can.  You never know, the banks may start to offer more and better loyal customer rewards to thank us than regular car insurance companies.

Car insurance
Car insurance for muscle cars

 Next thing is to make sure when are comparing car insurance is that you have the car coverage that you need, nothing less and nothing more.  So you have a 92 Nissan sitting in your driveway.  Sure it’s old and ugly but it runs like a top, always starts in any weather and you only go to the pumps once a month. However reliable that old heap is you know that one simple fender bender and she is toast.  So, that being the case, you don’t want to be paying full car insurance coverage on a car that can’t or shouldn’t be repaired.  Not to mention that the blue book value of that car is probably only $500.00 at the most.

Now if you have a car that you are still making payments on you do have to have collision, fire and theft coverage.  You would be stupid not to keep a car insurance policy on an unpaid vehicle.  You don’t want to be making monthly payments on a rusting hulk sitting in the junkyard across from the bus stop where you are waiting.  That would be painful indeed.  Still you can choose the minimum automobile insurance coverage you need and a higher deductible to lessen the monthly cost of your car insurance.

Speaking of deductible, know your car insurance policy limitations when choosing it.  If your car is damaged in any way you will be responsible to cover this deduction before you can get your car back on the road.  You need your car to get to work to make money to pay your car and auto insurance payment, right?  How can you get your car on the road if you don’t have the cash to pay the car insurance deductible?  So my suggestion is to save the amount of your auto insurance deductible in a savings account and don’t touch it.  It’s there when you need it and it will be making a little bit of money for you when you don’t.  Some of us are unable to save so in that case I would suggest that you always keep a credit card with an available balance to cover your car insurance deductible, that's what my sister does with her pet insurance monthly payment.

Car insurance claims

Car insurance claims. For those of you who experience the horrible fate of having your car stolen, I have a few important notes for you.  When my daughter had her SUV stolen she was told some very interesting things.  If you are paying for a vehicle bought at a dealership where you purchased an extended maintenance warranty, call them with the warranty information because you will get all that money back, which can go to repay some of that car insurance cost.  If you have used any of the warranty they will give you the remaining amount in cash.  This is also true of when you pay off your vehicle.  You get all or any remaining portion of your warranty back in cash.  It’s a little, no interest savings account if you don’t use the warranty for maintenance work.

It’s definitely a car insurance jungle out there.  Tons of companies wanting to take your hard earned money and then they make you jump through hoops when you need their services.

Car Insurance For Small Cars
Car Insurance for small cars

The operation of motor vehicles is under the government’s management.  The government decides what age you can drive, they supervise the testing, they issue the license, our taxes go into roads and they tell us car insurance coverage is the law.  Their law.  So why aren’t they offering us citizens car insurance to help keep us on the roads and keep our meager resources in our pockets instead of more profit for the already wealthy?






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