10 Little Known Facts about Your Auto Insurance and Factors that Determine Rates

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There are a lot of factors to consider regarding your auto insurance rates, when is come to this there may be a few things about the coverage that your didn’t realize that are helpful to know…

  1. Personal Items lost during a vehicle theft are not covered under your auto policy. – They are covered under your home owners policy, but if you regularly carry expensive items such as laptops or GPS devices you should have a rider and photos attached to your auto policy for coverage.
  2. Auto Insurance is tax deductible for percentage used for business. – You just need to calculate the amount of travel you use your auto for on business, that percentage is tax deductible. Make sure to share business use amounts of your auto with your insurance company for proper coverage.
  3. Your Occupation effects rates. – Examples are engineers as they are deemed less likely to be involved in accidents as well as teachers can ask for a discount based on occupation.
  4. In Georgia you can ask for Diminished Value on your vehicle following a claim.- This is because it is worth less than when you were in the accident but is must be requested(it is not automatic) and difference in value will be determined by the insurance carrier. This is applicable when the accident is not your fault, a check for determined about is sent to you
  5. If you switch your policy to a different company, make sure you cancel your old policy.- Otherwise, it will be shown on your credit report as cancelled for non-payment.
  6. Make sure your vehicle information is listed correctly on your policy. –Believe it or not this can make a big difference. things such as incorrect mileage, two door instead of four door selected or the wrong model selected can make a difference in rate.
  7. Affiliations with such groups as AAA and other related companies can lower your rate.- Ask your carrier which affiliations can result in these rate decreases.
  8. If a friend borrows your car and gets in an accident, your insurance will handle the claim.- That means you are responsible for the deductible and your rates will likely be increased due to the claim.
  9. You should insure your cars and home with the same company to get a multi-line discount.
  10. Your Credit Score affects your auto insurance rates.- Research shows links between credit score and likelihood to file a claim. If insurers see that you pay your bills on time and have had long standing credit you are viewed and more stable and the rates reflect his.

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