Considerations for New Insurance Shoppers

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Thanks to confusing terms and complicated pricing structures, shopping for a New York car insurance quote for the first time can be a little confusing. However, if you live in New York, insurance is required for all registered cars so you’ll have to deal with it sooner or later. Hopefully with these tips the process will be a little more bearable.

First, you need to know what you’re even shopping for. Buying insurance sounds simple until you learn that there are multiple kinds of car insurance. Here’s a list of the most common types:

  • Property Damage Liability: Covers any damage you cause in a car accident.
  • Bodily Injury Liability: Covers any medical costs (except yours) incurred by a car accident caused by you.
  • Uninsured Motorist Bodily Injury: Covers your medical costs if you’re hit by an uninsured driver.
  • Comprehensive Coverage: Covers any damage to your car occurring outside of a car wreck.
  • Collision Coverage: Covers damage resultant from a car wreck.
  • Personal Injury Protection: Covers your medical costs from an accident.

Ideally, you’d be able to carry every kind of insurance listed above, but ideally you’d also sleep on a pile of money every night. Often, your decision will be based as much on what coverage you want as what coverage you can afford. Once you get a feel for how much coverage you want or can afford, it’s time to shop around. This is also when things can get complicated.

Each company will offer different premiums (monthly payments) for different amounts of coverage, or the maximum amount of money the company will pay out in case of an accident. On top of that, coverages also include a deductible, or an amount of money you’ll have to pay for damages before your insurance company steps in to cover the rest. The amount of coverage and the deductible both factor in to your monthly premium payment, and can vary from company to company.

Comparing rates may seem like a headache at first, but a few months and premium payments in, and you’ll be happy you put in the time to find an insurance company that meets your needs.

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