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Car Insurance 101

The money is saved and it's time to purchase that new car. Before you head down to the dealership, make a stop at the local insurance company first. You will want to be sure that what ever you purchase will be protected from the moment you drive it off the lot.

Step One: Determine the amount of coverage that you need for your new automobile. If you are purchasing the car without a loan you will only want to be covered for the value of the car. If you are purchasing the car with a loan then you may need to purchase an additional policy (Gap Insurance) to cover the difference between the value of the car and the value of the loan.

Step Two: Choose the right type of coverage. The more your car is worth then the more coverage you will want to purchase with your insurance policy. Comprehensive insurance will usually cover collision, liability and other benefits and will cover the value of the vehicle incase of a complete loss. Liability insurance will only cover other property that is damaged in an accident and will not replace or repair your own vehicle.

Step Three: Pick a deductible that you can afford to pay. The more you raise your deductible then the less you will have to pay each month on the premium. Choose the highest deductible that you can afford and then put that money in an account that will not be touched.

Finding a good car insurance policy is more about the individual and the car than it is the insurance company.