While just about every person of driving age carries car insurance, especially since minimum of coverage is required by law in nearly every state, many may be unclear as to what exactly their policies cover. Auto insurance policies are made up of multiple parts, each insurance contract will be somewhat different, depending on the insurer writing it, and each individual state may have different requirements regarding what’s needed by way of coverage to drive legally in that particular jurisdiction.
For those unwilling to tackle delving into their auto insurance contract, including the fine print, it would be worth your while to seek assistance from your local Greensboro car insurance agent for a detailed explanation of just what your policy covers (and doesn’t cover). Following are some things you may not have known about your Greensboro car insurance that you will find value in knowing.
- Your social and economic status play a surprisingly important role in the underwriting process when insurers are figuring your policy rates. Some common distinctions exist between the premiums charged to single versus married policyholders, between male and female drivers and between those with good credit ratings compared to those with lousy credit! Age is also a factor. A single male with poor credit is doomed to pay some of the highest rates, especially if he’s younger than 25 years old.
- If you purchase a basic Greensboro car insurance policy in order to merely satisfy the minimum liability protection mandated by the State of North Carolina and you’re involved in an accident, your policy pays nothing towards fixing your vehicle or helping pay your medical costs. The basic liability coverage is only meant to pay for others’ losses from property damage or bodily injury.
- Statistics collected by the Insurance Information Institute suggest that nearly one in ten North Carolina drivers drive without insurance. This stresses the importance of carrying UIM (uninsured motorist) coverage, otherwise you’re basically on your own for any losses suffered.
- You may need to make a claim on your policy and learn you aren’t actually covered. If your car’s stolen because you left it unlocked with the keys in the ignition, even for a few minutes, the theft may not be claimable. Carrying passengers for reimbursement or using your car for business may also disqualify a claim.