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Cheap No Fault Car Insurance
Is this a pipe dream? Getting cheap no-fault auto insurance is like finding the proverbial needle in a haystack. You know itís there somewhere, but how in the world are you going to find it?
Well, thank goodness for the Internet. Because on the web you can find anything you want (and a lot of things you donít want). You just need to know how to look.
To find anything, you have to first really know what youíre looking for. And if youíre clear about no-fault auto insurance (NFAI), youíre one in a million. But, if youíre not, youíll want to do some homework, because itís incredibly confusing.
Some states donít offer NFAI. Each individual state has their own regulations for auto insurance companies and policies. Some require NFAI, while others donít. And some offer something similar instead called ďtortĒ coverage. So, the first step is to get clear how it works in your state.
You can google ďyour stateís auto insurance regulationsĒ on the Internet and look for the types and amounts of coverage minimally required. But be prepared that some state requirements are very low and others donít even require basic liability and/or bodily injury protection.
Once you know the minimum coverage required, you then have to decide how much coverage you want and need for your particular circumstances. The insurance salesmanís usual advice is to buy high Ė as much as you can afford. But, since heís earning a commission on the sale, thatís what you should expect him to say.
Of course erring on the side of caution is still your best bet, especially if you own your own home or other valuable assets. In case of an accident, you donít want your personal finances on the hook.
When you know how much car insurance you need and want, then itís time to shop around. And thatís pretty easy to do on the net. If youíve never compared rates before, youíre going to be shocked at how much difference there is between different companies - hundreds of dollars in some cases.
There are also a lot of ways to save money on no-fault auto insurance. Check into possible discounts for a good credit report, multifamily and multipolicy discounts, driver safety classes, installation of safety/anti-theft devices, etc.
One of the easiest ways to cut car insurance costs is to increase your deductible. For example, raising your deductible from $250 to $500 can lower your annual premium by as much as 10%. Just be sure you always have enough cash available to cover the higher deductible if you should ever need to.
One last point to consider. Cheap isnít necessarily whatís best for you. You can get cheaper rates by skimping on your coverage or even possibly dealing with a shady, fly by night insurance company. Michigan state regulators recently caught several scam artists selling bogus no-fault auto insurance policies.
So always be certain youíre dealing with a legitimate reputable insurance company, especially if theyíre promising outrageously cheap rates. You could end up getting nothing for your money and it would not be considered ďno-faultĒ of your own.
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