Car Insurance

Be sure you have the appropriate level of coverage before something like this happens to you! Unlike health insurance, car insurance is really not that expensive. Now that’s depending upon who you ask. The reason for this is car insurance is cheap for people that own their cars outright and don’t carry collision insurance coverage. Then there’s the other group of people whom have to drive brand-new cars all the time and you pay through the nose for the mandatory collision coverage required by the lending company or bank that they have obtained their loan through. The difference between having collision coverage and not having collision coverage on the same vehicle can easily be a difference of $1500-$2500 or more. It all depends upon the state do you live in an obviously some states like New Jersey and Texas are far more expensive than other states like Alaska and California. In any case, the decision to buy a new or used vehicle is entirely yours unless of course you have bad credit and that reduces the amount of decisions you can make here. What were talking about here is whether you have appropriate coverage for your car or not. If you do not have collision coverage obviously what that means is that if your car is wrecked and it is deemed your fault then you flip the bill to repair your car. It’s that simple. Now if you’re hit by someone as their fault but they don’t carry adequate or any insurance then you’re not covered also. This is why a lot of car insurance agencies offer what is called no-fault insurance coverage which also has similar riders to cover similar conditions where the at fault party’s coverage is not adequate. Now all states have a certain minimum amount of insurance coverage that is required. This is different for every state. Do you have cloudy, dirty or worn headlight lenses? This is a dangerous condition affecting 9 out of 10 vehicles on the road today according to AAA! Now it is recommended that you get above the minimum coverage and this is important because if your coverage is tapped out an accident and you are at fault than the other party(s) can come after you directly and sue you for any shortcomings. And it all depends here. Usually if you have no money and no assets they usually will not sue you, but that is not a guarantee and it has happened before. If you do get sued because your coverage is inadequate and you caused the accident then you will be found at fault and will have a judgment entered against you. The judge will look into what the plaintiff’s side of this accident or case states and their costs plus they will most likely add in reasonable legal expenses of the plaintiff’s attorneys. So, for instance, what were those eight $4500 or $5000 accident could easily swell to $20,000-$30,000 fast when you add in court costs, fees, attorney’s fees and more. If you do not pay what the judge decides within a certain period of time the plaintiff’s attorneys and the plaintiff or afforded the right to have the sheriff come out to your house and inventory your personal items and auction off anything deemed allowable by the judge. A judgment will also be entered into your credit report most likely with all three credit bureaus and this will greatly affect your credit rating. Plus they can actually, through the courts depending upon your state and local laws, ask to have your wages garnished. What that means is that a certain percentage of your income will be taken out before you receive your paycheck. Depending upon the state you live in it can be any where from between 10% on up to 50% of your paycheck. This is something you definitely don’t want to have happen to you or have to go through. I have seen people go through it and it’s completely avoidable. All it takes is to make a phone call to your car insurance company and go over the level of coverage as you have and determine what your agent what level of coverage is best for your situation. Got ugly, yellow or cloudy headlights! Save hundreds of dollars be restoring them to new again with New Lite – the best selling and most effective headlight cleaning product available! This will help ensure that you are appropriately covered. And the difference cost of your insurance coverage is most likely going to be minimal. The biggest coverage expense is not liability coverage. The biggest coverage expenses as stated before is collision coverage. And this is just basically dependent upon what kind and year of vehicle you drive. This is why in the book the millionaire next door they tell you specifically that most millionaires do not drive brand-new or even recently new vehicles. They drive vehicles that are old enough and paid off so that they both save on not having collision insurance coverage as is no longer necessary when the value of your vehicle is below $5000 and paid for, plus they also save big time on taxes on their vehicle. When you drive a brand-new vehicle and buy one every few years just to look like you’re keeping up with the Joneses – all you’re doing is making your car dealer, your lender, your insurance agent and of course your state wealthy by paying too much for car ownership, financing, collision coverage and of course taxes. Get smart and make sure you’re covered correctly and properly with your car insurance, but also make sure you’re not driving something out of your league just to impress people that in the long run don’t matter. If someone likes you for your vehicle you drive they’re a very shallow individual. And you know what shallow individuals do not make good friends.

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