Michigan Industry Leader Peter Vitale’s Tips For Buying Auto Insurance — Blogwebpedia
Drive without insurance, and you can face expensive fines. Worse yet, you may even lose your driving privileges, or spend time in jail. Many states require that drivers have at least $20,000/$40,000/$10,000 in liability coverage. However, these numbers are only a starting point when shopping for auto insurance. Simple liability coverage won’t give you money to fix your own car after an accident. It won’t pay for repairs if something happens, like a tree falling on your car while it’s in your driveway. Entrepreneur Peter Vitale, the owner of Michigan’s Bloomfield Insurance Group, expertly guides countless consumers in selecting the perfect coverage for their needs. Below, explore a few of his tips for getting the best auto insurance coverage at the best price.
Understand The Different Types Of Auto Coverage
There are a number of different types of auto coverages. For most consumers outside of the industry, the differences between policies may remain unclear. While many motorists have heard various terms and phrases previously, many individuals do not understand the different coverages related to various types of auto insurance. To maximize the experience, consumer education is key.
Comprehensive insurance covers your vehicle when you aren’t on the road. This includes things like theft of personal property from your vehicle. Collision is the part of your auto insurance that covers you when you are driving. This can be when you are in an accident, or if you hit your neighbor’s mailbox.
Liability coverage helps pay for damage you do with your vehicle to another person or their property. The liability limits required by law are relatively low, considering the cost of health care in the United States. It would be easy to use the $40,000 bodily injury coverage in a multi-car accident. Without additional coverage, the person injured could sue you (personally) for the difference.
Know The Discounts
Make sure to ask your Insurance Agent about what discounts you may qualify for. Most companies offer discounts for insuring multiple cars, for having a safe driving record, for being of a safe-driving age, and for belonging to certain groups. As per Michigan-based Peter Vitale, insurance coverage is crucial but doesn’t have to be costly. By actively pursuing discounts, you can save a significant percentage on a great package.
Consider Older Vehicle Options
You certainly want to carry collision and comprehensive coverage on your vehicle if you are still paying for it. In fact, the bank or other lending institution will likely insist on it. However, there comes a time when the annual insurance premium may not make sense when you compare it to the value of your vehicle.
Think About A Higher Deductible
Your deductible, the amount that you are required to pay on a claim before your auto insurance kicks in, is inversely related to your premium. That means the higher the deductible, the lower your premium. If you are in a financial place that you can cover relatively low cost repairs, such as $500 or $1,000, but want to protect against a major loss, such as your car being extensively damaged in an accident, then a high deductible policy might save you money.
Shop For Insurance When You Shop For A Vehicle
Most of us call our insurance agent when we’ve signed the purchase agreement for our next vehicle. This isn’t always the best way to do it. Some vehicles, such as those that are popular with car thieves, have a much higher insurance rate than other vehicles in the same class. You can’t always assume that the higher-priced vehicle will have a higher car insurance rate. Thus, Peter Vitale suggests that you proactively call your insurance agent for a quote when you’ve narrowed your choices down to two or three vehicles.
Make Sure You’re Covered For Your “Side Hustle”
This past year, many people have turned to side businesses to make a little extra money. It’s important, though, to keep in mind that if you are using your personal car for business, such as delivering a direct sales product or delivering restaurant meals, you may not be covered in the event of an accident. Be honest with your agent, and let him or her recommend the best coverage for your personal use as well as your side business.
Take A Safe Driver’s Course
Your driving record dramatically affects how much you pay for insurance. If your record is less than stellar, most states allow you to improve it somewhat by taking (and passing) a safe driver’s course. Losing a couple of points on your license can translate into big savings on your monthly insurance bill.
About Peter Vitale
Peter Vitale is the owner of the Bloomfield Insurance Group in Bloomfield Hills, Michigan. Peter Vitale also works as an insurance consultant, helping owners of small and medium-sized insurance businesses. Vitale earned a Bachelor of Business Administration degree from Michigan’s Oakland University. He lives in Oakland County, and is very involved with the local business community. Vitale sits on the Board of Directors of the Eastern Michigan Better Business Bureau.