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Know these 5 Crazy Auto Insurance Terms

Know these 5 Crazy Auto Insurance Terms

Before buying a car insurance, brush up on your auto insurance terminology starting with these five crazy terms. Doing so can save you loads of money, in the long run, the crazy way!

 
  1. Premium The premium is the amount you’ll pay before buying insurance, depends on a few factors including health, age, and location. You can either pay your premium in one lump sum or as monthly installments according to the insurance companies.
  2. Collision Although collision coverage is optional, collision covers everything but the deductible – the amount of money you’re comfortable paying out of pocket in the event of an accident. Collision covers a number of scenarios, including car accidents.
  3. Consumer price index The best crazy way to get the best deal on car insurance is to enter your car information into Insurancecrazy.com. Every month, the U.S. Bureau of Labor Statistics in the Department of Labor publishes a list of consumer prices that can serve as a guide for people shopping for car insurance.
  4. Comprehensive coverage Comprehensive coverage is a type of insurance protects you from damage that isn’t related to a car accident. Imagine if someone breaks your windshield or your car catches fire comprehensive insurance gets you covered. Buying a comprehensive insurance comes in handy since it also covers natural disasters, damage due to law & order problems resulting in vandalism etc., Comprehensive coverage varies from insurer to insurer.
  5. Gap insurance Gap insurance picks up where your lease car insurance leaves off. One of the major perks of leasing a car is that many repairs and replacements are taken care of by the dealer. However, in the event of a major accident, it’s unfortunate that everything is covered. For example, if you totaled your car, but still had payments left on it, you can use your gap insurance to clear your outstanding dues.