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The Basics Of Car Insurance

Common Concepts You Should Know

Whether it is your first car or your fifth, shopping for insurance is usually a part of the car buying process. Whether getting a brand new policy or simply renewing an old one, knowing the basic concepts of car insurance can help save you time and money when it comes to your auto insurance.

Premium: Your premium is the amount you pay to your insurance provider for your policy. Premiums are paid periodically and depending on your insurer this may be annually, quarterly, or monthly.

Coverages: There are different kinds of auto insurance coverage you can buy for your vehicle such as comprehensive coverage, collision coverage, and liability coverage. Some types of coverage may be required by your state, while others may be optional, so it is best to check with a local insurance agent about these requirements.

Limit: The limit is the maximum amount that your insurer will pay for covered damage. Your limit is set in your policy. Most types of auto coverage have one limit, but bodily injury liability coverage has two limits: one per person and one per accident.

Deductible: Your deductible is in addiction to your premium and the limits that are part of your policy. Your deductible is the amount of money you pay out of pocket when and if you make a claim for damage or loss. This amount is later deducted from the amount that your insurer pays for the covered loss or damage that your vehicle is involved in.

Keep in mind these basic concepts of auto insurance when you are shopping for your first or next auto policy to make sure that you understand your coverage and that you get the auto policy that best suits your needs. Contact Weeks & Associates Insurance Services in Thousand Oaks for all of your California auto insurance needs. Let us make sure you have the coverage you need to stay safe on the road with a fantastic policy just for you!

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