Flor & Associates Insurance Agency

El Paso Texas Insurance Agent Flor & Associates Insurance

car insurance

How Can I Lower My Car Insurance Premium?

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Driving safe does not include texting at the wheel!

This is a common question that we all have had when looking at how much we have to pay on our car insurance statements. Thankfully, there are quite a few things that you can do to lower your premiums that you can do on your own!

The first and foremost has to be: drive safe! By driving safe you are reducing the risk of getting a ticket (Which usually raises your premiums), and better yet reducing the risk of getting yourself into an accident! By keeping a clean driving record you will qualify for lower rates, and companies will be more willing to insure you!

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Another way to lower your rate would be to share a policy with someone you live with, for instance if you live with a spouse who has a stellar driving record then sharing a policy would most likely lower the overall rate! But like all other things, always do the math and find out if this is the best route for you to take!

You can lower your rate by always maintaining your coverage, with absolutely no lapse in policies (This means not even for a day!), and by paying the premium in full at the beginning of your policy. Doing this shows your insurer that you are reliable, and this goes a long way with saving you money with your premiums!

What is Gap Insurance?

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As the old adage goes: You lose 10% of value the moment you drive your new car off the lot. This drop in value creates a “gap” that is hard to cover for most people if an accident occurs on a financed car, and this is where Gap Insurance comes into play!

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Gap Insurance pays the difference between the balance of a loan on a vehicle and what your insurance company pays if it is stolen or totaled in an accident. If you are looking to insure a financed car, this will be a coverage that you would use to cover what you owe on the car in full if it is totaled or stolen and the car insurance payout is too low!

Unless you are buying rare exotic sports cars, your car will depreciate in value relatively quickly and you may end up with a lower payout than what you owe if you have an accident. It’s best to be prepared for all scenarios, and this is always a good type of coverage to consider!\

What is Comprehensive Coverage?

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You have probably have heard someone say, “I have full coverage” and just nodded your head not really knowing what it really means—I have before, and I think we all have at one point! Full Coverage in the insurance world is usually referred to as Comprehensive Coverage since it means you are covered through just about any type of incident you could run into!

Comprehensive Coverage includes the normal ‘collision coverage’ which covers damage caused by a car accident no matter who is at fault, but it also includes other events such as hail, fire, flooding, and even theft! It is a good idea to have this type of coverage on a car that is new or expensive to repair since prices can get pretty high when repairing damages!

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Comprehensive Coverage can be expensive, but the premium amounts usually depend on the driver and the car that they are driving. Compared to a 18 year old in a V8 coupe with 3 tickets to their name already, a 35 year old driving a truck with a solid driving record will have a much lower premium!

In sum, Comprehensive coverage can be a great way to mitigate the damage to your checkbook after an accident, as well as helping repair your car!

What Is Liability Car Insurance?

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Every car on the road has auto insurance (Or at least should!) and with something so common in every driver’s life it becomes necessary to know about car insurance and the different types of coverages that exist out there!

In some states, you can have what is called “liability insurance”, and with this your insurance company should cover the repairs to the other person’s car if you are at fault, but in this scenario you will have to pay for your own repairs. Keep in mind these coverage plans do have liability coverage limits, so there is a limit as to how much can be paid to the other driver!

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Liability car insurance is usually the cheapest option to have (Still can be expensive ifyou have a less than stellar driving record!), but there are some cases that you cannot have this type of coverage and will have to elect for more expensive coverage. For instance, if you have a new car that is financed through a bank you will not be able to have this type of insurance since the bank wants the car to be repaired even if you are at fault! But if you own your car outright, are a safe driver, and want to save some money this might be the option for you!