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While some people think they can save money by canceling their insurance while searching for a new car, you will likely face higher insurance costs based on the totaled car and the fact that most companies offer various discounts for loyalty and long-term customers. In other words, it pays t...
Car insurance companies evaluate a number ofpersonalized factorsto determine how much you will pay for car insurance. These include your driving history and the type of vehicle you drive, among other things. Not surprisingly, rates for full coverage car insurance are generally more than those for...
Collision and comprehensive coverage pay only what your car is worth—also known as market value. This is because typically new cars depreciate quickly. So if your car is totaled or stolen, there may be a “gap” between what you owe on the vehicle and what your insurance will pay. Guaran...
The insurance company will pay this benefit in the event that your car is totaled in an accident. What is Personal Injury Protection (PIP) coverage? Personal Injury Protection is like Medical Coverage but more comprehensive. Where Medical Coverage mostly just covers medical bills, PIP also covers...
What is liability car insurance Liability insurance is the most basic form of auto coverage. If you cause an accident, it pays for the other driver's expenses, whether that's medical care or repairs to their car or. It doesn't pay for repairs to your own car, however — that requires...
If your car is totaled: Collision insurance will pay the actual cash value of your vehicle, minus your deductible. Without collision insurance, if disaster strikes, you could be stuck paying thousands of dollars for car repairs or for a new vehicle. 🤓Nerdy Tip If your car is totaled and...
lease does not drop as fast as the car's value does. Typically, when a lease car is totaled, the lease payoff will be higher than the amount the insurance will pay for the car. Sometimes the difference can be thousands of dollars that you need to come up with to pay off the lease....
Your liability coverage limits are the maximum amount your insurance company will pay per person or accident and are decided when you purchase your policy. If the accident expenses exceed these limits, you may need to pay the extra costs out of pocket. Factors such as state minimum requirements...
If your car is totaled, your car insurance company will reimburse you based on the current value of the car after this depreciation—not the price you paid for it, the cost of a new one, or the amount you still owe on your loan or lease agreement. That's where gap insurance comes in...