Auto Insurance, Insurance Tips

Each year you should shop for the best coverage at the best price. You should contact any licensed agent or broker in the state of Maryland and compare quotes with another to make certain that the terms, conditions, limits, deductibles, etc. are the same. Rates and coverage can change.When your auto insurance cancels, the insurance company is required to notify the Motor Vehicle Administration of the insurance termination date.

You will be asked to get a FR-19 insurance certification form from each insurance company that has provided liability insurance prior to the termination date. You can obtain a FR-19 from your agent or your insurance company.

To protect yourself in the event you are involved in an accident with an uninsured illegal driver, be sure to keep your insurance coverage paid up to date. With uninsured motorist coverage, you will be paid for damages just as if the other driver were covered.
It is not unusual for a lender to require full coverage on a new car. Your new car serves as the collateral for the lender, so it is in the best interest of the lender to have it financially protected. This is legal so long as the lender does not mandate which insurance company you must use.
Insurers use statistical evidence to determine which groups, such as young males, are more likely to have more accidents and file more claims. Under-25 drivers, particularly men, are much more likely to be involved in accidents. (15% of all licensed drivers are under 25, yet this group accounts for 29% of all accidents, and 26% of fatal accidents.
The answer depends on many factors. Compare how much your car is worth versus the cost of collision coverage plus your deductible. You can get an estimate of how much your car is worth from the "blue book" or N.A.D.A. which can be found at book stores and libraries. If you have not transferred the collision risk to an insurance company by buying collision coverage, you are assuming the entire risk yourself. Sometimes the collision coverage may seem expensive, but it should be purchased if you could not afford to absorb the total loss of the value of the car. Remember collision coverage responds to damage to your car only. If it is the other party's fault their policy will pay for damages to your car and there is no deductible.