Although it’s probably fair to say that home and auto insurance companies get your business by appealing to your fear of what might happen without it, it’s not fair to say that getting yourself adequately insured is a fear-based decision. It’s actually a decision based on intelligence and practicality.
Home and auto insurance is unlike health insurance (so far) in that we’re compelled by law to have policies. There’s rarely ever an opt-out for car or home insurance. For example:
• If you want to drive, you’re required by law to have a certain amount of insurance coverage. This differs from one state to another, and before you go seeking out instant insurance quotes online it’s your responsibility to find out what the minimum requirement for coverage is in your home state.
• If you want to mortgage a home, you’re required by the lender to have a certain amount of home insurance. This is because the home actually belongs to the lender. Once the home’s yours and you’ve made your final payment, you can do whatever you want with your home insurance, including canceling the coverage.
The trick, then, is to do everything in your power to get home and auto insurance coverage that won’t break the bank. Using online engines that will give you instant insurance quotes is a great way to begin your search.
Instant insurance quotes are a great way of getting an accurate estimate on how much money you’ll pay out of pocket for quality car insurance. But there are some unnecessary coverages that you can drop which will serve to save you even more money in the long run. One of these is rental car reimbursement.
Rental car insurance kicks in if you’re ever involved in an accident and lose the use of your car while it’s in the shop being repaired, or headed to the junkyard to be totaled. If rental car coverage is included in your policy, your insurance company will pay the cost of rental for a certain period of time until you’re back “on the road” again.
This sounds like a good deal, and you never know when you’ll need it – so why is it an unnecessary coverage? First of all, you’re not going to be outfitted with a Porsche if the car you previously drove was a Geo Metro – you’re going to be reimbursed for something of equal horsepower and value. Second, considering how cheap it is to rent some cars these days you might end up saving money by paying your own way.
If the ability to opt out of rental car reimbursement isn’t an option when you compare auto insurance quotes, be sure to ask about it before you sign on the dotted line. You might be able to come to an agreement with your insurance provider to lower your premium even further than indicated on your instant insurance quote online by eliminating rental car coverage.