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Friday, October 28, 2011

Looking For The Right Budget?

9:17 PM By

Nearly every state requires car owners to carry auto insurance, and most states have required minimum values for different policies. If you don’t carry insurance, the state can impound your vehicle. Minimum coverage isn’t necessarily all you should have. New Jersey, for example, requires car owners to carry a 15/30/5 liability package. If you’re involved in a serious accident, it’s possible that an individual’s medical expenses could exceed $15,000, or a group’s expenses could total more than $30,000. In addition, $5,000 for car repairs isn’t a lot, considering that the average car now costs a little more than $20,000.

A growing number of people are dropping their auto insurance to try to save money, according to a recent study by the Insurance Research Council (IRC). If the current rate of unemployment continues, the IRC estimates that the national uninsured rate will climb from 13.8 percent in 2007 to 16.3 percent in 2010. With that many people driving without coverage, it's dangerous to be uninsured. You probably don’t need to spend a lot of money on a Personal Injury Protection policy. You should be covered if you have health insurance and disability insurance through your employer. Just buy the required minimum. All you need to make sure is that how much is car insurance suitable for your car.

Before you purchase any type of auto insurance coverage, be sure to study your other insurance policies so you don't end up paying for something you don't need. If you have a decent health insurance plan, you might get away with purchasing the bare minimum personal injury protection coverage- or none at all if your state doesn’t require it. However, you might end up paying co-pay and deductible that wouldn't apply if you have PIP or MedPay.

With today’s competitive market for car insurance, finding the right policy could be stressful. If you are not able to find the right insurance quote in your area than the best way to look for it is through the internet. Yes, with the advent of internet more and more people are now looking for cheap auto insurance online where they do not have to go through the same kind of pain because they can surf the net and find the best possible insurance quote that would suit their budget. However, it is a good idea that you check out the details of the auto insurance that you are buying because auto insurance is indirectly related to your health or if there is any damage to the car and therefore it should have all the features that would come handy in desperate situations.

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