I am looking to save money on my Arizona car insurance. Are there
auto insurance coverages that I can safely trim?
Auto insurance is based on an ever growing number of rating factors; how your car is
used, where it is garaged, if you own a home, or rent, education and even credit.
When you look at the Arizona auto policy, you will see that collision coverage &
comprehensive coverage are the physical damage portion of the auto insurance policy.
They protect your car. The higher the deductible the lower the premium, but also the
more out of pocket you will pay if you have a covered loss. That would be the most
logical of places to look to start.
It is my strongest professional recommendation not to reduce your liability limits.
If something ever truly bad happens, you don't want to be in a position where you saved
say $100 and cost yourself $250,000 in coverage. It is said that smart people
spend pennies to protect dollars.
Should I keep my child on my own policy or split them off on their own?
There are a couple of ways to answer this question. Clearly younger drivers are more
prone to accidents than many adult drivers. It was explained to me once as a
"Lack of life experiences". But young drivers present a liability challenge. If you keep
them on your own policy you will normally get a multi-car discount, but if the car is
registered to you, you will have the liability. Your assets are the ones at risk. For
this reason, it is advisable to look at quotations with the child on their own policy
and then at quotations with the child on your policy.
Another strong professional recommendation - Excess or Umbrella liability policies offer
another layer of protection usually in $1M increments and are very reasonably priced.
I am renting a car. Should I take the coverage the rental car company offers?
The decision is yours, but here is the Arizona insurance expert answer. Assuming you have
full coverage on your car - those coverages will generally transfer over to the rental car.
However, earlier in insurance 101 we defined collision as "sudden and direct loss".
So if the rental car is damaged, you will be responsible for the deductible and your auto
insurer will pay for the "substitute vehicle". That is all well and good, but what isn't
covered is the "indirect loss" - the down time to the rental car. If the vehicle can't
be rented out for 2 weeks, you would be responsible for the loss of rental income.
Bottom line - I recommend the collision damage waiver and, as a matter of course, I take it
whenever and wherever I travel.
I have a small pickup truck that I use in my Arizona contracting business.
Is it okay to keep it on my personal auto policy?
The short answer is no. There is an exclusion on most personal auto policies excluding
vans, pickups and panel trucks used in business. That means if there is a claim there
could well be NO COVERAGE. The damage to your vehicle, the damage to the other vehicle,
your injuries and the liability that you incur would not be covered. Basically, a serious
uncovered loss could cause financial ruin for you and your family.
After many years in the insurance industry here in Arizona, there is one rule that will
never change. Insurance companies don't like surprises. The reason insurance policies are so
thick and complex is that, over the years, insurance companies have been pulled into court for
claims they never intended the policy to cover. It all comes back to the fact that insurance
company underwriters and claim people don't like surprises. You never ever want to be in a place
where claims adjusters are looking at the policy to see if coverage applies or not.
Don't Risk what you can't afford to lose.
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