how does car insurance work? do u have to pay for it monthly?
Posted by admin on 30 May 2010 at 10:58 pm | Tagged as: Insurance & Registration
shygirl asked:
i’m buying my first car and am confused as to how car insurance works. i know its better to have insurance before driving your car off the lot but how does insurance work? do you pay insurance monthly liek you do for a car note?
i’m buying my first car and am confused as to how car insurance works. i know its better to have insurance before driving your car off the lot but how does insurance work? do you pay insurance monthly liek you do for a car note?
You can either pay it monthly or one time a year. Most people will pay monthly since most of the time it is pretty expensive to pay for a whole year. It is illegal to drive a car without insurance, so be sure to get it before you drive.
You have to pay yearly.
The insurance sum depends on what type of car you are buying.
Many people don’t claim for it, during accidents unless it is a major sum. The procedures to get money from The Insurance Company takes a long time and makes us get exhausted.
We make the insurance, since the Government has made it to be compulsory.
You can pay annually twice a year, four times a year, or monthly unless it is a low premium i have a motorcycle that is $99.00 a year they make me pay in full every year
Typically, you buy insurance for six months at a time. If you have enough money to pay for the whole six months at a time, you just pay the bill. If you need to finance the insurance, you break it down to smaller monthly payments.
All states require that you have at least liability coverage – that means a policy that will pay another person if you hurt them or their property. Since you’re going to be financing your new car, the finance company will also demand that you purchase comprehensive and collision coverage.
Comprehensive coverage will pay off if something happens to the car – if it’s stolen, or vandalized, or a tree falls on it. Collision coverage will pay off if you’re in a wreck with the car.
You have to carry proof of insurance coverage in the car. Your insurance company will give you ID cards, and it’s a good idea to put one of them in the glove box and one in your wallet. You MUST show the card to a policeman if he asks for it.
- Stuart
My insurance is renewed every six months, and I pay the six-month premium off in payments per month. There are a lot of factors that determine your insurance rate. How old is your car… what is your driving history, what is your “act of god” claim history, such as hail damage and trees falling on your cars… are you single, divorced, children, no children, your credit rating… all factors in determining what your insurance is going to cost.
” i know its better to have insurance before driving your car off the lot….”, No you MUST have insurance before driving even one inch….. anywhere. You need to brush up on how insurance works. I suggest that visit an Insurance agent and ask him to explain. Insurance can be paid monthly but is is more expensive to pay that way and often you must pay for an entire year even if you want to cancel after a week or so. A six month or yearly policy is cheaper and can be canceled at anytime with the unused portion refunded to you.
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