How To Find The Right Auto Insurance
Shopping for auto insurance is nowhere near as exciting as shopping for your vehicle. But don’t let that keep you from getting the protection you need. Use this information to help make the right decision.
Liability
Liability protection provides coverage for damage to property or injury to others in an accident for which you are responsible. Most states require that every driver carry a minimum amount of liability insurance.
Common liability ranges:
- $10,000 to $50,000 of bodily injury per person
- $20,000 to $100,000 per accident
- $5,000 to $25,000 for property damage
Most experts believe drivers should carry more than the minimum liability required by law. Instead, consider an amount that is equal to or greater than your net worth. Umbrella liability coverage pays for any amount above basic liability and is relatively inexpensive – as low as $200 to $300 annually for a $1 million policy.
Collision and comprehensive
Collision covers the costs associated with repairing or replacing your vehicle in the event of an accident with another driver. The cost of this protection varies depending on the value of your automobile, your driving record and the amount of your deductible, among other factors.
Comprehensive covers damage to your vehicle caused by mishaps other than collisions, such as theft, hail or fire.
Although state laws don't require you to have either collision or comprehensive coverage, many banks and finance companies require them as a condition of your lease or financing arrangement.
Uninsured and underinsured motorist
These coverage options typically pay for personal injuries and certain property damage in the event of a collision with a hit-and-run driver, an uninsured driver or a driver whose insurance coverage is inadequate.
A deductible is the amount of a claim that you’ll be responsible for paying. Your insurance then covers the rest. For example, if you file a claim for a $1,000 repair and your deductible is $200, you would pay $200 and your insurance would pay $800.
Generally speaking, the higher your deductible, the lower your rate. That means you could save on your costs of insurance by raising your deductible from $200 to $500. However, you’ll have to decide whether that savings outweighs the potential cost of paying the higher deductible if you file a claim.
Many insurers offer special discounts if your vehicle includes features such as safety restraint systems, anti-lock brakes or anti-theft devices. Some even offer discounts for drivers who participate in a safe-driving course, so make sure to ask your provider about any potential savings.
Finally, some carriers will discount you as much as 15% if you combine your vehicle and home insurance.
Depending on the insurance company and policy, you may be covered for different types of collision replacement parts, which could include original equipment manufacturer (OEM), aftermarket, remanufactured or salvaged.
Ford Motor Company Genuine Collision OEM Parts (sometimes referred to as OEM on the estimate), are designed and produced to the same specifications and tolerances as the parts on the vehicle when it was manufactured. They meet stringent requirements for fit, finish, structural integrity, corrosion protection and dent resistance. Plus, they are the only ones warranted by Ford Motor Company.
The best way to ensure your insurance policy will cover Genuine Ford OEM Collision Replacement parts for collision repair is to verify this coverage at the time you purchase the policy. If you wait to ask for them at the time of repair, it may be too late.
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