Car Insurance Under $100 a Month
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If you need car insurance under $100 a month, then the type of policy and coverage limits needs to be carefully decided. Figuring out the exact cost of your car insurance can get a little bit complicated, to say the least. There are numerous things that go into calculating your rates that you don’t have control over.
This includes your age, marital status, and gender, just to name a few. Then there is the coverage you decide on. This plays a huge role in the cost of your policy.
In all but one state in the U.S. liability insurance is mandatory for all motorists. Each state sets their own insurance laws, which includes the minimum legal amount of liability protection you need to purchase. Many people on a tight budget who have little money for expensive insurance, often by the state minimum liability insurance.
These “bare bones” policies can often be purchased for less than $100 per month. It really depends on the driver’s record and the car that is going to be insured.
If a driver has a good record with no tickets, he or she can often get liability car insurance for $50 a month or less. One of the most important steps to take when searching for a plan is to compare multiple rates. At sites like Goodtogoinsurance, you can review up to 10 quotes in less than 5 minutes. There is no obligation to buy a policy and most people 20% or more.
The problem with a minimum liability auto insurance policy is that it will often not be enough coverage, in the event you get into a serious accident. This could result in you getting sued and held responsible for the costs above and beyond your insurance coverage.
For example, if you hit a luxury vehicle worth $60,000 and total it, but you only have $40,000 in protection, you could be sued for the remaining $20,000. Even worse, if there are passengers that were injured as result of an accident you caused, you could be looking at medical costs well into the 6 figures.
This is why it’s so important to carefully consider protecting yourself financially when you buy auto insurance coverage. Insurance should fully protect you from a financial disaster. It’s not smart to buy liability only auto insurance if you have assets to protect over $100,000.
Even if you are just starting out and low on funds, you should get insurance limits that are well above the state mandated minimums. In general, the limits you buy should correlate with the assets you have. So if you have $200,000 in assets, you need to insurance protection of $200,000 or more. The last thing you want is to be dragged into court and be held liable for $200,000 or more in an accident judgment and only have $50,000 limits on your policy.
Insurance professionals often refer to the “100 / 300 rule.” This is a recommended coverage amount endorsed by IIS or the Insurance Information Institute. This will cover you for $100,000 in bodily injuries for each injured person and up to $300,000 per incident. The IIS advises motorist to use this amount as a benchmark, avoid to buy insurance with lower limits.
However, the state minimum insurance laws are much lower. Drivers looking for auto insurance for $100 a month can often get insured with the 100/300 coverage and even pay a lot less if they have a clean driving history. You can search for the policy limits you need at sites like good to go insurance online.
If you have a car that is 5 years or older, you have a greater chance of getting auto insurance for less than $100 monthly. The year, make and model of your automobile is one of the 3 biggest factors that determine rates. The more expensive and newer it is, the higher your rates will be.
This is why if you really need to get your monthly insurance cost under $100 a month, you should drive a second hand vehicle that is 6 or 7 years old. Insurers give discounts to boring family sedans like the Subaru Legacy or Toyota Camry. The last thing you want to do if you need cheap auto ins is to get a new sports car.
Insurance companies often charge 30% or more to cover these high performance vehicles. Stick to a basic car, preferably with four doors and you will reduce your insurance premiums quite a bit.
If you have a leased or financed vehicle, you will often be required to get comprehensive coverage. This presents a challenge because the car will often be less than 5 years old and comprehensive insurance is the gold standard of protection, thus, is more costly. To get comprehensive auto insurance for less than $100 a month, you are going to not only need to have a great driving record, but also excellent credit.
The next thing that helps is being married and owning a home. Next is getting the right, older vehicle that will drive down your ins costs. Any basic 4 door car or SUV will do. Now, the last step is searching online for the best deals under $100.
Apply for a comprehensive plan at Good To Go auto insurance. You will be matched with several carriers best direct prices. Buying direct alone can save you hundreds per year. If you have the right criteria, then it is possible to get $20 down payment car insurance.
A smart way to lower your car insurance costs is to take advantage of all the discounts you can. Most people will qualify for one or more discount. This can mean the difference between meeting your monthly budget for auto insurance or not. Here are some of the most common discounts you can apply for.
Not only is shopping online for car insurance so much faster than going through an agency, it can save you a ton of money. Most consumers can save hundreds off their premiums by buying a policy direct. There are cost advantages to selling online and these are passed onto the consumer by way of cheaper rates.
To get car insurance under $100 a month, focus on direct insurers. There are companies like Good to Go insurance company that can get you cheap liability, collision and comprehensive plans. To get started, apply for a free rate quote and start comparing rates.