First Time Buyer of Car Insurance Policy
Reader’s Question:
It’s my first time to buy a car insurance policy here in Massachusetts. Are there any reminders that I need to know first before I purchase a policy?
Milton
Framingham, MA
Learning more about car insurance before buying a policy is a very good idea, Milton. It’s better to understand your options better, so you will be able to get the car insurance policy that is perfect for you.
As you may already know, every state in America requires you to have car insurance with at least the minimum required coverage. And if you get caught driving without proof of insurance, there is a big chance that your license will be revoked.
A car insurance policy typically has property coverage that covers expenses when your car gets damaged or stolen. With liability coverage, your policy will shoulder the medical expenses of people injured or properties damaged. Your car insurance policy can also be useful should you get sued after an accident.
Be sure to contact the Massachusetts Department of Insurance for more information regarding the required minimum liability coverage for your car insurance policy.
Regarding your rates, most car insurance companies in Massachusetts offer reasonable premiums for most drivers. However, if this is your first time driving a car, your premium rates could be expensive. The car insurance company will also assess if you’re a high-risk driver or not through your driving record, credit history or any traffic violation convictions. The more you get involved in an accident, the higher your premiums will be.
Your age, gender as well as your residence location will be considered in determining your policy rates. The type of car you drive is also a factor and will affect premium prices. Sports cars and SUVs are usually expensive to insure compared to heavier and slower sedans.
If you have more questions regarding car insurance policies in Massachusetts, call your local agent or go online for free car insurance quotes before you finally decide on purchasing your own insurance policy.
SR22 and Insurance Premiums Indiana IN
Reader’s Question:
My son had a DUI a year ago here in Indiana and had to get SR22. What is it? Will it affect his insurance premiums? And will it affect his chance of getting an approval for a car loan?
Thomas
Anderson, IN
The SR22 is a form filed by the insurance company to the Indiana Bureau of Motor Vehicle affirms that an individual has a certain car insurance coverage. This form is usually required when coverage is provided to an individual who was involved in an accident or was convicted for a traffic violation and was not able to show any proof of financial responsibility at the time of the incident.
Driving under the influence falls under the offense Operating While Intoxicated (OWI) in Indiana. In your son’s case, he needed to show proof that he was insured at the time he received the OWI infraction but was not able to provide the police officer with it. This is why he was forced by the state to file for SR22 to show that he now has proof of future financial responsibility if ever he causes an accident due to drunk driving again.
If a motorist has OWI offense, he will be required by the Indiana government to carry high-risk insurance for three consecutive years. If he decides to cancel this coverage, then his license will be cancelled. High-risk insurance coverage also costs more than the average policy. Some insurers may also refuse to renew your son’s policy because of this violation. Other insurers cancel the coverage of their customers cited for OWI altogether.
Regarding his plan to buy a new car, his SR22 requirement should not have a direct effect on the possibility of getting car financing. Since he is planning to apply for a car loan and is worried that his SR22 requirement will directly affect a favorable decision from a lender, then he can always do some more shopping around.
Tags: auto insurance coverage, DMV, DUI, DUI insurance, sr22 car insurance
Loading ...