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Insurance Companies Looking Out For You and Your Car

By Erik Folgate

Insurance companies are not philantropists.  They create programs ans educate people about how to reduce their risk, because the less risk they have to take on, the more money they make!  That is the nature of the insurance business.  I definitely know, because I am a property and casualty insurance adjuster.  If you have ever bought a home, you will find out how particular homeowner’s insurance companies are with what your house is made of, what is in it, and what is going on in it.  Auto insurance is the same way.  Geico recently published an article about California having 6 of the top 10 areas for the most cars stolen.  That is scary!  I hardly ever think about my car getting stolen, and I’ve never met someone who has had their car stolen, but I can imagine it being a frightening experience.  However, I drive a ’95 Altima, so whoever wants to steal that car can go right ahead.  Some tips for reducing your chances of getting your car stolen:

  1. Always park in well lit areas
  2. Always keep your doors locked and windows up. 
  3. Never keep your car in the ignition.
  4. Don’t leave your valuables in plain view.
  5. Watch out for the “bump and rob” method.  Car thieves will bump your car, and when you are checking out the damage, they steal your car!
  6. Get your VIN number etched into your windows.
  7. Get a car alarm.  They have car alarms that will now alert the police if anything is tampered with other than the ignition.

Auto insurance is a huge business, and sometimes it is confusing to know which insurance company is looking out for you.  Many of us buy insurance based on the lowest premium, but you should also factor in the quality of coverage that you are getting.  I would imagine that there are policies out there that do not cover for stolen cars, or if they do, there are exclusions that apply.  Make sure you know what you are buying when it comes to your auto insurance.  If you want to save money on it, buy a higher deductible and enhance the safety features on your car to get premium credits.  ALWAYS ask about premium credits, because agents tend to “forget” about reducing your bill sometimes. 

If shopping for auto insurance feels like a daunting task, search for cheap auto insurance from CarInsurance.com .  This website will shop around for you to look for the lowest premium at your specified needs and desires for coverages. 

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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