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Insurance Pricing:Understanding the Value of Your Assets

In this day and age, you may have found yourself rather confused about how car insurance premium rates are determined. Indeed, you may have found yourself downright baffled by the manner in which car insurance premium rates are developed and determined. Through this article, you will be provided with a basic overview of insurance pricing. Specifically, you will be provided with a general understanding of how the value of your car will effect the amount of money that you will have to spend on car insurance premiums over time.

In addition to understanding the value of your car, you will also want to take into consideration the value of your other assets when it comes to selecting car insurance. In this article, you will be provided information as to why it is important to consider not only the value of your car but the value of your other assets when it comes to looking for and purchasing car insurance in this day and age.

Understanding Civil Liability

Many people assume that if you are involved in a car accident, and if the car accident is your fault, you really do not need to worry if you have car insurance. In other words, most people assume that if they have taken out car insurance, they do not have to worry about becoming involved in a lawsuit arising out of the car accident. Moreover, these people never contemplate the possibility that other property that they do own may be at risk as a result of damages caused to another person as a result of a car accident.

In point of fact, if you are involved in a car accident, the other person involved in the car accident has the ability to sue you and go after a judgment against you above and beyond the amount of coverage in a car insurance policy. In other words, if you do not maintain enough car insurance, you run the risk that your other assets may be in jeopardy if you end up involved in a serious car accident that occurred through your fault.

Discuss Your Overall Financial Situation (Generally) with Your Insurance Agent

As you go about making decisions about car insurance, make certain that your agent at least generally appreciates your overall financial situation -- what types of assets you may own (including your home and any business that you may operate as a sole proprietor). While you do need to be on guard against an insurance agent trying to oversell car insurance coverage to you, you also will want to make sure that your car insurance agent understands that you have concerns about protecting your assets in the event of a problematic situation arising out of a car accident at some future time.

Summary & Conclusion

If you have any additional questions about your car insurance premiums, you will want to contact your car insurance company, you car insurance agent or the insurance commissioner in your state.


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