Once you start shopping for car insurance in Virginia Beach, you’ll find that there are several variables to consider. Whether you choose comprehensive, liability only, a high deductible, or low deductible, your policy will help protect you legally and financially, as well. Here are 3 things to consider when shopping for car insurance.
The amount of deductible you select will affect the cost of your policy and the out-of-pocket expenses you have when repairing your car. The deductible is the amount you pay for repairs before insurance starts paying. Most people carry around a $500 deductible on their policies. This should be based on how much you can keep in reserve to pay for repairs. If you normally have a pretty good emergency fund, then a high deductible on your auto coverage will save you money in the long run.
On the flip side, if you usually don’t have much of a rainy day fund, you might need to consider a lower deductible. These policies cost a little more each month, but you will be more likely to be able to afford your share of repairs if there is weather damage or a wreck.
Your premiums will be partly determined by the size of your deductible and by whether or not you have full coverage or just liability. If you have to carry full coverage to satisfy a lender, then you may want to carry a high deductible. This will get your premiums a little lower, and help to counteract the increased rates that come with comprehensive coverage.
Independent or Captive
There are basically two different types of insurance agents: independent and captive. A captive agent works for only one insurance company. He writes and sells policy for only one provider, and doesn’t have access to the policies of other insurance agencies. Therefore, he cannot comparison shop for his client’s best interests.
An independent agent is licensed to sell insurance for a number of different providers. This gives him the ability to select the best policy for each client, rather than a one-size-fits-all policy. In insurance, just as with any other purchase, it pays to shop around. An independent agent can do that very thing for you, and devise your policy to fit your budget and your needs.
Have your auto insurance in Virginia Beach tailored to fit your needs. Talk with your agent today to set your coverage, premiums, and deductibles.