Thursday, May 30, 2013

Driving Down Auto Insurance




Driving Down Auto Insurance



Besides the cost of gasoline and the car itself, the largest transportation cost for consumers is auto insurance. The price of an auto insurance policy depends on two things; the type of coverage you are buying and the insurance company’s assessment of you as an insurance risk.

Car ownership is a necessity for many working Vermonters.  How can you make sure you have the right insurance plan?

  • Review your current plan and compare the different types of insurance policies.
  • Ask for a car monitoring device from your insurance company to record your driving habits.  Safe drivers receive reduced premiums.
  • Understand “forced place” provisions before you buy a car. 
  • Check out The Consumer’s Guide to Auto Insurance on the Vermont Department of Financial Regulation (www.dfr.vermont.gov).
  • Schedule an appointment with the Resource Coordinator.
 

Things You May Not Know about Obtaining Renter’s Insurance

If you rent, the choice to have insurance is yours.  If you decide to go without renter’s insurance, know that you may have many of the same risks as homeowners when it comes to protecting possessions or being liable for accidents at home. Some of the most common misconceptions include:
·        “Renter’s insurance is too expensive, and I already have too many bills to pay.” The average renter’s insurance policy costs between $15 and $30 per month. Replacing all of your possessions or being liable for an accident on your premises will cost much more.
·         “My landlord has insurance, so I’m already protected.” Your landlord has insurance for structural damage to the building, and might even be protected against damage caused by tenants. However, this coverage does not extend to your personal property, nor does it protect you from being liable for damage you might cause to the building inadvertently (e.g., a kitchen fire or a plumbing mishap).
 Lisa Jensen
Resource Coordinator
Working Bridges / United Way of Chittenden County
412 Farrell Street, Suite 200
South Burlington VT 05403
802.922.6297 



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