Most people today need an automobile – it’s a basic necessity just like a place to live and food to eat. If the cost of owning and maintaining an auto are not enough, there is also the cost of insurance to consider. Consumers must be aware that not all insurance policies are the same – it pays to understand the lingo and make an informed decision when it comes to purchasing your policy. A very important item is the deductible – this is the amount of money you will pay for each event before your insurance payment starts. Another key item is the amount of money you pay for your policy – the premium. You must be aware that where you park your car, and the town you live in can all impact the cost of your coverage and how much your are paying. Other key items to consider are liability coverage, comprehensive coverage, and personal injury protection. It is always best to review insurance policies armed with solid information.
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The LearnVest Vocab Lesson: 7 Terms to Know Before Buying Auto Insurance