5 Types of Car Insurance Coverage Explained


So you’re walking back to your car after a long day at work and you find that there’s a big scratch on the side of your car door. You’re pretty sure someone vandalized your car while you were away. It’s natural to get pissed in situations like these and if you’re like most drivers, would ask whether your car insurance will cover the damage to your vehicle.

Nightmare situations like these are what make car insurance important to car owners. It’s not just a scratched or dinged car door that could happen to your car. Having your car stolen, or worse, getting involved in a car accident that puts you and the lives of your passenger in mortal danger are other events where a car insurance can be really useful.

To know whether you’re protected financially by your insurance company should these events happen to you, you need to know about the different types of car insurance coverage. This can help you decide on what coverage to get when you apply for car insurance or have it renewed. Here are five types of car insurance coverage you should look into.

  1. Liability Insurance

Most countries make liability insurance mandatory for car owners so this is a pretty basic car insurance coverage that you could get. Should you be involved in a covered car accident that you are responsible for, liability insurance will cover the cost of the damaged property or the medical bills of people injured in the accident up to a certain amount as specified in your policy.

  1. Comprehensive Coverage

If you get a car insurance with comprehensive coverage, you can make a claim should you fall victim to someone scratching your door while you left it parked outside. This type of coverage covers a wide range of losses that are not caused by an auto accident. If you’re still paying your car, your lender could require you to get comprehensive car insurance.

  1. Collision Coverage

As its name implies, you can make a claim from your insurance company for the cost to repair your car should you get into a car accident. If the cost of the repair exceeds the value of the car, (or in other words your car is “totalled”)  then this type of coverage will pay the value of the car.

  1. Personal Injury Protection

Road accidents are one of the major causes of death in many countries around the world. The medical bill for drivers and passengers involved in car accidents can be quite significant so getting a car insurance with personal injury protection cover can help protect your finances should you get into an accident.

  1. Rental Car Insurance

If you fly frequently and drive a rental car, you might want to consider getting a car insurance that has rental car cover. This is usually an optional cover so if you don’t see yourself driving a rental car in the future, then you might want to leave out this cover to bring down your premium.

A car is an important investment. By getting comprehensive car insurance, you do more than protect that investment—you also spare yourself from the stress and the worry in case of unexpected events.

[Source: http://blogs.rediff.com/carinsurance/2015/12/08/sanjay/]



Car Key

Obligatory third party insurance

If you intend to use a car, motorbike, moped or other motor vehicle on public roads you are obliged by law to take out third party insurance. The latter will pay for the damage you might inflict on others when using your vehicle. This way the legislator ensures that victims are not left high and dry. The term ‘victim’ is subject to a wide interpretation, i.e. ranging from the other party to the passengers in the vehicle that has caused the accident.

In fact only the person responsible for the accident is not compensated. In most cases this will be the driver. It is advisable, therefore, to take out physical accident cover in addition to the obligatory insurance, so that you (as the driver) receive compensation in the event of physical injury.

Who is insured?

Motor insurance provides third party cover for the driver of the vehicle and also covers the liability of any passengers in the vehicle. There is only one exception to this; if your car is stolen your motor car insurance will not provide third party cover for the thief. In fact motor insurance policies provide very extensive cover.

In some situations, however, the insurer has the right to reclaim a portion of the sum they paid to the victims from the insured party (e.g., when the latter was inebriated at the time of the accident or did not have a valid driving licence).

Comprehensive: is it really complete cover?

If you are involved in an accident and you are to blame your third party insurance will reimburse the other party. But what about your own car? You will have to pay for the damage yourself, unless you have comprehensive cover. Or, in the unlikely event that you are distracted and end up in a ditch or run into your own garage door, comprehensive insurance will also cover the damage to your own car. The same applies if someone else is driving your car and causes an accident resulting in damage to your car.

Your insurer will pay for the damage to your car and will not reclaim it from the driver. The latter will, however, have to pay the excess, which is always applicable to comprehensive insurance. The excess is a previously arranged amount, which the insured party will have to pay at all times. It has a dual purpose, i.e. to encourage the insured party to drive carefully to ensure that the premium is contained.

[Source: http://www.blbe.be/en/car-insurance%5D

How you could get a cheaper car insurance premium


If you’re trying to find cheap car insurance it really does pay to shop around. Because while the cost of accident repairs and personal injury claims can push car insurance premiums up, competition for your premium keeps price rises in check.

But beware, some insurers may trim policy benefits to produce a ‘cheap’ premium. However, there are things that you can do which could help reduce the cost of your current car insurance premium.

Look at the policy benefits rather than price alone

Check whether a policy provides a courtesy car while yours is being repaired, or offers the cover you need for driving in Europe. Help with the recovery of uninsured losses, which could include your out of pocket expenses following an accident, is another useful benefit. Once you’ve considered the benefits a policy offers, always check the compulsory excesses before accepting a quote.

Think about your driving

If you’re looking for a reduction on your next car insurance premium, then the way you drive can help. Stay within the speed limit – a speeding ticket is likely to increase your premium. And if you reduce the annual mileage on your vehicle, perhaps by cutting back on journeys or using other forms of transport, you are likely to cut your premium as well.

A secure car can reduce insurance costs

Avoid parking your car on the street at night. Keeping it on a drive is preferable, but use the garage if you have one and lock it at night – the extra security could bring a discount on your premium.

Improving the security of your motor vehicle can also help reduce your cheap car insurance premium. Insurance companies can tell you which security devices will bring a discount. Tracking devices and immobilisers are likely to attract the best discounts.

Cheap car insurance for young drivers

If you’re a young or newly qualified driver, it’s worth considering the Driving Standards Agency’s Pass Plus initiative. The course helps you improve your driving experience in key areas like driving at night and on motorways, and could get you a discount on your car insurance.

Cheap car insurance for older drivers

If you’re approaching retirement and looking forward to putting the daily commute behind you, there’s more good news. Once you retire, tell your insurer about the reduction in your annual mileage, which could reduce your premium.

Or for parents with teenage children who are learning to drive, it’s worth encouraging them to buy their own car and insure it themselves. This will help them gain their own no-claims discount and cheaper car insurance in the long run. But if you’re thinking about getting your son or daughter insured as an additional driver of your car, then if they have an accident your no-claims bonus will be affected.

Paying a voluntary excess for cover

Finally, consider how much you’d be prepared to pay out if you have to make a claim. If you can afford to pay another £100 or £200 as a voluntary excess your annual premium costs may come down.

[Source: http://www.theaa.com/insurance/cheap-car-insurance.html%5D

How to negotiate lower Car Insurance

With each call, you should say, “AAA (or whoever) is offering to insure me for $XXX less” (silence). See what they do. (Note: Negotiating lower insurance using this technique is much harder to do with car insurance companies than banks, so don’t expect very much from this.

car insurance

How much would I save if I insure my car and house with you?

What about renewal discounts? How long have I been a member with you? What can you offer me as a discount for long-term membership?

Can I save money by pre-paying my entire year up front?

Let’s check my car. I know other firms offer discounts for features like anti-lock brakes. What about you?

What kind of low-mileage discounts do you offer?

If I enrolled in a defensive-driving course, what kind of discount would you offer? Oh, really? Which courses qualify?

What about discounts for my employer? (Tell them the specific name of your employer?)


Some car insurance companies offer discounts for low-risk occupations (engineers). What kind of competitive rates do you offer?


Am I paying for roadside assistance? What other additional “benefits” am I paying for? (If you already pay for AAA, you don’t need roadside assistance through your car insurance. Also, check your credit card: They may offer roadside assistance (but call them and ask how much it really costs if you have to use it.


Can you walk me through the deductible changes I could make to save money? (Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you more than 40%. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim. More details here.


AAA, Costco, credit cards, and large employers, associations (AARP, teachers’ union): Many of these offer discounts on car insurance. Log onto their website and browse to “perks.”

Read more ways to save on car insurance.


It seems like a lot of work, but the savings are substantial. I took screenshots of the different rates that different insurance companies were offering me:

[Source: http://www.iwillteachyoutoberich.com/blog/tip-13-negotiate-your-car-insurance/?utm_referrer=https%3A%2F%2Fwww.google.co.in%2F%5D

The Importance of Car Insurance



When buying car insurance many people are concerned with saving money. Insurance companies advertising campaigns are based on how much money you can save if you switch.

But, are you really saving if you pay less for your car insurance? In Colorado drivers are only required to carry $25,000 per person bodily injuries.

This amount barely covers the cost of an ambulance ride and emergency room hospital visit. It leaves little, if anything, to compensate a person injured through no fault of their own for medical expenses, treatment, lost wages or pain and suffering.

UM/UIM insurance coverage, known as Uninsured/Underinsured coverage, fills in the gap if the negligent driver who caused the accident does not have any car insurance or not enough insurance to compensate the innocent injured parties.

If you or your passengers are injured and require medical care and treatment UM/UIM can be invaluable. It is worth its cost in protection. Along with medical payment coverage, it can make a big difference in the medical care and treatment available.

UM/UIM will provide protection and coverage if you are hurt by a hit and run driver. Hit and run drivers are considered uninsured motorists and UM/UIM coverage will apply. Without this additional coverage, you may be responsible for all payments, medical and property damage.

Medical Payments, referred to as ‘med-pay’ may be the best spent dollars of your insurance policy. It is relatively inexpensive and provides for the most important matter, yours and your passengers health. It can make a big difference to your recovery by being able to obtain all the medical care and treatment necessary to heal from your injuries.

In Colorado insurance companies are required to provide a minimum of $5,000.00 medical payment coverage. An insured could choose to deny this coverage; it must be done in writing. This emphasizes the importance of medical payment insurance coverage. Be sure to discuss with your agent the cost of increasing the medical payment coverage to $25,000 or even $100,000 per person for each accident. A serious injury could cost in excess of these amounts quite easily.

Protect yourself, your family and friends by having sufficient amounts of UM/UIM and Med-Pay Insurance Coverages.

Remember, if you or anyone you know is injured through no fault of their own, call us, we are available to help you through a very difficult ordeal.

[Source: http://www.boesenlaw.com/the-importance-of-car-insurance/%5D

Your Car Insurance Policy Lapsed? Here is What You Should Do

You have just been hit with the sudden realization that your car insurance policy has lapsed. Now you are just scratching your head, wondering what to do next! A lapsed car insurance policy indicates that you have missed the deadline of renewing your four wheeler insurance policy. Not only is it a legal offence to drive an uninsured vehicle on Indian roads, but it also exposes you to the risk of financial liabilities in case the car is involved in an accident.


So what do you do? The first step is to understand the implications of a lapsed car insurance policy.

  • For break-in or lapsed car insurance policy, you would require filling in your details again and then awaiting inspection by the surveyor.
  • If the policy is renewed within 90 days, you are eligible for the benefit of NCB. NCB or No Claim Bonus is the discount offered by insurance company for not making any claims in the year. It is a great way of progressively reducing your car insurance premium. Read more about No Claim Bonus and its Benefits.
  • If your policy lapsed 90 days ago, you will lose the No Claim Bonus. This in turn will lead to higher premiums.

Step-by Step Guide to Renewing Car Insurance Policy

Choose the Insurance Company

Depending on the vehicle’s age and make, you need to find a car insurance provider that provides premium at competitive rates. To find the best insurance for your vehicle, you can contact your previous insurer and enquire about the renewal process. Or else, you can obtain car insurance quotes by other insurance providers to find the best deal.

Get the Vehicle Survey Done

Once you have shortlisted the insurance company that you want to opt for, you needs to get the car inspected by a surveyor. Call the insurer and they will schedule a date on which the surveyor can inspect your car.

Buy the Policy

Once the survey is done, you can buy the insurance policy. Remember to do this as soon as possible. This will help you avoid heavy fines for driving uninsured and save you from the heavy financial costs in case your vehicle is involved in an accident.

If your car insurance policy has lapsed, then renew it as soon as possible. And in future, just keep a reminder and renew your policy on time to avoid subsequent hassles.

If you are looking to renew your policy and get comprehensive coverage against physical damage, bodily injury and cover against third-party liability, then check out our car insurance policy.

[Source: https://support.bajajallianz.com/support/your-car-insurance-policy-lapsed-here-is-what-you-should-do/%5D


Build a Cover around Your Car


Modern marvels are dominating modern day life and past looked upon luxuries are now more or less termed as necessities. Necessities are usually those entities which go ahead and provide a easier platform for people to do their day to day work much conveniently.

Leisure has been always linked up with rich class but as the definition of leisure started to change, so did the association. Today leisure can be affordable by people of working class and other professionals.

Automobiles were previously considered to be an expensive affair and average middle class people would think over and over again before thinking of buying a car. But now as the spending power of people increased, thanks to the increased income, people have risen up from old beliefs and thus the whole dimension of class associated leisure have come down.

Car is mechanically defined as wheeled, motor fitted and driven self powered vehicle which is used for various purposes including transportation.

These automobiles are designed as land transport and primarily run on roads, accommodating 6-8 people usually. Cars primarily are used to transport people than goods.

Cars are considered to be valuable assets and thus any kind of damage can be fatal and heart breaking. Car insurance is a legally mandatory insurance based investment which is made mandatory by the law. Buying car insurance ensures maximum safeguarding of your car against any accident, damage and so on. The benefits provide cover up the cost which can incur in repairing of car in case of any damage.

Car insurance policies are devised using the right approach and right understanding of the insurance market. Car insurance plans are devised in accordance to the target audience and made sure the right placement of product is done. Car insurance provider pays for any damage which your car may go through in any accident or any other unfortunate incident.

All an insured has to do is make sure he/she pays the premiums towards the insurer on time and avail benefits of the coverage when ever required. A insurance seeker can also go ahead and buy car insurance online using the various insurance based websites. Rate of car insurance is also affected by lot of reasons which includes location, occupation and so on.

Experts advise a detailed comparison of insurance policies provided by insurers in order to find the best car insurance plan as per need and preference. Policyx.com is one such insurance comparison website which helps in providing detailed report of car insurance plans.

[Source: http://carinsuranceonlineindia.blogspot.in/2015/11/build-cover-around-your-car.html]

Cheap Car Insurance for Teenage Drivers

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Teenage drivers have a difficult time finding cheap car insurance. Rates are often thousands of dollars a year for anyone under 25. Statistics show that teenagers are more likely to get involved in a car accident during their first year of driving than at any other time. Young drivers account for 10 percent of license holders, but are involved in over 29 percent of accidents. The good news is that there a few things teenage drivers can do to make themselves more attractive to car insurers and reduce costs.

Factors That Affect Your Auto Insurance Rates

Teenage drivers are more likely to have a car accident than more experienced drivers. Car insurance rates are set according to risk. The cost of your auto insurance policy depends on how risky the insurance provider thinks you are to insure. Insurance companies determine your premiums based on a number of factors such as your age, gender, driving experience, location, driving violations, credit rating, occupation, education, accident claims, and vehicle type. The number of miles driven each year may affect your car insurance rates too.

The age and driving record of your family members influence your premiums as well. Drivers who have been involved in car accidents pay higher rates than those with good driving records. If you use your car to go to school, you will get higher premiums. People who drive long distances or use their cars on a regular basis pay more than those who drive fewer miles per year.

Select the Right Type of Coverage

Many new drivers feel overwhelmed when it comes to choosing a specific type of coverage. Before you start shopping for car insurance, check the minimum coverage requirements in your state. Do proper research and learn about the most important types of auto insurance. This way you will be able to choose the best type of coverage and make an informed decision.

Liability coverage is required in most states. It is recommended to buy additional coverage because the state minimums may not fully protect you from lawsuits. If you purchase insufficient coverage, you will end up paying thousands of dollars from your own pocket in the event of an accident.

Compare Auto Insurance Quotes Online

The most convenient way to find cheap car insurance for teenage drivers is to shop around and compare free auto insurance quotes from different companies. Millions of people are using the Internet to buy coverage for their vehicles. With a few clicks, you can get hundreds of quotes from leading insurers.

When shopping for car insurance, you should determine what type of coverage you need and how much of it you need. Use a quote comparison website to get free auto insurance quotes from national and local insurance providers. Some websites offer free quotes from over 150 different companies.

Applying for free car insurance quotes takes only a few minutes. You will be required to provide a few details such as your age, marital status, zip code, income, driving record, make and model of your car, and annual mileage. As soon as you fill in the application form, you will get free car insurance quotes that suit your particular needs.

Comparison shopping is the most effective way to reduce insurance rates. Using a quote comparison website can save you time and money. It is advisable to compare at least three car insurance quotes from different carriers. Some experts say that customers should compare up to seven auto insurance quotes in order to get the best deal out there. Many of these websites also provide free auto insurance tips, exclusive deals, and informative articles. Some of them feature quote comparison tools, insurance facts, and online calculators.

Get Lower Car Insurance Rates

Teenage drivers can save money on car insurance by raising their deductible or by taking defensive driving classes. Some auto insurance companies offer discounts to those who get good grades in high school. For extra savings, raise your deductible to at least $1,000. If as a young driver you volunteer to pay a higher deductible, you will get lower car insurance rates. Add some money to your emergency fund and maintain a clean driving record. If you have an older car, you should think about dropping collision and comprehensive coverage entirely.

Reduce Your Annual Mileage

If you are on a tight budget, consider taking a limited mileage policy. Teenage drivers who agree to a mileage restriction pay less on auto insurance. The fewer miles you drive, the less likely you are to get involved in a car accident. Insurance companies recognize this fact and offer massive discounts for low mileage drivers.

Be a Good Student

Statistics show that teenagers who maintain at least a B average tend to be more responsible drivers. For this reason, many auto insurance providers offer a good student discount.

Maintain a Good Driving Record

Safe drivers with a good driving record pay the lowest car insurance rates. Maintaining a good driving record can help you save up to 20 percent on coverage. Plus, if you don’t make any claims for at least five years you will get a no claims bonus. Having no points on your license means lower premiums.

Take a Defensive Driving Course

There are several defensive driving courses designed to help young drivers gain experience on the roads. By taking a driving course, you will become a safer driver and pay less on your policy.

Make sure you take full advantage of the current auto insurance discounts. Paying your premiums in one lump sum or getting an additional driving qualification can save you hundreds of dollars on coverage. Keep in mind that anything that increases the value and performance of your vehicle to thieves will boost your car insurance rates. Add an approved alarm to your car, fit additional security devices, and avoid making modifications to your vehicle.

[Source: http://www.carloancalculator.me/blog/cheap-car-insurance-for-teenage-drivers/%5D


With the high cost of gasoline nowadays, most new drivers think twice of getting car insurance. Driving without any car insurance is a very big risk. Most drivers might think that car insurance is way too expensive, but in the long run it may save you a lot of money. Take for instance this example, if you are in a car accident it may cost you thrice the amount you might have paid for a car insurance to cover for hospitalization and for buying yet another car. Plus without car insurance you will be paying police fines as well as paying for suspended licenses. A total of 47 states require some kind of insurance for your car. It would be wise to know the basic law covering car insurance.

Here are ten tips you can refer to on how you can get the best deal on car insurance. 1. Know the different types of car insurance policy The first thing to know in buying car insurance is to understand the different policies they offer. Choose a policy or policies that would best suit your needs. Liability – This policy covers physical injuries and damages to property.

Looking for cars

This includes paying for hospitalization and other medical expenses. Damage to property includes vehicles and other tangible property that might have been damaged during the accident. Liability also includes expenses for court proceedings if the vehicular accident requires one. Collision – This policy covers any damages if your vehicle is crashed to another vehicle, lamp posts, house or any another objects. Comprehensive – This policy covers damages caused by natural disaster like flood, storm, hail or wind. This also includes damages by theft or vandalism. Medical Coverage – Medical expenses are covered by this policy not considering if the cause is a vehicular accident or not.

Personal Injury Protection (PIP) – A personal insurance of the driver. This policy covers for medical expenses and treatment caused by an auto incident. Uninsured Motorist – If by chance you are hit by an uninsured driver, this policy covers the damages done to your vehicle. Underinsured Motorist – This policy will cover the remaining cost for repairing your damaged car if ever the incident is caused by an insured driver with inadequate liability insurance. Rental Reimbursement – In case of a damaged car due to a vehicular accident, this policy will give a daily allowance for rental fee.

  1. Know your credit rating: In most states, credit rating has always been the number one factor affecting car insurance rates. Be sure you have a copy of your credit report and check its accuracy and immediately contest any erroneous information.
  2. Motor Vehicle Report (MVR) You can get a copy of your Motor Vehicle Report in your respective Department of Driver Services or Department of Public Safety in your state. A three year record may cost you 5$ and a seven year record would cost you 7$. Like credit reports, verify that all information are correct.
  3. Accident Reports you can get a copy of your Motor Vehicle Accident Report from the local police department. It may take around six weeks before you can receive the detailed report. You might need to pay a higher car insurance rate if you have reported accidents within the last eighteen months.


  1. Scout for a good insurance package there are some car insurance companies that are offering multi-vehicle discounts. You would get a lower rate if you have two or more vehicles that you want to get insured. Also, you can get a good deal from one company that packages all their insurance policies, including home and health insurance.
  2. Check out various discounts Most insurance company offers a discount to drivers over 55 years of age. It always pays to be a good student; you can get a student discount if you have a3.0 point average or higher.
  3. Obtain a Driving Safety Certificate It is common for car insurance companies to give certain discounts to those who finish a safety driving course with a very good standing. 8. Check the model of your car Insurance rates can be different from vehicle to vehicle. A fancy car will obviously have a higher rate than an older model. 9. Take advantage of added features be sure you are receiving lower rates for safety and security features like antilock brakes and air bags. 10. How much are you willing to pay Choose the option where you can handle the down payment and the monthly paying scheme.

[Source: http://e-carinsurance.blogspot.in/2014/02/ten-tips-on-how-to-get-best-deal-on-car.html%5D

7 Types of Car Insurance: Which Ones Do You Really Need?

Looking for cars

The cost of even a small repair makes car insurance nice to have. When we start adding in the medical expenses that can go with a car accident, insurance becomes downright necessary. In many states, insurance is even a legal requirement before you can drive your car out on the road. But a wide variety of options are available when it comes to insurance — there are actually seven different types of car insurance you can choose from in most cases — and it can be difficult to decide just what type of auto insurance is the best choice for you, your vehicle and your budget.

  1. Liability Insurance

When your state requires that you carry some sort of insurance for your car, they’re usually looking for liability insurance. In the event that you are in a car accident and the police decide it is your fault, liability insurance covers the cost of repairing any property damaged in the crash (such as cars or buildings), as well as the medical bills from resulting injuries. Most states have a minimum requirement for liability insurance coverage that you absolutely must have.

  1. Collision Insurance

The biggest problem with carrying only liability insurance is that if there is an accident, you may wind up without the money to repair your own vehicle. A collision insurance policy makes it so that someone else — your insurer — will pay for the repairs to your car. If your car is totaled in an accident, a collision insurance policy will pay out the value of your car. While the payout won’t cover for a brand new vehicle, the sum will equal approximately what the car was worth before the accident.

Collision car insurance comparison isn’t a must-have, as far as insurance goes. If your car is older, it may not be worth paying for insurance, especially if you can work on saving up enough to replace the car if necessary. If you have a good-sized emergency fund, you may be safe without collision insurance. If you’ve chosen a more expensive car or your car is relatively new, however, collision insurance can help you sleep much better at night.

  1. Comprehensive Insurance

Liability and collision insurance policies exclusively cover car accidents. If something else happens to your car — weather damage, theft, an animal collision — you won’t be A comprehensive insurance policy is one of those things that are nice to have. However, coverage can be pricey and may not be worthwhile if your car would be relatively easy for you to replace, if you had to. Note though that you can bring down the price of this policy if your vehicle has an anti-theft and tracking devices installed.

  1. Uninsured Motorist Protection

Just because the law requires everyone to have insurance doesn’t actually mean that’s the way things work out. Even if a driver has a liability insurance policy, most states have relatively low minimums that may not cover all of the expenses that can go along with an accident. One of the worst things that can happen is that you get stuck with the bills in an accident that wasn’t even your fault.

  1. Medical / Personal-Injury Protection

The costs associated with treating injuries after a car accident can be astronomical. In order to cover those costs, medical and personal-injury protection is available. No matter who is at fault, such protection will cover your medical bills along with those of your passengers.

  1. No-Fault Insurance

So far, no-fault insurance is available in twelve states. This option covers injuries and property damage, no matter who is ultimately responsible for a given accident. The decision to choose no-fault insurance really depends on what other insurance options are available to you and at what price. Some no-fault policies can be expensive, making it more cost-effective to choose other options, especially if your car is inexpensive to replace.

  1. Gap Insurance

If you are still making car payments, gap insurance may be a good choice. It’s meant for drivers who still owe money on their cars and need to pay off the vehicle if it is totaled in an accident. It’s generally a good choice if you owe more on your car than you could easily pay off on short notice.

Gap insurance is especially worthwhile if you owe more on the car than you could get for it if you sold it today, since many insurance policies will only cover the value of

[Source: http://moneyning.com/budgeting/7-types-of-car-insurance-which-ones-do-you-really-need/%5D