Obtain quotes from multiple low-cost auto insurance carriers every year or every few years to ensure you're getting the lowest rate. Loyalty doesn't often pay.
MoneyGeek recently asked Hesperian Wealth founder Eric Figueroa about auto insurance. What coverage do you need? How do you shop for it?
The standard benchmark advice financial planners quote is to obtain at least 100/300/50 coverage (bodily injury limit per person, limit per accident, property damage). This is in line with the California Department of Insurance’s definition of “Standard Coverage” and way more protection than the minimums set by most states. But there’s more to it than that.
And like a lot of insurance products (home, auto, medical), shopping around every year or every few years can pay huge dividends. The costs are constantly changing and you often pose a completely different level of claim risk to each carrier so prices for you personally can range widely.
The Q&A section of the article linked to the right will tell you more.
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