Five Easy Steps to Finding the Right Insurance - Even if You Drive a Bugatti Veyron

Eddie Griffin and the low-flying pelican have been all over the news for the past few days. Ever since Griffin drowned his Bugatti Veyron in a Texas lagoon after being startled by the bird. The pelican got away unscathed but the $2 million Bugatti died a slow death according to The Galveston County Daily News.

What kind of insurance would the owner of a Bugatti Veyron get? Liability, collusion, or comprehensive? Does driving your car into a lagoon classify as flood damage? Of course none of this really matters to us, your average car driver. What does matter is finding the right insurance for you.

If you own a car in the U.S. you must have insurance. How much you pay depends on your age, driving record, where you live, vehicle type and age. As well as the kind of coverage you require. Here are a few simple steps for finding the right insurance for your car.

1. Determine what kind of coverage you need (consider state minimums).
2. Request multiple quotes for insurance providers.
3. Compare quotes, then call winning providers asking for discounts or special offers.
4. Make sure the insurance company is reputable check your state's insurance departments and JD Power’s consumer satisfaction surveys.
5. Read the fine print before you sign, don’t be afraid to ask questions.

Once you find good insurance coverage it’s important to maintain your driving record in order to keep costs at a minimum.

The Real Cost of Ownership

Looking closely at our latest survey, Most Buyers Don’t Know Car Insurance Cost, we realized many consumers aren’t factoring in the price of insurance into their overall ownership costs. By paying attention to rates, your credit score and the features on your new vehicle, you could save hundreds per year. That savings could pay for an added option on your new vehicle, or it could buy a lot of gas!

Prices vary so shop around! The internet is a great way to compare quotes with the same deductible, discounts and monthly payments. The BuyingAdvice Team and Insurance Information Institute advise you to get the highest deductible you can realistically afford. By increasing your deductible from $250 to $500 you could save 15 to 30 percent on your collision and comprehensive coverage.

Remember, the key to savings is not the individual discounts, but the final price. A company that offers few discounts may still have a lower overall price.

Why Should You Add Umbrella Liability Coverage To Your Car Insurance Policy?

Having a good car insurance policy is very important, especially if you have many personal assets. The reason is simple: If you are at fault in a major car accident, your insurance policy will only cover the expenses up to a certain limit set forth in the policy. Medical bills and auto repairs have very high costs, but most importantly, you could be sued, and if you're required to pay more money than what your car insurance covers, your personal assets could be used to pay the difference.

That's why, if you have many assets that could be at stake, The BuyingAdvice Team gives you the following car insurance tip: Consider getting an umbrella liability policy in addition to your regular auto insurance policy.

An umbrella policy will cover costs above your regular liability limits on your auto insurance policy. For $150 to $300 a year in premiums, you could get an umbrella policy that covers up to $1 million over your regular policy limits.

However, depending on the law in your state, even the best umbrella policy can't protect you against every possible claim. Also, many car insurance companies won't sell you an umbrella policy unless your auto and home insurance coverage is with them.

Read more in "Umbrella Policies Extend Your Coverage" and ask for a car insurance rate quote.

Auto Insurance Policy: Collision and Comprehensive Coverage Aren't Always A Good Choice

An auto insurance policy can be very expensive, and even though you want to be well-insured, perhaps beyond the minimum requirements of your state, it's advisable to pay only for coverage that you'll really need. As a result, the BuyingAdvice Team has the following car insurance tip: Waive collision and comprehensive coverage if you own an old car that would cost more to fix than what the vehicle is worth.

If you have an old vehicle, the cost of repairing or replacing your auto could be worth more than its present value. Collision provides coverage for losses or damages in any type of accident. Comprehensive coverage insures your car in the event of a theft or natural disaster. Both of these coverages require you to pay a deductible if you file a claim, and in some cases, your deductible might be more than your car is worth. Look up in the Kelley Blue Book the residual value of your car, compare it to how much you're paying for collision and comprehensive, and find out whether it is worth it to pay for this coverage.

However, for newer cars, you should always carry both collision and comprehensive coverage. Your vehicle is probably still worth some money, so paying for coverage and possibly a deductible in the event of an accident will be less than replacing the car.  Waiving collision and comprehensive in your car insurance policy would not be a wise decision as with an older vehicle.

For more details, read: "The Cost Of Your Auto Insurance: What Can You Do?"

Your Profession Could Help Lower Your Car Insurance Policy

A car insurance policy can be very expensive, but fortunately some insurance companies are targeting specific professional groups for special discounts. Here's a brief list with some examples:

Insurance Company: Geico 21st Century Group Horace Mann Insurance Allstate

Discounts For: Active and retired military members. Engineers Teachers who belong to state education associations or the National Education Association (NEA). Farmers who use their cars for working on a farm, ranch or orchard.

Ask for a car insurance rate quote and find out if any reliable automobile insurance company is offering a special discount that you may qualify for based on your profession.

A Different Kind Of Teen Car Insurance

Teen car insurance is expensive and mostly because teens are among the most high risk drivers on the road.  As long as you are paying those extremely high auto insurance premiums it makes sense to shell out a little more to insure that your teen is not only…insured but also that they are confident and skilled drivers.

Enrolling your teen driver in a driver's education program can be a great way to get them used to the rules of the road and to help them avoid potential accidents.  There are countless driver's ed. programs throughout the U.S., so finding one in your area should be no problem.  Contact your local AAA of visit DrivingSkillsForLife.com for more info on the best programs in your area.

Read more in "As Important As College."

Cheap Auto Insurance Tip: Track Your Car's Depreciation

Keeping your car properly insured is an essential part of being a responsible driver.  However, be sure that you are not insuring your car for more than it is worth.  One simple thing to remember to help you get cheap auto insurance is this: every year your car's value depreciates and so should the amount that your car is covered for.

This concept, although simple, is often overlooked by many car owners.  To make sure that you are not paying to much for car insurance simply contact your insurance provider and ask them to make sure that your car is only covered up to its current value.

Read more in "Insurance - Hints And Tips."

Cool New Cars Can Get You Inexpensive Car Insurance

Buying one of today's cool new cars equipped with the newest safety technology can help you land more inexpensive car insurance.

If you are considering the purchase of a new vehicle be sure to ask about its safety features.  The more safety features you have equipped in your car the more money you are likely to save on your car insurance, especially if you are considering the latest safety technology like Electronic Stability Control.

Discuss with your insurance agent the savings that could be possible if you included various safety features in your next car.  An ESC system that costs 1,000 bucks to install may well be worth it if it can save you a few hundred bucks on insurance a year.

Read more in "Tips To Help Save $$ On Auto Insurance."

Finding A Car Insurance Group - Tips For High Risk Drivers

If you have been involved in a minor accident - even if it wasn't your fault - you may be labeled by your car insurance group as a high-risk driver.  Once you become a high risk driver there is almost nothing you can do to avoid a large increase in your insurance rates.

The best advice is to keep your driving record clean.  Any new traffic violations will spell terrible and long lasting increases to your rates.  If you can keep a clean record for three years you should begin to return to near your original rates.  In the meantime it is crucial that you work to show your insurance company that you are responsible.  The best way to do this is to pay all of your bills on time and to take it easy on the credit cards.

If you are forced to look for new car insurance be sure to utilize one of the many online agencies that can help you compare car insurance prices before you buy.

Read more in "Car Insurance For High-Risk Drivers."

Tips For Inexpensive Car Insurance

No one likes paying for car insurance. It is almost impossible to feel like you are not getting ripped off when you write that insurance check. Fortunately there are a few tips you can use to get yourself inexpensive car insurance and avoid paying too much.

One of the best, and most often overlooked, strategies for getting lower car insurance rates it to remember to shop around whenever you have to resign your current policy.

If you've had even a small change in your lifestyle since you signed your last policy, you may be able to get a better deal if you change car insurance companies. Even maintaining a good driving record for a year can be enough to land you a better rate.

Read more tips in "Keeping Your Car Insurance Low."