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Factors You Need To Understand About Car Insurance in Philadelphia

A car is one of the most important objects of an average American household. It not only makes our journeys more convenient, but also saves up a lot of our time. However, owning a car also means additional responsibility from the owner’s end. After you have bought a car, you need to insure it, to protect it, and yourself from damages, resultant of manmade or natural disasters. Acquiring an insurance for one’s car is enforced by the American law, failing which, one is heavily penalized. The state of Philadelphia makes it mandatory for all car owners to possess auto insurance. As a result, it is quite easy to obtain auto insurance in Philadelphia. The basic coverage or the liability requirements of the state are as follows:

Bodily Injury – It pays for the damages and/or injuries caused by a driver in an accident. In PA, the minimum amount is $15000* for a single injury, and $30000* for the entire accident.

Property Damage – It compensates for any damage of property, resultant of an at-fault accident. PA requires at least $5000* worth of this coverage. In addition, there is an optional, but highly recommended medical coverage, which bears the medical expenses, in case there is any injury caused during the accident. It does not take into account, which party is at fault, and has a minimum worth of $5000*. Philadelphia has a low crime rate, but the state is plagued with unemployment, and high cost of living.

As a result, the crime rate in cities like Philadelphia and York is higher than the national average. This is one of the contributing factors to the high premium rates of car insurance in Philadelphia. The average Philadelphia car insurance quote is $2313*. There are a few things you need to acquaint yourself with, while fishing for auto insurance in Pennsylvania.

Premium rate – It is the amount you require to pay for a fixed span of time, in order to get car insurance coverage. It depends on various factors, like your age, gender, marital status, driving record, the model and age of your car, etc.

Philadelphia Insurance discounts – Always remember, that discounts can save you large sums of money. So don’t shy away from asking for them. If you buy your auto insurance from the very insurer who has insured your home, then they may offer you either, at a lesser cost. Also, students with good grades, senior citizens with good driving records, and safe drivers are also eligible for discounts.

Philadelphia Deductible Values – It is a portion of the total amount, which you are liable to pay after an accident. The insurance company pays the rest.

Philadelphia Collision Insurance – As the name suggests, it covers for the damages caused by an accident.

Philadelphia Comprehensive Car Insurance – It covers you as well as any automobile you drive. It not only takes into account driving incidents, but also natural disasters like fire, earthquake, flood, animal attacks, and manmade ones like theft and vandalism. You may need Comprehensive Car Insurance, if you lease out your car.

Philadelphia Car Insurance Claims Procedures – If you have been involved in a vehicular accident, or you car has been stolen, you need to follow a few steps. You must remember, each company has its own format of analyzing insurance quotes.

Philadelphia Car Insurance Company Profiles – It is definitely an intelligent option to gather information on insurance companies, before making a purchase from them. This will reduce misunderstandings, and fraud.

Philadelphia Torts – Pennsylvania  is a tort state. There are two main types of torts-

Limited Tort – It enables you to recover a portion of the damages caused due to an accident.

Full Tort – This allows you to sue the guilty party of a car accident.

Philadelphia Assigned Risk Plan – It is for those car owners, who, due to reasons like their driving record, or the vehicle type, are unable to get hold of regular car insurance.

Eligibility criteria for procuring an Assigned Risk Plan are as follows:

– If all the licensed drivers of the household have not been involved in any accident in the last 36 months

– If all the licensed drivers of the household have been involved in accidents, where the car insurance has paid $1150 or less, for the damages.

– If all the licensed drivers of the household have not more than 3 violation points.

– If all the members of the household have no history of driver’s license suspension or revocation.

– If all the drivers of the household have a valid Philadelphia license for three years or more.

While voyaging through the streets of Philadelphia, make sure you always keep the crucial documents like proofs of medical benefits, property damage liability, and bodily injury liability, with you. Or else, you may be heavily fined.

In some cases, your license may be suspended. In order to reduce your premium more, try paying a high deductible; especially if you have a squeaky-clean driver’s profile. You can make a prior arrangement to cut off your car insurance rates. Compare the various models and their sizes. Older models need lesser premium, and so do smaller ones. Your locality also affects your insurance rates. Places where theft is prevalent, the rate of car insurance is higher. Lastly, always compare the various quotes and schemes offered by different Philadelphia car insurance agencies. It is highly recommended, that you examine at least three. Consult financial experts if you need to. There are a number of sites, which provide useful information on auto insurance, and will surely guide you accordingly.

The cost of car insurance in Philadelphia is expensive. Although you may consider the entire concept of car insurance to be an additional financial burden, you cannot deny that it is for your own benefit and protection. By exactly knowing your needs, and choosing the correct policy, you can easily cut down unnecessary expenditure on your Philadelphia car insurance. So what are you waiting for? Enter your ZIP code to know the offers on auto insurance policies near you. It’s FREE!