Insurance car resolutions for the New Year

Car insurance might not be the first thing that comes to mind when you hunker down to get your finances in order for the new year, but a quick review of your coverage may reveal opportunities to save the money and prevent losses on the road.

As you make your financial to-do list in 2014 , add these five car insurance resolutions:

A . Review your coverage : something or someone to add or remove ?

You can keep the same auto insurance coverage if your life was static, but things change , and sometimes that requires adding or removing optional forms of coverage.

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If you have health insurance - now a requirement of the Affordable Care Act - you might consider leaving the medical costs fall , also known as MedPay or uninsured motorist coverage , if those who are not required in your state. MedPay pays medical bills for you and your passengers if injured in a car accident. Uninsured Motorist covers your medical expenses if you are hit by an uninsured driver or , in some states , a hit -and-run driver. Coverage varies by state and policy , but generally MedPay uninsured motorist and also includes other benefits such as funeral expenses if you or your passengers are killed in an accident.

Understand what insurance coverage and to weigh the benefits before breaking all the coverage .

If your car is seen better days , it might be time to drop the collision and comprehensive insurance . Both types of coverage pay up to the limit of the value of the car, minus the deductible . If the payment is less potential premium you pay for collision and comprehensive , then certainly , you must file .

 If the potential payment is a little more than the premiums , then the decision is a matter of judgment .

 Car Insurance, consumer analyst Penny Gusner suggests this test: " If there is a mechanical problem with the car , do you fix it? " If the car is too far away for repair, then it may be time to drop collision and complete , she said.

Meanwhile, double check that your policy covers . Are all licensees in your household listed on the policy? Is anyone still on the policy that should not be ?

2 . Get all the discounts you can .

Insurers offer many discounts, and they do not always publish details online because the deals vary by state . Ask your insurancecompany or agent about discounts that may apply to you, especially if your situation has changed. Have you married? Become a homeowner ? Reduce the miles you get to work and ? Any of these changes could mean a reduction in your carinsurance rates .

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3 . Shop and compare car insurance quotes .

According to a study in 2013 Deloitte Consulting, 58 percent of auto insurance customers rarely or never shop auto insurance comparison .

If you're among them, you might miss out on great savings. Auto insurance rates vary widely by company , so it pays to get quotes from different carriers . Be sure to make a list of all the drivers for the vehicle and compare auto insurance rates for the same coverage and limits of at least three carriers.

"You need to do a little research. Know what coverage, limits and deductibles you need, and you can get quotes and compare apples with apples ," says Gusner .

4 . Review your liability limits : Are they high enough ?

Do not use your state's minimum requirements for liability insurance as a guide. These limits are notoriously low. Make sure you have enough liability insurance to protect your assets , like a house and all economies.

" The more you have , the more you should consider raising your limits ," says Gusner .

5 . Check your deductibles .

Increase the deductible from $ 250 to $ 500 on collision and comprehensive coverage could lower part of your premium of 15 to 30 percent , according to the Insurance Information Institute .

But do not go too far.

" If you can not afford to pay the deductible if you were in an accident tomorrow , then it is too high ," says Gusner .

Keep in mind that the lease or financing does not allow you to increase the deductible above a certain amount , adds Gunner.