If you have an old car (This does not refer to classics -- Just plain old cars) then make sure you do not take either a collision or comprehensive cover for it. It won't be worth it one bit. Here's why...
Like all things in insurance, your premium is calculated based on the value of your car at the time of purchase. However, if you file a claim, your compensation will be based on its fair market value. Furthermore, cars have groupings that determine how much you'll be billed as premium. So let's say your car was worth $20,000 at the time of purchase. If by the time you file a claim its fair market value is $3,000, that, and not the purchase value will be the basis of calculating your compensation.
And, if your car unfortunately belongs to a grouping of cars that are very expensive to insure, your premium will shoot through the roof. You guessed right: Your compensation if you file a claim will still be based on its current market value.
If you decide to lower your premium by increasing your deductible (That is the amount you must pay before an insurance company pays its part), then you'll end up paying a high deductible thereby further lowering what your insurance company will compensate you.
So who gains in this scenario? It's certainly not you but your car insurance company. Am I trying to run down insurance companies? NO! This is standard practice. However, I an ensuring you understand where your bread is better buttered.
Get a third party only insurance unless the law in your area demands something higher, period. This is well-worth it.
Finally, in getting your third party only policy there are a few things you'd have to bear in mind.
Most speed demons are male. Most dare devil drivers are also male. It is certainly not part of the female nature to take much physical risks. And where such traits exist naturally, societal pressure tone it down quite a great deal -- It's not ladylike to be physically rough.
Women are also less likely to drive for long hours. If it's going to be a very long drive, most women will gladly let a man do the driving.
Who insists on driving classics and rather large cars? You guessed right -- The guys.
Car insurance companies know these and therefore give women lower rates all things being equal. However, some insurance companies will weigh your gender more than others. This will translate to a lower quote all other things being equal. To get details on how insurance companies calculate your rate, follow the link at the end of this article.
It is also very important that you read the fine lines or make sure you really ask questions about what is included in your cover. If you are female and drive alone often, there are features like breakdown cover that you should give a lot of consideration when choosing your car insurance provider.
Remember, you can take advantage of your profile (Whether you're male or female) to make considerable savings. You only need to take some time out to learn how.
Chimezirim Odimba has sinced written about articles on various topics from Health Insurance, Mortgage Insurance and Auto Insurance. Click the following links to ensure you save several hundred dollars (and, perhaps, over $1000) in your car insurance.... Chimezirim Odimba's top article generates over 40500 views. to your Favourites.