With so much information across the internet about auto insurance, it is hard to weed out misleading information from the facts. Myths aside, the process of buying a car insurance policy can be daunting especially for first-time buyers in Newark, NJ. We debunk the 5 most common auto insurance myths:-
Your credit rating has no effect on your premium amounts
Most insurance companies refer to your credit history when determining your premium rates. A suitable credit rating shows that you are able to manage your financial affairs well and less likely to file for an insurance claim.
Your gender does not count when it comes to your premium rates
More often than not, women tend to pay lower insurance rates than men. This is because they are considered safer drivers. That being said, your driving record also influences your insurance rates.
Your comprehensive insurance policy covers anything stolen from your car
An auto insurance coverage pays for repairs to damages caused during the vehicle’s break-in rather than the cost of the stolen items. However, a renter’s or homeowner’s insurance policy could compensate for such.
Higher premium rates mean more coverage
Insurance plans differ from one company to another, thus the difference in pricing. As well, the structure of an insurance company has a huge effect on the premium rates. For instance, your insurer could be working with brokers whom they have to pay a commission resulting in higher premiums.
One ticket automatically results in a higher premium
While you need to avoid any traffic violations and incidents, a single ticket does not imply an increase in your premium amounts. Nevertheless, a higher number of traffic violations could skyrocket your rates.
Do you need to understand more about auto insurance in Newark, NJ? Get in touch with E.S.T.I.R. Inc. for a free estimate on your auto insurance coverage.
New room additions, finishing a basement or an attic, adding a bathroom, and other renovation projects improve a home and increase its value. When considering a renovation project it is also important to talk with your agent at E.S.T.I.R. Inc. serving Newark, NJ and the surrounding areas. You will want to upgrade home insurance coverage to include the construction costs of the renovations to make sure you have adequate coverage.
Covering the Cost of Renovations
Consulting with your agent while making plans for the renovations is a good idea because it is better to have coverage in place before the work is underway, just to make sure there is adequate protection during the entire process. Your agent can give you sound advice on the coverage needed and you can work with the construction estimates until the project is completed and all the final costs are in.
If you do not already have replacement cost coverage for your home, an insurance review along with a renovation project is a good time to consider it and to upgrade home insurance. Older homes may be under-insured simply due to the rising costs of construction and home repairs.
Many Homes Are Uninsured
Not having adequate home insurance is a common problem in the United States. A recent study by the research firm CoreLogic found that 60% of American homes have insurance that is an average of 20% less than replacement value. Many homeowners are not even aware of this problem and only learn about this fact after a catastrophe occurs. This is why it is very beneficial to be proactive about getting adequate home insurance and a renovation project is an especially good time to take care of this.
It is very wise to make sure your insurance needs are not neglected and your coverage is adequate. Contact your agent at E.S.T.I.R. Inc. in Newark, NJ to have a comprehensive home insurance review and get a quote for any needed upgrade to cover the costs of a renovation project.