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May 15, 2013

4 Little-Known Insurance Facts

Insurance, especially auto insurance, is a tangled web of confusion for most people.  Far more concerned with their own professions and interests, most people are content purchasing their auto insurance and never considering it again.

But if these same people would take time to do even a little bit of research into car insurance policies, they would find that there are many things about auto insurance that they did not know.  Here are four little known facts about car insurance that just might come in handy for the average car owner.

  1. Personal items lost to vehicle theft are not covered by auto insurance.  Personal items and possessions are instead usually covered by a homeowner’s policy.  Make sure that expensive items stored in the vehicle, like a GPS or MP3 player, are listed in the homeowner’s policy, and that photographs of those items have been documented.
  2.  Purchasing a low-risk vehicle reduces premiums.  Having a low-risk car directly translates to lower insurance costs.  Typically low-risk vehicles are those with lower horse powered engines or those that are less likely to be stolen.  To learn more, confer with insurance professionals for details about what constitutes a low-risk vehicle.
  3. Auto Insurance can be tax deductible for business use.  Any time a business uses a car to carry out their services, it can be tax deductible.  Totaling the percentage of time for which the vehicle is used and deducting that percentage of the cost of the auto insurance policy from the yearly tax filing can save a business loads of tax money.
  4. Use an occupation discount.  Many insurance companies offer auto insurance discounts to those in certain professions.  Talk with an insurance professional to see if your occupation can save you money on an auto insurance policy. 

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