Auto insurance has been made mandatory in many states and the state of Maine has followed suit. This rule is to ensure that every driver on the road today should be able to pay for any damages in case he causes an accident. This is in accordance with the financial responsibility laws. However, the state of Maine differs slightly in the fact that the minimum liability it has fixed is much higher than most of the states.
The minimum liability fixed is a high fifty thousand dollars for bodily injury per person and a hundred thousand dollars for bodily injury in total. It is also mandatory to have property damage coverage for an amount of twenty five thousand dollars. Uninsured motorist’s coverage is not mandatory in most of the states. But it is mandatory in the state of Maine and so is a thousand dollars coverage for medical costs.
These are very large sums and they are only the minimum. Industry experts say that adequate insurance is closer to a hundred thousand dollars per person and three hundred thousand dollars in total for bodily injury. These are large sums. This article focuses on a few tips to help you save money on your insurance.
The first tip would be the same not matter what you are shopping for. Go to a lot of vendors and get a lot of quotes. Compare all of these vendors and search for the vendor who offers services at low rates. Also decide on the services and policies you really need. Good shopping means buying only what you need and nothing more. You need to choose the policies with care. Compare this with your other policies and make sure you select only policies you really need.
A good health insurance means you do not need medical coverage in auto insurance, so you can buy only the minimum. You can also save a lot of money by getting different insurances together. Buy life and auto or health and auto insurance together, you will be saving a lot of money. Many houses have more than one car. Buying insurance for all cars at the same company will help one get a discount. This is known as the multi vehicle discount.
Another option is the good student discount. The good student discount is applicable when there is a student in the house and his grades are high. This will serve as an incentive as well. It might also help an under twenty five student get a good rate if he keep his grades high. Another option to save money on insurance is to ensure the driving record is spotless.
A good driving record will mean lower insurance rates. You can also install a couple of safety features in the car such as automatic seat belts and air bags. You can also install anti theft devices such as alarms. This will reduce the insurance rates. A good credit score means the person is good to pay the premium. He will be charged low rates of insurance. An above fifty driver will be charged very low rates as well.
