Gap Auto Insurance in Kentucky?
Reader’s Question:
I need to sell my new car and I can’t afford the payments. I have gap insurance in Kentucky. Will it only help if the vehicle is totaled or stolen? Will the gap insurance help if we are trying to sell the car?
James
Newburg, KY
Yes, GAP insurance would only be of use if your car was found to be a total loss or if it was stolen and your primary insurance policy paid out actual cash value for the car. You cannot make use of your GAP insurance policy in Kentucky if you are upside-down on your loan and wish to sell the car.
Gap insurance is use to pay the difference between a covered insurance loss and the balance of your lease or loan. If you sell a car, this is not an insurance loss and therefore a claim with your Gap insurance company could not be placed.
SR22 Bond – What To Do To Get Lower Rates On Auto Insurance?
Q: I’m going to buy a new car next month, but I have an SR22 bond which means my costs are high. What can I do to make sure that my insurance rates will not rise too much?
A: As someone who is about to buy a new car, you need to be very careful with the choices you make, because they could either send your SR22 bond prices much higher or much lower. By paying attention to your purchases and choosing responsibly, you can make sure they do the latter.
The type, cost, year, and features of any car you insure will affect the rates of your SR22 bond, so you should make sure these all line up to be non risky. First of all, avoid getting an expensive car. Keep it in your budget. The more a car costs to buy, the more it will cost to insure. Same goes for newer cars. Instead of getting a 2008 model, try for a 2005 or a 2004. Cars which are a few years old have lower SR22 bond rates.
You should choose a car which is safe. Check safety tests to see how your choices performed, and make sure they are equipped with safety devices. Most of all, run them through a few car insurance quote forms before you buy so you can be sure of the rates you’ll get.
How Do I Get a Cheap SR22 Insurance Rate Quote?
Q: Is it possible for someone to get a cheap SR22 insurance quote on a new car they have bought?
A: Yes, it is possible to get a cheap SR22 insurance quote on a new car, but how cheap the quote will be depends on the kind of car you have recently bought. If you have a sensible, mid sized, economic car that wasn’t too expensive and had a good safety rating, then you have the best chance of getting the cheapest quote. For any other car, though, you’re going to have to get some dirt under your fingers.
For anybody who owns a new car, of any type, your SR22 insurance quote can be cheapened by taking on more risk, which can be done by raising your deductibles. Every piece of extra coverage you have beyond basic liability has a deductible, which must be paid in the event of a claim before your car insurance company pays the risk. Let’s say you right now have a $500 deductible on all coverages. Your monthly premium will be high because your car insurance has most of the risk responsibility. If you raise it by a thousand dollars or more, though, your monthly insurance premium will be lower.
1. Raise your deductible amount to as high as you can
2. clean up your credit rating – poor rating equals higher insurance costs
3. join a credit union and ask them if they have insurance discounts – most do
New Car Insurance – Best Rates in Kentucky?
Q: If I have a new car, what kind of coverage do I need for my auto insurance policy?
A: As the driver of a new car, your responsibility for the well being of your car rises. Your financer, who you are paying for the car, doesn’t want to lose thousands of dollars because you wreck your car and then default on the payments, so a system is set up. If you want your new car, then you need to have collision, comprehensive, and gap insurance on your car insurance policy. If you don’t do this, your financer can take your car back.
You can make this cheaper by taking on even more responsibility, this time with your car insurance company. With the more money your insurance company has to pay when you file a claim, the more you will have to pay on your monthly premiums to make up for that. You can save here by raising your deductibles so that you have to pay out more before your insurance will kick in in the event of an accident.
Another way you can save a little bit of money is by paying your insurance all at once, for the entire six months to a year.
The BEST way to lower your rates is by raising your deductible amount to as high as you feel comfortable. This will have a drastic impact on your annual premiums.
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