Unique Insurance Group - What You Need to Know

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Congratulations! You’re now the proud owner of your very own vehicle! Driving off that dealer lot with a new, or “new to you,” set of wheels is a great feeling.

After the sale is complete, you decide to celebrate by grabbing some ice cream before you head home. On the way back, you’re cruising along (at the posted speed), enjoying that “new car smell.” Life is good. But then reality hits you smack when you remember what comes next. You realize that your next move needs to be shopping for an automobile insurance policy. Relax, it’s okay. We’re Unique Insurance Group, and we’re here to help you. Here’s what you need to know when purchasing an auto insurance policy.

Nearly Every US State Requires Drivers to Carry Vehicle Insurance

Vehicle insurance is all but unavoidable in the US—almost every state requires you to have it if you want to operate a motorized vehicle. Your state is most likely one of them. The state’s reasoning is clear: This insurance protects you and your property and is also designed to help protect other drivers.

That being said, the latest figures suggest that the national average number of uninsured drivers on the road is roughly 13%. That’s a considerable number. Driving without insurance is terrible because it’s illegal in most areas. It is also wrong because uninsured drivers cause auto insurance rates to go up. And that isn’t good for all of us. So, bite the bullet and have your vehicle insured. It’s for the good of everyone.

The Basics of Vehicle Insurance

The whole vehicle insurance process can be confusing and intimidating, especially if you’ve never gone through it before. Let your friends at Unique Insurance Group break the entire thing down and make it easier to understand.

Standard Parts of a Vehicle Insurance Policy

Most insurance policies include the following basic parts or coverages:

Collision & Comprehensive Coverage: This is coverage for physical damage to the vehicle. If you are financing your car, your bank or another creditor will make this coverage mandatory until you’ve satisfied the terms of your loan. Once your loan is paid off, you can usually drop this coverage if you choose so you can save on your premium; how much car insurance coverage do you need?  Depending on your location. But the choice is yours.

Liability Coverage: Liability insurance is designed to protect you if you are at fault for an accident that injures someone or damages their vehicle or other property. Most companies offer at least three tiers of this coverage, and each state has its minimum range. At your own risk, you can choose to go with your state’s minimum mandated coverage to save on your premium (unless you’re dealing with a DUI or other legal situation).

Uninsured Motorist Coverage: This coverage protects you in the unfortunate event you are in the middle of an accident where a motorist with non-insurance is at fault. This coverage is invaluable with as many uninsured drivers as there are on the road today. Uninsured motorists are a leading factor in higher premiums.

Medical Payments Coverage: This is usually optional coverage. You may opt-out of medical payments, especially if you have adequate insurance elsewhere to cover this potential cost. Check with your agent, though. Medical payments coverage doesn’t usually add much to your premium, so opt-in may be worth it.

SR22 & FR44 Coverage: Make sure your insurer offers this coverage. If you get a DUI/DWI, not only will the Court costs be astronomical, but your state may also require you to carry an expensive SR22 or FR44 policy for as much as five years AFTER your incident. On any given day, we’re all capable of making a bad decision, like getting behind the wheel after having just one too many.

Helping You Get the Best Vehicle Insurance Rates

Yes, insurance is an expense, but it’s a necessary one. Remember, though; we’re a Unique Insurance Group. Let’s see what we can do to help you save on your auto insurance policy.

Three Things That Lower Your Vehicle Insurance Premium

Most insurance companies look at these three core factors to determine your premium:

  1. Your driving records
  2. How many vehicle insurances claim you’ve failed
  3. Your credit scores

Unlike your age and marital status, these three things are all you can (for the most part) control. A stellar driving record (including not having a DUI), a good or better credit rating, and not filing any claims will usually always translate into a lower auto insurance premium.

Pick Your Policy Options Carefully

There are also a few things you can do to shave some dollars off of your vehicle insurance premium (we discussed some of them earlier). At some point, you may be able to adjust the following coverages:

Collision/Comprehensive Coverage: Unless you pay cash for your vehicle (kudos to you if you’re able to do that!), most lenders will require you to carry collision/comprehensive coverage until your loan is paid off. After that, the choice to drop that coverage is yours. You have to decide how much risk you’re willing to take.

Medical Payments Coverage: You can opt out of this coverage, especially if you have adequate health and other liability coverage.

SR22 & FR44 Coverage: The best way to save money on your vehicle insurance with this coverage is not to need it in the first place. Needing an SR22 or FR44 will eliminate any policy premium savings you’ve previously worked out.

That Wasn’t So Bad, Was It?

See? We told you vehicle insurance wasn’t difficult to understand. So, the next step is to make that call or request an online quote. Contact the team at Unique Insurance Group, and we’ll be happy to get you set up today.