Automobile Insurance You Can Count On…One Hand

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Auto Insurance For Military

Military personnel have access to automobile insurance just like anyone else. However, military personnel often get to enjoy other benefits as well that help them perform their work, especially when overseas on assignment.

Most insurance policies available for military personnel who drive cover all the basics as well as enhanced coverage, depending on what the servicemember wants in coverage (http://www.military.com/money/insurance/auto-insurance/buying-auto-insurance.html). Coverage plans available can include:

• Physical person liability coverage for injury – Almost all of the 50 states requires some ability for a driver, even in the military, to pay for the medical costs of someone injured in an accident caused by the driver. This includes hospital and medical costs, rehab, and even funeral costs if a person is killed.
• Damage to property – In almost every accident, someone’s property is going to get damaged as cars bump into each other or hit other property. Basic coverage also often includes a set amount on restoring injured parties so they are not out of pocket repairing their car or property.
• Personal injury – coverage policies also help the driver recovery from his own personal injury and medical needs in an accident as well, which can be very helpful when the driver has no health insurance. That said, military members often have access to their own military base health facilities, so this is not as critical, but it can help offset the soldier’s co-payment if anything applies.
• Umbrella packages – where a soldier’s homeowner policy or auto policy doesn’t have enough financial coverage, an umbrella policy pays for additional losses that would otherwise hit the driver directly as a liability.
• Comprehensive policies – written as an all-inclusive approach to car insurance, these policies are often chosen and used by servicemembers who want complete coverage rather than bargain insurance protection. That said, comprehensive policies cost more, regardless of which company a soldier works with.
• Other benefits – policies can be modified with other benefits such as uninsured motorist coverage which protects a driver if hit by someone with no insurance of their own, rental reimbursement when a covered car is damaged, full car replacement versus just existing market value, and towing and labor. Again, as these benefits are added on, a soldier will have to pay more to have these protections included. Ultimately, it just tends to make more sense to go with a comprehensive policy which already usually includes all these items.

Servicemembers should never go shopping for car insurance without doing their own research and pinning down exactly what coverage is needed (http://www.military.com/money/insurance/auto-insurance/military-personnel-saving-on-car-insurance.html). Soldiers should always start off with the requirements that apply to state they are driving and based in. If overseas, a servicemember should make sure to know the local country’s rules as well as whether a provider will cover a vehicle overseas. Additionally, it also helps to know what soldier’s car is actually worth. There’s no sense paying for exaggerated property coverage when the car isn’t worth much. That said, what matters is how much it will cost to get functional wheels again, which can be different from a working car’s market value. So plan smart versus just off of Kelly Blue Book values. Finally, servicemembers should anticipate what financial needs will occur if seriously injured or disabled and limited in earning power. A good policy will include recovery long enough for a person to get settled again.

If cost is a big factor due to being on a budget, there are ways to reduce cost. First, consider raising the deductible, or the amount paid out of pocket when a claim is filed. The higher the deductible, the lower the premium from a car insurer will be for a servicemember since more risk is assumed. It also helps to use a car that doesn’t raise eyebrows of law enforcement or insurers. A clunky family car will be far cheaper to cover than a corvette. Full coverage also doesn’t have to apply when on assignment and the car is in storage (http://www.nasdaq.com/article/soldiers-have-unique-car-insurance-needs-cm221870#.UUapLFdu7TM). Coverage can be scaled back, saving significant money, especially when the car is non-operational. Finally, servicemembers should always use their service to their benefit. Many companies, including car insurance providers give discounts for active and veteran soldiers. These discounts should always be taken advantage of where available.