Concord Auto Insurance: Before You Buy – What You Need and How to Save
Concord Auto Insurance – The Company
The first Concord Company was founded in 1928 and established by the Farm Bureau Federation of New Hampshire to offer reasonably priced coverage to farm members. In subsequent years, insurance packages were developed to fulfill the requirements of the non-agricultural society and the company stretched out into Massachusetts, Vermont and Maine.
Today the Concord Group is one of the leading regional, multiple line insurers in New England. They service over 250,000 policy holders by way of 300 independent representatives and have time after time earned an “Excellent” rating from A.M. Best, a national insurance ranking organization.
Concord Auto Insurance – Compare and Save Money
However, should you automatically place your auto insurance with Concord? Definitely not! To get the best policy at a fair price, it is imperative to gather several options and compare. You will notice key price differences, which can spell out significant savings. Therefore, do some shopping prior to settling on your final policy.
Using free comparison websites like Quote Wizard or 2Insure4Less will produce a bunch of options, and it takes hardly any time.
Let’s take a gander of some typical state insurance regulations. Then I’ll demonstrate how you can bank money and still get the insurance you need. We’ll use Massachusetts as our example.
Concord Auto Insurance – Massachusetts Requirements
Personal Injury Protection: $8,000 per individual
Bodily Injury Liability: Individual – $20,000
Bodily Injury Liability: Per Accident – $40,000
Property Damage Liability: Per accident – $5,000
Uninsured Motorist Bodily Injury: Individual – $20,000
Uninsured Motorist Bodily Injury: Per accident – $40,000
Concord Auto Insurance - No-Fault Explained
Massachusetts happens to be one of the no fault states, meaning that each driver is obliged to maintain personal injury protection (PIP). If an accident occurs PIP covers your medical expenses, regardless of who is at fault.
No fault laws prohibit you from taking legal action against the other driver except when injury costs exceed your coverage.
Bodily injury liability (BIL) and property damage liability (PDL) covers injuries and property damages when you are at fault.
Uninsured motorist will cover injuries to you and your passengers when an uninsured driver is at fault.
Concord Auto Insurance – Recommended Liability Minimums
But to most drivers, these minimums are, to some extent, irrelevant. For most drivers, they are dangerously low and place you at considerable risk by going with them.
Why? A new car averages $28,000 nowadays. You figure out the math. To exceed $5,000 in property damage will take how many totaled autos? The risk is compounded by medical costs and settlements for loss of life.
Therefore, it does not matter whether you shop for Massachusetts car insurance or any other state in New England. Let the message be heard – maintaining just the state minimums is perilous to your financial wellness.
Bottom line – I am suggesting you carry at minimum PIP $100,000, liability coverage of $100k/300k/100k and uninsured motorist for $100k/300k.
Concord Auto Insurance – Other Coverage
So what is missing? Your car. Collision covers damage to your car through accident and comprehensive protects the car against fire, theft, vandalism and acts of God.
If your vehicle is financed or leased your bank will require them…for at least the amount of your loan. They will also require GAP insurance to guard against a total loss payout that may be less than your loan value.
The bank, of course, is only concerned in protecting the amount of their loan to you. Consider setting your collision, comprehensive and GAP coverages to not only protect the bank’s interest, but also the full value of your vehicle.
You may also want to think about coverage for rental of a replacement car in case yours is out of commission due to an accident. Also, towing insurance if you do not have it from another source.
Concord Auto Insurance – Factors that Influence Your Premiums
Many issues factor into insurance rates. For example, your driving record, gender and age as well as the year, make, and model of your vehicle. Also, the locations where you drive most often. These have always been major factors.
These days, insurance companies get even more sophisticated. Your credit history and credit rating have been added to the list. Even how long you have been employed at your present job is important to some insurers.
Concord Auto Insurance – Savings Options
These include driver training credit and good driver, multi-car and low mileage discounts, as well as discounts for automatic seat belts, certain anti-theft devices, anti-lock brakes and airbags.
