Gulfport Car Insurance
Gulfport is a sunny backdrop to a proud sea-faring history. To drive a car as a Mississippi resident, you need to have the following minimum vehicle insurance:
- $25,000 bodily injury liability insurance per injured or killed
- $50,000 bodily injury liability insurance per accident
- $25,000 property damage liability insurance
Similar to only a handful of other states, according to the Mississippi Insurance Department, you may satisfy the minimum insurance obligations in a few manners.
In addition to having proof of liability insurance, you may make a security or cash deposit or post a bond for the same amounts. while the police may not stop you just to find out if you proof of insurance, having such proof in your car is Mississippi law.
Mississippi has a comparatively steep financial penalty for failing to have proof of insurance. It is $1,000 and suspension of driving privileges for one year until the driver can demonstrate proof of insurance.
The trick here is that once you are fined, insurance companies will either drop you or not sell you an insurance policy.
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So, you may go the whole one year without being able to drive. In addition, when the year suspension is up, you will probably need special SR-22 insurance to demonstrate that you have your driver's privileges reinstated. It is much more costly insurance.
The purpose of liability insurance is actually financial self-preservation, so it makes sense to buy it.
Liability covers against the types of damages and injuries you cause to other people. Buying much more than the minimum coverage is also a good idea because the reality is that car repair and medical care are far more expensive than the state minimum requirements.
How rates are determined?
It feels like a game. Every six months when your insurance carrier notifies you it is time to renew your policy.
At that time, they will tell you how much they are going to charge you to renew. Rather than just accept how much it costs to renew, take the time out to compare insurance costs.
First, though, it is a good idea to get a sense of how your rates are determined.
- Credit score
- Past driving record
- Claims history
- Age
- Marriage status
- Where you live
- How far you drive annually
What all of these factors translate to is risk. The risk that the insurance carrier will not get paid its premiums in a timely manner is determined by your credit score. In addition, your driving record determines risk that you will be involved in traffic accidents or incur traffic violations.
Your marriage status is not as obvious of a connection to insurance. If you are married, the risk that you will pay late or skip premiums is lower because carriers figure there are two chances the bill will get paid.
What does age matter?
The young and fabulous drivers under the age of 25 cause a disproportionate number of accidents. Likewise, those older than 65 cause more accidents than when they are younger. This all translates into higher insurance premiums for the 25 and younger set and the 65 and older crowd.
If you are living in a more populated area, then the risks of cars running into one another increases. If you are living in a rural area, then rates drop to mirror the risk of an accident.
How to Evaluate Insurance Carriers
Seems unfair that the insurance company gets to evaluate you. Then again, smart consumers turn the tables every time they purchase insurance. Here's what to look for an insurance company:
- A-range creditworthiness
- Customer satisfaction
- Efficient and effective claims process
- Competitive pricing
- Knowledgeable staff
Look at the following sites to find out whether the insurance carriers you are considering make the grade in creditworthiness ratings:
If you would like more information on credit ratings, visit the Securities and Exchange Commission.
Such components such as customer satisfaction and efficiency of claims processing are more subjective. Though, if a company is particularly bad at handling claims, customers will post a disproportionate spate of complaints online. In addition, the same is true about poor customer service as well.
Look for examples of glowing customer recommendations and stories of how an insurance carrier went above and beyond to help customers in tough situations.
Shop for Insurance While Shopping for a Car
Additionally, if you are in the market for a new or used car, now is the time to start shopping for car insurance. If you are going to invest a lot of money into a rare or sports car, insurance rates will be high.
If safety is a top concern, check the Insurance Institute for Highway Safety.
Insurance companies finance the institute so that they research the safety of vehicles. The reason they do this is to determine how to make cars safer and how much it will cost to insure different makes and models of vehicles.
You may have guessed it, but a safer vehicle reduces accidents and severity of injuries and damage.
Safer vehicles may save lives too. Lowering safety risk makes for lower insurance premiums. When you are shopping for car insurance, you will notice that high-end cars cost more to insure. The reason is they often require specialized mechanics whose skills are rare and therefore more expensive.
Sports cars go fast. If you buy one, chances are you will drive fast. Insurance companies have proven it through ages of insurance claims on sports cars. Sports cars cost more to insure.
Basically, insurance adds to the cost of ownership. People who buy a new car every decade or less often tend to forget this. As you are calculating the taxes, tags, and monthly car note, factor in the insurance costs too. It all adds up quickly.
Why Comparison Shopping Works
When you are shopping for coverage, do not settle on your old standby insurance carrier.
Often customers are lulled into a false sense of price protection for staying with one carrier for years at a time. Sometimes it is worth the money to stay with a name you know.
Other times, insurance companies may offer you a high rate because they are taking a chance that you will not shop around for coverage. You might get a more competitive insurance premium by taking another insurance company up on a teaser rate. A teaser rate gets you in as a customer.
After all, the bigger the customer base for an insurance company, the larger its income pool.
The larger its income pool, the more money it makes. After all, insurance companies do not pay out on most customers. If they do pay out it is not beyond the amount they have taken in over the years on insurance premiums.
Match Features before Comparing Policies
Start out by deciding what kinds of limits you need on various aspects of your policy. For instance, do you want to buy collision and comprehensive or not? Decide whether you need liability or prefer to pay a cash deposit.
From there, decide what kinds of limits work to protect your assets as far as liability insurance goes.
Uninsured and underinsured coverage will pay if you are in an accident with a hit-and-run driver, a driver with too little insurance, or someone who has no insurance. Make sure you buy plenty of insurance to cover you and your family.
Make deductibles as high as you can tolerate. Though, always make sure you could pay the deductible without causing yourself a huge financial headache.
When you receive back quotes, make sure that each one adheres to the limits that you want. Dump the insurance carriers whose creditworthiness is not in the A-range. Creditworthiness indicates a healthy fiscal situation, in which the carrier has the funds to pay out on insurance claims.
Of course, look at how much the premiums are. No reason to pay extra money out for comparable services.
How to Save Money on Vehicle Insurance
Beyond comparing costs of buying insurance from different insurance companies, there are a few ways to save more money. They include:
- Take a safe driving class
- If your high school student gets good grades, let the insurance carrier know
- Buy multiple insurance policies from the same insurance company for multi-line discounts
- Maintain your vehicles
- Drive less
Buying insurance is necessary, but it does not have to be over-priced. Compare quotes from top-rated insurance companies to make sure you get the service you need at the best price. Most of all, drive safely.
Now that you've read through requirements for Gulfport, enter your zip code to receive car insurance rates from top companies in the area today!