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Top 5 Things You Should Know About Your Auto Insurance

  

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When it comes to auto insurance, there's plenty you should know.  We've summed it up to the top 5:

1. Update your insurance agent when you move and change your contact information.  Your rates could change depending on where your vehicles are kept. 
2. Keep your agent informed of the number of vehicles you own, who drives them and for what purpose (personal or business).  Your coverages can change depending on who uses your vehicles and why.
3. Promptly notify your insurance agent of any accidents or damage to your vehicle so the claims process can be expedited quickly while the details are still fresh in your mind.
4. Know what your liability coverages really mean.  In Massachusetts, liability coverages are split, such as $100,000/$300,000/$100,000.  This means that you have $100,000 per person injured, $300,000 total for injuries from the accident and $100,000 for damaged property. 
5. If you owe more on your car loan or lease than the market value of the vehicle, you should consider "gap insurance".  This insurance covers your loan amount while it's under loan or lease.