As is the case with most significant purchases, it’s important to protect your car with insurance. While it may be tempting to go for the first offer you see, shopping around allows you to compare different companies and find the best possible coverage options and rates for your budget.
Although PSECU doesn’t offer car insurance policies, we offer car loans with some of the best rates in the state. We’ve also put together this guide to help you figure out which insurance plan works best for you.
Yes, car insurance is mandatory if you own and operate a vehicle. Drivers living in the state of Pennsylvania are required to have medical benefits with a minimum of $5,000, bodily injury liability with a minimum of $15,000 and $30,000, and property damage liability with the lowest limit at $5,000. Regarding the bodily injury liability, the $15,000 covers each person, and the $30,000 is the liability for each accident. You can also choose from various optional coverages in PA such as collision, income loss, and extraordinary medical benefits.
Auto insurance protects drivers against monetary loss in the case of an accident as well as injuries to other drivers, pedestrians, and passengers. It’s a contract between you and the insurer. You pay a premium and, in return, the company pays for expenses defined by your chosen policy.
Car owners can often search for car insurance that supports different types of drivers such as:
To begin your quest, do a basic search online for your situation and create a list of companies that offer car insurance in Pennsylvania.
You can take several steps to ensure you choose the ideal insurance agency to cover your vehicle.
In Pennsylvania, the average premiums for car insurance remain below the national average, and in 2015, the state’s average premium was about $971. At 3.8% below the national average of $1,009, drivers experienced the second-lowest premiums compared to other states that border PA. There are more than 200 auto insurance companies in the state, creating a competitive market.
Are you wondering if new car insurance rates are higher compared to older vehicles? While it often holds true, sometimes you can find more cost-effective solutions because of increased safety features. Make sure to compare rates between different providers to see if costs change for new and old cars. If you have further questions on car insurance, visit the Pennsylvania Insurance Department question and answer site.
An agent will ask you a series of questions when determining your premium, such as:
As such, you will want to have the following information handy when speaking with an insurance representative for each driver or vehicle you want your policy to cover:
PSECU offers car loans at some of the best rates in PA. Unlike many lenders, we offer the same rates for new, used, and refinanced vehicles. If you already own your vehicle, refinancing could save you significant dollars. See our financing terms and other details.
For more money management tips, visit our WalletWorks page.