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Ada, OK 74820

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Understanding Auto Insurance Policy Terms

When it comes to understanding your auto insurance policy, you might have a hard time understanding the usual auto insurance jargon.  Fortunately, though, there are several terms found in almost all policies that are simple to understand.  Here’s a closer look at understanding auto insurance policy terms.  

Anti-theft device

Cars that are equipped with an anti-theft device usually enjoy lower premium rates than cars that don’t have one.  An anti-theft device not only helps protect car owners from getting their cars stolen, but the devices can often provide GPS features, which helps relocate cars that have been stolen by a thief. 

Bodily injury liability coverage

Bodily insurance pays for any injuries or deaths that occur as a result of the policyholder’s fault.  Many times, this type of coverage will provide compensation for legal defense costs, too.  

Comprehensive coverage

Comprehensive coverage is of the utmost value because it tends to cover damage to a car that occurred as a result of extreme weather conditions — flooding, windstorm, fire, etc. — and it also provides coverage when the policyholder hits an animal with the car. 

Deductible

Your deductible is the amount you have agreed to pay out of your pocket before any insurance coverage kicks in.  Remember, the higher your deductible, the lower your insurance premiums will be.  The lower your deductible, the higher your rates will be, but if you were to be involved in a claim, your deductible will be much more affordable.

Vehicle identification number (VIN)

Without a VIN number, you won’t be able to sell your car or put any type of insurance coverage on it.  The VIN will consist of 17 numbers and letters and will not match any other car’s VIN.

If you have questions about your auto insurance policy, make sure to contact a reputable insurance agent serving the Ada, OK area today. 

Can a Family Member in Ada, Oklahoma, Inquire or Make Changes to my Car Insurance Policy?

Owning a car and purchasing auto insurance does not necessarily mean that Ada, Oklahoma residents will have the same amount of protection that they expect. Depending on the situation and insurer, a family member might be able to make changes to the policy.

Situations that Allow Family to Make Changes

Certain situations will allow family members to make changes to a policy, even if they are not on the policy. The most common situation is when the changes are minor or relate to the entire family, for example, informing the insurer about a change of address or simple changes that do not actually impact the coverage, but do impact where bills are sent.

Another situation is when a family member is part of the policy. For example, a spouse might change the policy because it is in both names. When the policy includes more than one individual, the other party is able to make changes to the policy.

Differences in Companies

While certain situations may allow individuals to adjust a coverage plan, it is ultimately the insurance provider who determines if an individual can change the policy. Each insurance provider will have different rules and guidelines that determine who is eligible to change the current plan. In most cases, it will depend on the relationship and the situation. For example, a parent can ask for alterations if a teen driver is behaving recklessly or a spouse might qualify to adjust a plan to fit the current budget.

Buying auto insurance does not necessarily mean that the only individual who can adjust the plan is the individual purchasing the protection plan. In some cases, certain members of the family might also have the ability to change the plan. To learn more, contact us to talk to an independent agent.

How to Find Affordable Ranch Insurance in Ada, OK

No one wants to pay more than they have to for ranch insurance, nor should they. Finding affordable ranch insurance in Ada, OK on your own, though, can be difficult. Understanding the terms used and comparing policies isn’t easy. Here are some tips on how to find an affordable farm insurance policy, in case you’re having trouble.

Use an Independent Agent

First and foremost, you should work with an independent insurance agent, like one of our agents at Moon-Baker Insurance Agency, Inc. As an agent who is licensed to sell insurance in Oklahoma, an independent agent can help you understand all of the terms and conditions in an insurance policy. As an independent agent, they can compare all the policies offered by insurers to residents of Ada, OK and get you the lowest rates on ranch insurance.

The Insurance Commissioner, John D. Doak, recommends getting multiple quotes from different companies when searching for the least expensive insurance policy. Working with an independent agent who can quickly gather quotes from many different companies and explain the differences between them will make your search go much faster.

Ask About Discounts

Many insurance companies offer discounts for everything from having multiple policies to installing security systems. Before choosing a policy, you should ask about any discounts the insurer offers that you might qualify for. These will lower the premiums you’ll pay.

Increase Your Deductibles

By increasing your deductibles, you’re assuming more risk and removing some of the insurer’s risk. Therefore, the insurance company will lower your premiums when you increase your deductibles. The exact amount you can save by doing this will vary, but most insurers offer lower premiums on policies with higher deductibles.

To find out how you might lower the insurance premiums you pay on your Ada, OK ranch, contact us at Moon-Baker Insurance Agency, Inc. One of our independent agents will gather quotes, look at potential discounts and explore different levels of deductibles with you to help you find the most affordable option available.