Vermont Auto Insurance
According to the Vermont Department of Insurance, rates for Vermont auto insurance are not regulated. This means the price for Vermont auto insurance may differ from company to company.
With so many competing companies, how do you get the best deal?
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Discovering the Facts: Vermont Auto Insurance
Under Vermont law, all drivers are required to carry Vermont auto insurance. Read on to learn what forms of coverage are required for you to drive, what determines your premiums and how you can save money on Vermont auto insurance.
Required Coverage
To be legally eligible to drive, you must carry both liability and uninsured/underinsured motorist coverage.
Liability Coverage
Liability coverage protects you from damages to other motorists or property stemming from your negligent driving. The lowest amount of liability coverage allowed by Vermont is 25/50/10—$25,000 for bodily injury per person, $50,000 for bodily injury per accident and $10,000 for property damage per accident.
While these amounts may seem like a lot, they may not be enough to cover your damages if you cause a serious accident. It is for this reason that you should consider purchasing higher amounts of liability to optimize your protection.
Uninsured/Underinsured Motorist Coverage
Uninsured/Underinsured motorist coverage protects you if you are involved in an accident with another driver who does not have insurance, or does not have enough insurance to cover the damages. The lowest amount allowed by Vermont law is 50/100/10—$50,000 for bodily injury per accident, $100,000 for bodily injury per person and $10,000 for property damage per accident.
Remember that these too are the minimum amounts under Vermont law, so you may want to add extra coverage to your Vermont auto insurance to ensure adequate protection.
The Cost for Vermont Auto Insurance
The premiums for your Vermont auto insurance will be determined by your classification rating, which is used to calculate your risk. Some of the factors used to determine your classification rating are likely to include:
Your Driving Record—blemishes on your driving record, such as accidents or tickets will negatively impact your premium because it increases the risk the company takes to insure you.
Your Location—congested areas see more auto accidents, therefore if you live, work or play in a metropolitan area, you will probably pay more for Vermont auto insurance.
Who Drives Your Car—your premium will be affected the driving records of all drivers in your household. This is because they will have access to your automobile and will therefore need to be covered if they are responsible for an accident.
Car Year, Make and Model—these factors will be used to determine how costly the automobile will be to repair or replace, as well as what kind of safety and security features it has to protect drivers and deter theft.
Saving Money on Vermont Auto Insurance
While you may not be able to control your classification rating, there are ways to save money on Vermont auto insurance. Be sure to ask your agent about the following discounts:
Insuring Multiple Cars—insuring more than one automobile may cost less than what you would pay to insure them separately.
Good Student Rewards—high school and some college students maintaining a "B" average often warrant a discount on Vermont auto insurance.
Students Living Away from Home—if your young driver is over 100 miles away from home and does not have access to the insured automobile, your Vermont auto insurance premium may go down.
Safe and Secure Cars—you may receive a discount if your automobile has anti-lock breaks, automatic seatbelts, airbags and/or anti-theft devices.
Be sure to ask your Vermont auto insurance agent about these discounts as they may not be offered to you up front. You will find receiving a discount in just one of these areas may reduce your premium by five or 10 percent.
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