According to the Vermont Department of Insurance, a recent survey indicated that rates for Vermont car insurance amongst different companies varied by up to 50 percent—for virtually the same coverage!
But how can you find the right Vermont car insurance for a price you can afford?
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The State of Vermont requires all motorists to carry Vermont car insurance. Read on to learn what coverage is required for you to drive, what kinds of coverage are optional for you and how your premium will be determined.
Under Vermont law, every motorist is required to carry liability and uninsured/underinsured motorist coverage.
Liability coverage protects you from injuries and damages to other people and property as a result of your negligent driving. It also protects others driving the insured car, as long as they had your permission to use it.
The minimum liability limits covered under Vermont car insurance are 25/50/10, or:
Remember that these amounts represent the minimum limits set by the State of Vermont, and that these amounts would be the maximum amount of money your Vermont car insurance company would pay out if you were responsible for an accident.
Bear in mind that whatever the company does not pay out will come from your pocket—so you may want to consider purchasing more than the minimum liability amounts.
So suggests the name, uninsured/underinsured motorist coverage protects you from damages resulting from an accident with an uninsured or underinsured driver. The minimum limits you must carry are 50/100/10, or:
There are other forms of coverage that you may add to your Vermont car insurance to optimize your protection.
Collision coverage covers physical damage to your car resulting from a car accident. Premiums for collision coverage are based on the year, make and model of your car. You may be required to carry collision coverage with your Vermont car insurance if you have financed your car.
Comprehensive coverage covers physical damage caused by events other than collision. These events might include flood, hail, earthquake, fire, theft, vandalism and falling objects.
A medical payment portion can also be added to your Vermont car insurance. Medical payments would cover the medical expenses of you and your passengers after an accident, regardless of who was at fault. It also covers members under the following circumstances:
The broad coverage and no deductible make this a valuable protection to include in your Vermont car insurance.
Rates for Vermont Car Insurance
According to the Vermont Department of Insurance, insurance rates in the state are not regulated. This means prices and premium cost may vary from company to company. Your premium rate will be determined by your classification rating, which is essentially a value judgment on how risky an investment you are to your Vermont car insurance company.
Your classification rating will be determined by some of the following factors:
Driving Record—if you have had no accidents or traffic violations in three years (or up to five years, depending on the company), you will receive a lower premium than those with negative marks.
Where You Live—residents living in urban areas are statistically at a higher risk for accident and theft and will therefore pay higher premiums for Vermont car insurance.
Who Drives the Car—the age, sex and driving experience of the drivers in your household will affect your premium.
Use of the Car—driving excessive distances to work or school increases your risk for accident, therefore, you may pay more for Vermont car insurance.
Make and Model of the Car—insurers will use data such as the price of your car when new, repair cost and how popular the car is with crooks to determine your car's "experience rating", which will affect how much you pay for Vermont car insurance.
Be sure your agent discusses these factors with you before purchasing Vermont car insurance. And as always, check your premiums with other companies in your area by using InsureMe's free referral service.
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