Insurance Quotes????? Please HELP???

Question

Can someone Please explain to me...........

What is an Insurance Quote??

How does it work?

Why is it important?

Why do we need it?

I want a good health and car Insurance and so i dont know about the quote stuff so Please help me to understand.

Thank u all so very much.

Answer 1

an insurance quote tells you how much you will pay to be insured.  Auto quotes include "Liability" which is what you would legally owe(to the other person) when something is your fault; that part is mandatory in most US states.  

Other parts include "comprehensive" (pays for non-accident things that happens to your car - like a tree falling on it or shopping cart hitting it or it getting stolen) and "collision" (which pays for YOUR car when you are in an accident - and you are at fault).  These other two are not mandatory, except when your car is being financed by a bank (or whatever) because the lenders require you to have it so you keep their investment safe.

There's also extra charges like "rental car" "tow" etc.  These you can get if you want - it pays for either when you add them when your car is "in the shop".  

Your "deductible" is what YOU pay when the car is damaged or you are in an accident (having a deductible lowers your rate usually).  So, if you take a $500 deductible and you get into an accident and the repairs cost $2000 - the insurance pays 1500 and you pay 500 for the damages.

You need it to help pay for damages that you are legally liable for and/or to pay to repair your car when you wouldn't be able to pay the whole amount yourself or replacement if it is stolen.  Motor vehicle laws require insurance while driving a vehicle so not  having it can get you into legal trouble and you may have to pay hefty fines for not having it (or could lose your license)