Yes, auto insurance is mandatory for all drivers in all 50 states.
Yes, auto insurance is mandatory for all drivers in all 50 states.
No, you cannot deduct your insurance premiums from your taxes.
This is the amount that the insured party is responsible for before the insurance begins payments. For instance, if you have a $1,000 deductible and owe $2,000 as a result of an accident, you have to pay the first $1,000 (which is the deductible) and the insurance company will pay the remaining $1,000.
The deductible is the amount that the insured party is responsible for before insurance coverage kicks in. For example, if you have a $2,000 deductible and owe $5,000 as a result of an incident, you must pay the first $2,000 (which is the deductible) and insurance will cover the remaining $5,000.
Umbrella coverage is an additional amount that that goes above and beyond the limit of your policy. There is an extra charge for umbrella coverage, but it provides added protection in worst case scenarios.
Your credit score will have an effect on insurance rates. High credit scores will usually translate to lower insurance premiums.