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Towson Car Insurance

Towson car insurance is your first line of defense against a car accident's hit to your finances. The medical bills and car repairs resulting from a serious collision can upend all of your future plans. College and retirement savings can be blown through quickly when faced with mounting bills, and your credit runs up quickly when you exhaust those funds. Run out of money to pay for the expenses and you could be facing having your wages garnished and your assets seized to pay those debts.

No Towson resident has to face those scenarios if they defend themselves with Towson car insurance. Selecting Baltimore car coverage that will safeguard your assets can keep you clear of debt and make sure you are back on the road soon after a car accident. State law requires Maryland drivers to carry liability insurance, and there are various other forms to protect you in any situation. Towson vehicle insurance is customizable, so you can build a policy with the coverage you need at a rate you can afford.

Towson is a suburb north of Baltimore. The county seat of Baltimore County, Towson is the second largest unincorporated county seat in the United States. It is also home to Towson University, the second largest college in the University System of Maryland. A town so large has an economy all its own, and some residents commute to the city for work each day.

Insurance for College Students

Towson University boasts 20,000 students, a huge population of young adults, many of whom are out on their own for the first time. When parents drop the bomb that their kid must pay for his own car insurance, many college students are left scrambling to figure out how to buy a policy and what that coverage should include. Buying enough coverage to protect yourself in any situation is the most important consideration, but a college kid's budget comes into play as well. Take time to compare rate quotes from several Towson car insurance providers to find the best rates.

The first thing to keep in mind is that your Maryland car insurance policy must be from the same state that your driver's license was issued in. Each state has different insurance regulations, and you are bound by the rules of the state that licensed you to drive. When people move, they change their residency to their new home state, which includes a new driver's license, car registration and insurance policy. College students are an exception, though. While a TU student from Georgia may live in MD for four years, her permanent residence remains in Georgia in most cases.

College students are considered visiting residents as far as their insurer is concerned, so there is no need to buy a Towson car insurance policy unless you plan to make it your home after graduation. Students will need to purchase liability in the amount mandated by their home state. Nearly every state requires it, as liability pays for the other driver's expenses when you cause an accident. Other forms of coverage are optional. Most providers offer good student discounts, so consider all your options with the help of an agent.

Gap Coverage for New Cars

When you have built a Towson automobile insurance policy with all the necessary forms of coverage, you can consider add-ons to enhance the scope of protection. There are many narrow forms of coverage that can come in handy in unforeseen circumstances. One of these is gap coverage, specially tailored for people who are buying or leasing new cars with little or no downpayment.

Suppose you buy a $50,000 car with no downpayment and make monthly payments of $800. Two months after purchase, the vehicle is stolen and sold to a chop shop. In that time, the vehicle has depreciated by $5,000. The most you would get from your Towson car insurance comprehensive coverage would be $45,000, the actual cash value, but you owe $48,400 to the financing company.

The $3,500 difference in what you owe and what you will be compensated could be a huge financial burden barring you from getting a new car. Gap coverage will pay the difference in what is owed and the depreciated value of the car so you can get out from underwater. Most financing companies require borrowers to take out gap coverage, but some do not. Even if it is not required of you, all new vehicle buyers should invest in this Towson auto insurance protection.

Towson car insurance is a necessity for all Towson drivers. Not only is it mandated by MD law, it could also be the thing that stands between you and financial ruin. Contact an agent to get your ideal policy. Fill out our user-friendly form to get started with a free rate quote today.


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