Emma Kimonides | How Auto Insurance Can Affect Your Finances

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Emma Kimonides | How Auto Insurance Can Affect Your Finances

The founder of Yes Insurance Fairwork Group, Emma Rita Kimondies is here to talk about tips and how auto insurance can affect your finances.

You cannot be eligible for traditional auto insurance if you have multiple traffic rule violations, accidents on your driving records. If you have all this in your driving record, you may have to purchase high-risk auto insurance. To comply with the state’s minimum requirement you may need to purchase high-risk auto insurance.

Emma Kimonides the founder and director of Yes Insurance and Yes Financial Group. She has spent 33 years working in this industry, specializing in working and broking and leading a team of people, and today in this article, Emma Rita Kimondies will talk about tips and how auto insurance can affect your finances.

While you apply for auto insurance, the company completes a risk assessment to see whether you had some violations or accidents filed against you or not. Such a factor decides which insurance claim you are eligible for. Drivers with traffic violations and accidents on their records are listed as ‘high-risk’ drivers. High-risk means high premium, most of the companies charge more from the high-risk’ drivers as premium.

Purchasing high-risk insurance can cost quite a fortune. It is not an ideal coverage option for any driver. So the first thing you can do before buying high-risk insurance is to improve your driving skills. It should be the driver’s primary goal in order to apply for normal insurance coverage says Emma Kimonides.

However, getting high-risk insurance does not necessarily mean you will always be a ‘high-risk’ driver. Though mistakes happen to the best of us, there is still time for improvement. If you have made poor choices on the road, you would still have a chance to get them off your records. Every state has a time length that a driving penalty stays on your record, says Emma Kimonides. A person can use defensive driving techniques to help prevent accidents, you can buy an automobile with advanced safety features. There are a lot of ways you can prevent accidents on roads and get off the ‘high-risk’ drivers list.

Despite its many benefits, high-risk insurance coverage has various negative sides:

High monthly expenses

If you are not eligible to buy regular insurance because of reckless driving and traffic rule violations, it is very much obvious that you have to pay extra to acquire a high-risk insurance premium each month. Yes Insurance can help you purchase these packages at an affordable rate. But if you acquire high-risk insurance that is going to add up to your monthly expense. For that, you have to cut your monthly expenses from here and there to get your budget to a certain limit. But one of the most important questions here is who needs this high-risk auto insurance? Teens and elderly persons are most likely eligible for this high-risk auto insurance.

Cuts off your savings

The effect of buying high-risk insurance will be reflected straight to the savings. If a person is working hard his or her top goal will be saving money for future expenses. But paying more for the insurance means your savings will get affected by it. You may need to cut your expenses to cover up that extra amount of money. Yes insurance will help you find auto insurance at a low premium rate and will help you save some money.

Lowers your spending budget

If you are paying more for high-risk auto insurance that has a big toll on your pockets. As we already talked about how it can affect your savings it not only can affect your savings but your spending budget too. All the budget you have calculated will get affected, you have to readjust everything from the plans you made to buy something or a trip that you planned. Everything needs to be planned and budgeted according to the new budget that you get after buying and high-risk insurance says Emma Kimonides Fairwork team. Teens and elderly people face these problems while most teens do not earn much so that they would be able to pay such high rates the same as elderly people most of them are retired and living on the savings they have made, paying such a high amount will not be a favorable choice for them.

There are a lot of things that can affect your expenses and ‘high-risk’ insurance is just one of them. Teenagers and elderly people are most likely to be eligible for high-risk auto insurance. This type of insurance is expensive and it can cost you a little fortune that can lead to some financial issues. Like it can make you cut the cost of some expenses and it can also reduce your savings because of the extra premium you are paying for auto insurance. Contact Yes Insurance Fairwork Group today and get a quote.