Full coverage automobile insurance in Arkansas is made up of several different parts. A full coverage policy includes liability insurance (required of every driver in the state of Arkansas), collision coverage, comprehensive coverage, and uninsured motorist (UM) coverage.
How much of each type of insurance you are required to carry will depend to a large degree on whether your vehicle is financed by a bank or other lender, the age and value of your vehicle, the cost and difficulty of making repairs to your vehicle, the likelihood of your vehicle being stolen, whether your vehicle is garaged at night, the location in which you live and drive, the number of miles you drive each month, and by your deductible – among other things.
If your car is not financed then the state of Arkansas requires that you carry liability insurance in the following minimum amount: $25,000 of medical coverage for each person involved in an accident with a $50,000 cap on medical payments, plus $25,000 in property coverage. This type of policy is often referred to as a 25/50/25 policy.
Given the assets you have to protect and other factors, you may choose to carry more coverage (at a higher monthly premium cost) than the minimums the state requires.
If your car is being financed your lender will require that you carry more than simple liability insurance. Your lender will require that you also carry collision insurance, comprehensive insurance as well as uninsured motorist (UM) insurance.
Collision insurance, as the name implies, covers repair or replacement of your vehicle in the event of a collision. A collision includes striking another vehicle, hitting a stationary object (such as a light pole or a tree) or hitting an animal (such as a deer).
How much collision coverage you carry and the premiums on your coverage will depend on the age and value of your vehicle, where your vehicle is parked at night, how many miles you drive in an average month, your own personal driving record, whether you drive in an urban or a rural environment, how expensive repairs are for your particular model vehicle as well as other factors.
Comprehensive insurance is designed to replace or repair your vehicle if it is damaged by an “act of God” or if it is intentionally damaged by vandalism. An “act of God” can include a tree branch or other natural object striking your vehicle, hail damage, and in many cases water damage caused by flooding.
Again the amount and cost of your comprehensive coverage can vary depending on the value and age of your vehicle, how costly it is to make repairs to your particular model, whether your vehicle is parked in a garage at night, the neighborhood you live in as well as other factors.
Uninsured motorist (UM) coverage pays for repairs to your vehicle should you be in an accident with an uninsured driver and the uninsured driver is at fault. Again, your cost for this insurance is dependent on how many miles you drive each month and whether those miles are driven in an urban or rural setting, where your car is parked at night, the age and value of your vehicle, the cost of repairs to your particular model of vehicle plus other factors.
Your deductible – the amount of cash you are willing to pay from your own pocket any time you file a claim – can greatly affect how much you pay for your full coverage automobile insurance each month; the higher your deductible the lower your monthly premium payment will be.
Now that you have an idea of what to look for in a full coverage automobile insurance quote in Arkansas it may pay you to go online and compare the cost of coverage between different insurance companies. Keep in mind that since no one website makes comparisons between all insurance companies, you will need to make comparisons on at least 3 different websites in order to insure that you really have found the lowest possible price for your full coverage automobile insurance.
Arkansas probably isn’t first on the list when considering where to buy land. Yet Arkansas, which is known as the Natural State, offers many advantages for prospective buyers.
1. The property bargains are unbeatable. Arkansas is a little behind the rest of the country when it comes to pricing land, meaning you get more for your money. A quarter acre can be purchased for only $7000, so it is perfect for investing or planning a home site.
2. Arkansas has very low property taxes. Right now, for undeveloped land, the property taxes are some of the lowest in the country.
3. The natural beauty of Arkansas is breathtaking. Whether you desire mountains or valleys this state has it all. From the Mississippi river to the Boston and Quachita Mountains, this is a rich and bountiful land. Because Arkansas is not overly populated, there are many areas that are still natural and undeveloped. Often you can find land located in forests that are teeming with wildlife. This land is a refuge for those seeking to escape the noise and pollution of the big cities.
4. Although Arkansas has four distinct seasons, the climate is very mild even in the winter. Outdoor pastimes can usually be enjoyed year around. Though it is located close to the Gulf of Mexico it is safe from hurricanes.
5. Many landowners have developed private communities. Having had the foresight to plan for retiring Baby Boomers, many landowners are planning communities catered to the needs of the retirees. These affordable communities will include golf courses, recreation centers, private lakes and nature trails. These communities are a sound investment.
6. Much of the land available in Arkansas is for sale by owner (or FSBO). This type of direct buying cuts out the middleman and saves money. Often times, if a landowner needs help, they will use another local landowner with experience in the buying and selling of property.
7. Finding affordable financing is easy. Not only is the land so reasonable, but there are also savings when owners do their own financing. Other advantages to FSBO are fixed interest rates and no credit checks. Also you can avoid those the long mortgage approval process. All you have to do is make your monthly payment until your loan term is finished and get the deed to your property.
Buying land in Arkansas weather for retirement or for investing purposes is a good decision.