Did you get taught at school about liability, collision and comprehensive cover? What about deductibles and all the tips on how to save money on motor vehicle insurance? Chances are you didn't, but if you're one of the majority of individuals that drives a motor vehicle, you've either learnt fast, took whatever your family or friends recommended or you're about to learn the hard way one day. Remove the guess work from choosing motor vehicle and read up so you can make an informed choice.

Many motorists pay more on their rates for a small deductible, and yet they take the minimum liability coverage. You could probably afford that $500 deductible if you had an accident, but could you afford being sued for $400,000 in damages? Use your motor vehicle budget wisely to protect yourself and your assets. Consider raising your deductible and using those savings to raise your liability protection. If you're worth more (you have a good job or you're studying for one) or you have significant assets obviously you've got more to protection than someone who doesn't. If you do have significant assets an umbrella policy may be worth considering to make sure all your assets are protected.

Check your health policy, if medical bills after an accident are covered you can eliminate personal injury protection off your motor vehicle policy.

Maintain a good credit rating, many companies use it to decide how much to charge you and even whether to cover you at all.

If you don't have an extra motor vehicle make sure your company will pay for a rental motor vehicle if you have an accident. The cost of renting a motor vehicle for a week while your motor vehicle is being repaired could be significant.

Shop around for quotes, a great place to start is a comparison website. Compare quotes from several different companies and read the policies to see how they stack up. If you do change policies make sure you notify your old company straight away and make sure there is no gap in your cover before your new policy starts.

Car can be expensive, fortunately there are significant discounts that you can be eligible for. Maintaining a good driving record is the best way to get cheaper premiums. Other discounts available include; low-mileage, safety features, multi-policy, senior, taking a defensive driving course and paying annually. Take advantage of all the discounts you can to get the cheapest rate.

Teenagers can add significantly to your motor vehicle rates. Consider having your teenager drive the family's cheapest motor vehicle and exclude them from other policies. Don't forget if your teen moves out to remove them from the policy. Just make sure you don't loan them the motor vehicle when they come to visit! If you

Higher provisions may put pressure on bank profits
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Punjab National Bank cuts term deposit rates by 25-50 bps
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still want your teenager on the policy, find out if your insurer will give you a discount when they're away at school.

If your motor vehicle has seen better days, and it's not worth much, think about removing collision coverage. The cost of your collision coverage might not be worth it when your insurer will only pay out your vehicles worth.

Make sure you understand what will occur if you have an accident and what choices you have. Will your insurer pay for original or only generic parts to fix your motor vehicle after an accident? Can you choose your own mechanic or body shop if you have an accident? Read through your policy and make sure you're satisfied with it.

Make calling your insurer your first priority after an accident. Most companies have a time limit, generally around 48 hours for filing a claim.

If you are unfortunate enough to need to make a claim, get a copy of the accident report, keep all your receipts and make sure you keep all the details of who you speak to. Make sure you include everything in your loss estimate. You may be entitled to claim sales tax and registration fees if your motor vehicle has been totaled.

Put some effort into getting your claim processed to speed up the process. Get some estimates and follow up your insurer regularly to check on progress.

Work with your adjuster to get the best outcome. If you don't agree with the amount offered, get the adjusters reasons in writing. If you don't get a satisfactory answer keep your cool and investigate your other options. Speak to the manager of the claims department and ask for your case to be reviewed, consider filing a complaint with the state department.