12:54 PM
Rich Dad River
The CAARP (California Low Cost Automobile Insurance Program) is a state-sponsored service that offers automobile liability insurance to drivers who qualify for the Good Driver Discount, and who establish a financial need. In order to qualify for the low cost automobile insurance program, the applicant must have a good driving record. The second requirement is that the insured vehicle can not be worth in excess of $20,000. Your vehicle's value must be below the amount of $20,000.
The liability limits offered under this program are less than those required by the state of California. The liability limits in California are $15,000 per person injured, $30,000 per accident and $5,000 property damage liability. The limits offered in the program are $10,000 bodily injury or death per person; $20,000 bodily injury for each accident; and $3,000 property damage per accident. To apply you must first check the online applicant income eligibility chart. You will find it on the California Department of Insurance website. You must visit insurance.ca.gov to see if you qualify for the low-cost auto insurance program.
According to the chart, a one-person household has an income ceiling of $27,075 annually to qualify for the low cost auto insurance program. Then you must check the list of insurance rates that is available online. Rates for the state program will vary between counties, so before setting up a policy, you must need to know exactly how much you will be paying. The national nonprofit AIPSO website has a document that breaks down the amount of the annual premium per vehicle. You will then have to take an 11-question test on the Department of Insurance site to see check your eligibility. The questionnaire will determine if you meet the program's eligibility guidelines. Some of the questions are very simple ones such as whether you're a California resident, what is the value of your vehicle, is there an accident history and whether your vehicle will be used for business or commercial purposes.
Finally, you will have to find an insurance agent in your area to set up the policy. Once you complete the online questionnaire and are eligible for the low cost auto insurance program, you will be asked to enter your zip code. You will then be presented with a page that has a list of insurance agents in your local area. The list includes the agents' name, business address and work phone number. You must contact a licensed agent on that list in order to apply for the automobile liability insurance policy. Your agent will then help you complete the insurance application, and collect the required deposit and documents needed for this program to get you started.
The program is not free. It is meant to provide you with a lower insurance premium based on a financial hardship. However, the insurance premium is not lower because you have compared and shopped insurance carriers but because you are buying lower liability limits than those required. You will be surprised that when you compare and shop rates between insurance carriers you will find a lower rate with more coverage and higher limits of liability that will protect you from a law suit.
Go Insurance Center
10769 Woodside Ave Suite 210-B
Santee, CA 92071
(619)442-6666
(619)442-6667 fax
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