Car Insurance in Guam

Average annual auto insurance rates in Guam are around $854 annually, which represents a monthly payment of $71, however this amount is significantly affected by many factors. Insurance companies favor older and experienced drivers who drive for a long time without an accident, have a high credit score or higher education. However, the final cost of your policy in Guam is also affected by indirect factors, which can move the average rate of $854 a year up and down. These influences include population density, the density of the road (motorway) network, the number of traffic accidents in the area, the frequency of theft or vandalism. If we add up all the direct and indirect positive effects, you can get to rates lower than $683. Otherwise, if we take into account the negative factors, car insurance prices for younger drivers can exceed $1,537 per year.

Car insurance in Guam is compulsory for all drivers, as in many other jurisdictions. There are severe penalties for driving without insurance, including the suspension of driving privileges and even jail time. Penalties for failure to maintain insurance are also strict, and can include traffic fines and the revocation of driving privileges. Car insurance rates in Guam are among the highest in the nation, due in part to the high cost of living on the island. However, there are a number of ways to save on car insurance, including shopping around for the best rates and taking advantage of discounts. Many insurers offer discounts for drivers who have taken defensive driving courses, have clean driving records, or who drive vehicles that are equipped with certain safety features. It is also possible to get discounts by bundling car insurance with other types of insurance, such as homeowners or renters insurance.

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Despite the high cost of car insurance in Guam, it is still important to have coverage in case of an accident. Drivers should make sure to carry at least the minimum amount of liability insurance required by law. It is also a good idea to purchase additional coverage, such as collision or comprehensive insurance, to protect against damages not covered by liability insurance. By shopping around and taking advantage of discounts, drivers can find affordable car insurance that meets their needs.

In addition to the above minimum coverage limits, drivers may also want to consider purchasing additional coverage, such as collision or comprehensive insurance. Collision insurance covers damages to your own vehicle caused by an accident, regardless of who is at fault. Comprehensive insurance covers damages to your vehicle from events other than accidents, such as theft, fire, or vandalism. If you are found at fault in an accident, liability insurance will pay for the damages to the other driver's vehicle and any injuries that they sustained. If you do not have liability insurance, you will be responsible for these costs yourself. In addition, you may be sued by the other driver or their passengers for their injuries and damages. If you are found to be at fault in an accident and do not have adequate insurance coverage, you could end up losing your home, car, and even your job.

The State of Guam has insurance limits for bodily injury liability per accident set at $50,000, which is the average rate across the United States. The minimum bodily injury liability coverage per person in Guam is $25,000. This is relatively small and if you can afford it, definitely increase this amount according to your financial possibilities. Remember that the per-person limit applies to each person injured in an accident in Guam. If you caused an accident in Guam (if you're at fault), your property damage liability insurance coverage can cover up to a total of $20,000 for the other party's vehicle repairs.