Making Sure You have the Right Amount of Car Insurance
Check the minimum insurance requirements of your state. There is a possibility that the minimum coverage is not the same as what you need.
Whenever you decide on the required coverage, make sure that you have coverage that is equal to the total value of your assets.Choose collision coverage that has a high deductible to keep the premiums low. Plan for the payment of routine repairs using your money.
There are a variety of policies that may cover you in various ways in auto insurance. They are the following:
1) Liability Coverage
This coverage helps cover the expenses and liability if the accident is your fault. Liability coverage typically refers to any coverage you have that pays for an accident that you are liable for.
2) Bodily Injury Liability
This policy will pay for the medical expenses of people who experience injury in a crash that is your fault.
3) Property Damage Liability
It will pay for the damage done to another car if the accident is your fault.
Here are policies that will cover you and your card in an accident:
1) Personal Injury Protection (PIP)
PIP covers the medical expenses of you and your passenger after an accident. It may also include lost wages if you can’t work because of the injury.
2) Underinsured/Uninsured Motorist Coverage
This coverage is required in some states, and optional in others. It gives you extra medical coverage in case someone with not enough liability coverage hits you, or if you?re involved in a hit and run where you aren?t able to get the insurance info of the person who hits you.
3) Collision
This coverage takes care of vehicle damage after a collision.
4) Comprehensive
Comprehensive coverage typically takes care of any damage to your car that isn?t a collision. This could be acts of nature like a storm, hail, theft, vandalism, or damage from animals.
If your expenses are higher than the limits of your coverage, you may be on the hook for the rest. Get a policy with higher limits than what your state requires, especially if you have assets that may be seized to pay for medical care and repairs. Make sure that you have coverage for an amount that is equal to your assets total value, at the bare minimum.
How much insurance is needed for yourself?
Avoid spending too much money on Personal Injury Protection coverage. You should have it if you have disability and health insurance through your employer. Just purchase the minimum requirement.
Make sure that you have coverage against drivers that are either not insured or underinsured. A collision with an uninsured driver will assist in the costs that your health insurance won’t.
It is worth it to have comprehensive and collision coverage so you can replace or repair your car after an accident. Both of these coverages will have a deductible that you can change to fit your budget and your car?s value.
Choose the highest deductible you can pay for because it can significantly minimize your premium. Look for coverage for your vehicle’s major damages and not for the little things. It is better to pay for small repairs out of pocket than to make an insurance claim that could raise your rates for years.
At Velox Insurance we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you please contact our agency at 1-770-293-0623 or Click Here to request a free quote.
