Avoid These Common Insurance Coverage Mistakes That Could Cost You Thousands
Insurance can be complicated. It’s important for drivers to understand the terms of their policy so they can make informed choices.
Factors that influence premiums
include state requirements, vehicle value, driving habits, and safety features.
This article will help you choose the right coverage to fit your budget without
sacrificing essential protection.
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Liability Coverage
Liability coverage protects you
and your family in the event of an accident that you cause. It pays for
injuries to others and damages to their property, up to a specified limit on
your policy. It's required by most states, and it can help you avoid financial
ruin if an accident causes significant damage.
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It's important to consider the
limits on your liability coverage, and whether you want to increase them. For
example, you might choose a bodily injury limit of $ per person and
$ per accident. Or you might choose a single limit, such as $, to
cover both bodily injury and property damage. Liability insurance does not
cover your own medical bills, so you may want to add medical payments coverage
or personal injury protection to your policy.
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Some auto policies include
uninsured/underinsured motorist coverage, which is designed to protect you if
the driver at fault for an accident has no or insufficient car insurance. It
also helps protect you if you're hit by a "hit-and-run" driver who
flees the scene. It's important to discuss your specific needs with your agent,
and to read the Declarations page of your policy carefully.
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A variety of factors can affect
your auto insurance premium, including your driving history and the type of
vehicle you drive. Your credit information is also used to calculate your
premium. Many companies offer discounts for good driving records, for carpooling,
and for maintaining a low annual mileage. They may also offer discounts for the
use of safety devices, such as airbags and automatic seat belts. And some
companies give a discount if you buy your auto and home insurance from them.
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Collision Coverage
Collision coverage helps pay to
repair or replace your vehicle when it’s involved in an accident involving only
your car. This type of protection is often paired with comprehensive insurance
to provide what’s known as full coverage. This type of protection helps with
the expenses incurred by collisions that happen to your car as well as other
on-the-road mishaps like hail damage or a deer running into the side of your
vehicle. Many lenders require borrowers to carry both collision and
comprehensive coverage as part of their auto loan or lease agreement.
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Whether or not you choose to
purchase collision coverage depends on several factors including the value of
your car, your risk tolerance and financial capability, and your driving habits
and history. It’s also important to consider the cost of the premiums and
deductibles since these elements play a role in your overall costs.
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