You probably already know that you need auto insurance in order to legally keep your car or other vehicle on the road.
And if you’re like most people you’re looking for ways to save on your auto insurance premium. So how can you keep the coverage you need while paying as little as possible in monthly (or annual) insurance premiums?
By knowing the three main parts of your auto policy…
This type of coverage is the most common and is part of all comprehensive coverage policies.
Basically, this coverage protects you from the financial impact of having to repair your own vehicle in the event of an accident that is your fault.
Depending on how bad the collision was, the insurance company will either pay to have the repairs done on your vehicle, or they will pay to have your vehicle replaced. This is usually called writing off the vehicle, or totaling the vehicle.
If the cost to repair the vehicle is greater than the cost to replace the vehicle, then it makes much more financial sense to buy a similar vehicle instead of repairing it.
This is the legally required minimum insurance coverage you can have.
Basically, the insurance provider protects you in the case of an accident that is your fault. If for example, you accidentally crash into someone and the fault is yours, then the insurance company will pay out for all the vehicle repairs necessary to fix the other person’s property.
On top of this, the insurance company may need to pay all the medical fees associated with the accident and in some cases even the legal fees if the disagreement goes to court. Medical bills can get expensive, quickly, which is why you need to have at least this type of coverage for your policy.
Uninsured or underinsured coverage
This coverage protects you in case you have an accident with another driver who doesn’t have insurance coverage, or doesn’t have enough coverage.
This type of coverage is important for you to have because if the other driver doesn’t have an insurance company, your insurance company will cover you for the damages and repairs needed to fix up the vehicle.
At the end of the day, the goal of insurance is to protect you from a financial disaster should your property become lost, stolen or damaged.
And to get the right coverage for the best price it makes sense to speak with a local agent who can help you get the policy you need while paying the least amount for your insurance.
Does that make sense to you?
Get an auto insurance quote today
Save time and aggravation with a free, customized quote today. It only takes a couple of minutes so why not enjoy peace of mind by getting the coverage you need.
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