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So you're trying to find really cheaper auto insurance and started by taking a look at your current policy--and now you're having some policy confusion. Your head is spinning! What is all this stuff? Do I need it?

Beyond the minimum amount of insurance legally required by the state you live in, what you need depends a lot on what you’re
protecting. Here is a list that should help reduce that policy confusion.

  1. What kind of car are you driving?
  2. Do you own your vehicle?
  3. What is your financial worth?
  4. What can you afford to pay out of pocket?

Collision and Comprehensive Coverage

 You need these types of coverage if: 

  • You’re insuring a car worth substantially more than it will cost to fix it.
  • You’re insuring a car that you are leasing or financing.
  • You drive around with very valuable property in your car, such as computers or cameras.

Collision Coverage Pays for Fixing Your Car When you:

  • Hit another car.
  • Hit an object.
  • Flip over.
  • Drive over potholes so bad that it damages your car.

Comprehensive Coverage Pays for Loss Due to Theft or Damage Caused by Something Other Than a Collision With Another Car or Object

  • Fire
  • Falling objects
  • Missiles
  • Explosions
  • Earthquakes
  • Windstorms
  • Hail
  • Flood
  • Vandalism and riots
  • Contact with animals (for example but not limited to birds or deer)

Have to Have It? You Can Still Save With Deductibles

Still have policy confusion? Both Collision and Comprehensive insurance coverage come with deductibles. This is the amount of money you will pay out of pocket, before the insurance company picks up the tab on a given claim.

For collision, you will generally have a choice of anywhere between $250 - $1,000 deductibles.

For comprehensive, you will generally have a choice between $100 to $300 deductibles.

Choosing a higher deductible is a sure-fire way to save on your premium.

  • The higher the deductible, the lower your rate.

So even if you are required to buy collision and comprehensive, doubling your deductible could save you up to 20% on your premium.

Bare Bones

No matter what kind of coverage you buy to protect your property – you will be required to purchase some sort of liability coverage by your state.

Liability coverage protects you for injuries you cause to somebody else and/or damages you cause to their property – up to the limits set in the policy.

  • Bodily Injury Liability - Coverage that kicks in when the policyholder and/or family members on the policy cause bodily harm or death to someone else.
  • Property Damage Liability – When you hit something with your car – whether it’s another vehicle, a lamp post or a tree – this coverage will pay for those damages.

The cost of liability coverage will vary according to the limits you choose.

You may want to save by going for the legally required minimum, but keep in mind: the minimums set by your state may not be enough to protect your assets.

Depending on what you’ve got to loose, you may want to consider going beyond the bare minimum.

Posted 4:46 PM

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