Car insurance is one of those tricky things that you have to have to drive legally, but many people just don’t understand. You might have way too much insurance or not enough. If you don’t have enough car insurance, you could be caught between a rock and a hard place if you ever have an accident. Let’s determine if you have enough insurance, too much, or are at a happy medium.
Are You Under-Insured?
You probably already have car insurance, but you might not have enough. Being under-insured means that you have enough insurance to drive, legally, but you don’t have enough to realistically cover most incidents that could occur. For example, if you’re at fault during an accident, the other driver could incur thousands of dollars in both medical bills and property damage. Your insurance might have a limit on it that doesn’t cover nearly what you would owe for the incident, leaving you responsible for the huge leftover bills.
Minimum Liability Coverage Requirements
Every state in the country has a level of liability coverage that drivers have to carry in order to legally drive. Drivers also have to be able to prove their coverage when they get plates, get pulled over, or pay state taxes. The limit varies and while some states have a minimum that covers most incidents, others are unusually low. You definitely save money on premiums by getting just the minimum legal amount of coverage, but they are unlikely to cover all possible accidents and incidents. The savings you grab with lower premiums may come back to bite you when your coverage doesn’t get you where you need to go in any situations later.
Should You Increase Your Insurance?
Check to see what the minimum requirements are for your state and see if your policy is meeting those or exceeding them. If you have bare minimum coverage, it might be time to at least consider increasing your coverage. Sure, you’ll pay a larger cost every month, but you can significantly increase your liability limits and give yourself help on the other side if anything ever happens.
Uninsured And Underinsured Motorist Coverage
You can also get additional coverage from your car insurance company that will help you pay costs if you are in an accident with someone who has no insurance, or doesn’t have enough, to cover your bills. The at fault person should pay, but if they can’t, you don’t want to be stuck with the bills yourself. Even if they are supposed to pay, you might not end up with enough to cover your expenses.
Getting The Car Insurance Levels You Need
You have to have at least minimum levels of liability insurance, but it’s never a bad idea to check into the levels and see if you’d be safer increasing the coverage in case anything happens. Contact the professionals at Nickerson Insurance Services to go over your policy and make any changes that would bring you the level of coverage that gives you peace of mind every time you drive.