Make Sure You’re Covered – 5 Insurance Tips for the Beginner
Thursday, January 29, 2015, 6:00 AM | Leave Comment
With a license, a vehicle, insurance and some gas money, it’s perfectly legal for you to driver wherever you want whenever you want. All 50 states have mandatory minimum liability insurance laws in one form or another.
Compliance with your state’s requirements doesn’t protect you from these perils though.
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Single Car Accident
With minimum liability insurance, if you drive your car into a tree, you won’t be covered for the damage to your car.
Minimum compliance doesn’t include collision coverage for a single car accident.
You’re insured for the damage to somebody’s tree, but not the damage to your car. You’ll probably want collision coverage.
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Theft
Your minimum liability policy won’t help you if your car is stolen or vandalized.
It won’t help either with fires, tornadoes and falling objects.
Comprehensive coverage insures for those perils.
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Your Medical Payments
Most minimum policies might only cover you for $1,000 in for medical bills caused by an accident.
The other $24,000 is your responsibility. Get increased medical payments coverage. You’d be surprised at how little it costs.
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Uninsured Motorists
Yes, it’s against the law to be on the road without insurance but many people either intentionally or unintentionally drive without coverage.
Almost all states don’t require drivers to have uninsured motorist coverage.
If you’re injured by an uninsured driver, this insurance covers your medical bills, lost earnings and any resulting disability up to your policy limits.
Without it, you have no protection from uninsured drivers.
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Underinsured Motorists
What happens if you’re hospitalized from an accident, and the person liable for it is only insured for $10,000 or $20,000 like you?
That’s all you get. You’re on the hook for the other $50,000 in medical bills even though the accident was their fault.
Underinsured motorist coverage can make up the difference up to your policy limit.
Many insurers offer underinsured coverage as part of uninsured coverage.
You’re getting a two for one deal here. Take advantage of it.
Always remember that your insurance travels with your car and not you. It covers others if they’re driving your vehicle with your permission.
It doesn’t cover you if you’re driving somebody else’s vehicle, even if you have their permission.
In any case, you probably want adequate coverage all around you. Mandatory minimum liability insurance just isn’t enough.
Making sure you are covered in all aspects of your life should be a priority for every individual.
Finding help from professionals at Thomson Schindle Green Insurance & Financial Services Ltd can help alleviate a lot of stress involved with finding what is right for you.
You simply can’t afford not to be insured.
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