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Determining how much Auto Insurance Coverage you Need
by Matt McWilliams
SUMMARY:
The Three Basic parts to an Auto insurance Policy
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The Three Basic parts to an Auto insurance Policy
1: Other Party:
Auto Insurance Bodily Injury (BI) Liability and Property Damage (PD)
coverage is Legally required in most states today. (BI & PD) Most
people understand that they need BI & PD, but they have no idea how
to determine how much coverage they need.
Try this simple question: What if your car was involved in an auto
accident tonight where heaven forbid, someone else was injured or
killed? Remember, everything you own is in the back seat of the car
with you and is at risk in a lawsuit! So, what do you think their
family would sue you for? $15,000? $25,000? $100,000 or even maybe a
Million dollars! Where would you get the money to pay them?
Perhaps the Equity in your Home would help? How about your Savings
and/or Investments? You could even have up to 25% of your wages
attached to pay the award in most states! Are you prepared to sacrifice
everything you own to pay an award due to this accident? If not, read
on for how to choose the auto insurance coverage you need.
2: You and Your Family:
Now lets turn the above accident around. For some unfortunate
reason, you or a loved one is the one who is injured or killed in an
auto accident. Where would you get the money if the person who hit you
did not have auto insurance or not enough auto insurance? Medical bills
can be covered if you have health insurance. But health insurance
doesnt cover loss of life, pain & suffering or permanent
disability.
Maybe you have a life insurance policy through your employer or
your own individual life policy. Is the benefit amount sufficient to
cover your family if your loved one is killed? But even if you have
life insurance, what pays for the misery, the pain & suffering,
maybe the fact you or a loved one cant walk or use their arms again?
You might have a disability insurance policy through your work if
youre lucky or had good financial advice. But disability insurance
doesnt pay for loss of life, pain & suffering, permanent loss of
your legs, arm or hand.
The only coverage that pays for these things is a part of an auto
insurance policy known as Un/Under-insured motorist coverage. You can
only buy as much coverage here as you have in Liability coverage. Your
auto insurance agent should be able to help you determine the exact
amount you need.
3: Your Car
Comprehensive and Collision Coverage are the third part of an auto
insurance policy and are sometimes referred to as Full coverage.
Basically the difference is this: If you run into the tree you are
covered by Collision coverage. If the tree runs into you
(hypothetically of course), then you are covered by comprehensive
coverage. Comprehensive also covers broken windshields, fire, theft and
vandalism. The higher deductible (risk) you take here, the lower the
premium. Use the savings here to purchase higher limits in the
coverages that protect your assets and your family.
The bottom line to determining proper auto insurance coverage is,
of course, the money available in your household budget. An excellent
place to start in determining the proper auto insurance coverage for
your family is to meet with your local auto insurance agent.
Most cut-rate companies concern themselves with one thing only:
Price. Tell them what coverage you have and theyll see if they can
give you the same coverage for less. You become the insurance
professional. If this is the only need you have then that is ok. If
not, you need to seek the advice of a professional to help you
determine the proper amount of coverage you need and how best to
accomplish it.
Review these tips for auto insurance coverage to make sure you have enough to protect your family.
You may reprint this article on your site or in your newsletter with proper credit to the author and a simple link to http://www.hometownquotes.com
Article Source: http://www.elrincondelantropologo.com/
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| About the Author |
Matt McWilliams is one of the co-founders of HometownQuotes.Com, an online insurance quotes web site. He is originally from Pinebluff, NC and attended Middle Tennessee State University. He is considered an expert in the field of online insurance shopping and finding new ways to help consumers save money on their insurance. For more information visit http://www.hometownquotes.com |
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