Auto Insurance – What is your coverage game plan?
Coaching tip: Never go without emergency road service (towing) and rental car reimbursement coverage.
Pay the least for the most, not the most for the least.
Is losing a late model vehicle in an accident the worst thing that can happen? Maybe not. A hospital bill for an injured person can easily exceed the price of a new pickup. So, don't scrimp on liability insurance. The cost of higher liability limits per 6 month term is usually far less than what people pay for comprehensive and collision on a late model vehicle. Make sure you have liability limits far higher than what the state requires. Protection of your net worth is ample justification for the expense.
Coaching tip: Never go with less than $100k per person for bodily injury liability insurance. If you can, opt for $250k in bodily injury liability insurance it you want to be more secure.
Coaching tip: Never go with less than $100k per person for bodily injury liability insurance. If you can, opt for $250k in bodily injury liability insurance it you want to be more secure.
Protect precious cargo.
What is most important to you? The vehicles that you own or the people in the vehicle? If you are hit by a driver who has no insurance or inadequate limits, do you want help paying the medical bills? Even if you have medical insurance for your family, it may be very inconvenient if you have high deductibles. Additionally, what if friends or extended family members in the car do not have health insurance?
Uninsured and underinsured motor vehicle coverage pays for bodily injury suffered if you are hit by a driver who has no liability insurance or insufficient limits.
Medical payment coverage pays immediate benefits regardless of who is at fault. Insurance companies don't pay on liability claims until the claim is finalized and settled. If you have medical payment coverage, you have access to money for medical expenses before the claim is settled.
Coaching tip: Carry uninsured and underinsured motorist coverage at the same limits that you have for liability insurance. Don't you want to protect people in your car as well as people in a car that you might hit?
Uninsured and underinsured motor vehicle coverage pays for bodily injury suffered if you are hit by a driver who has no liability insurance or insufficient limits.
Medical payment coverage pays immediate benefits regardless of who is at fault. Insurance companies don't pay on liability claims until the claim is finalized and settled. If you have medical payment coverage, you have access to money for medical expenses before the claim is settled.
Coaching tip: Carry uninsured and underinsured motorist coverage at the same limits that you have for liability insurance. Don't you want to protect people in your car as well as people in a car that you might hit?
Don’t pay more than what is necessary.
If you total a 17 year old vehicle in an accident, you may not be happy when you get a check for less than $2,000 after the deductible. The value of a vehicle decreases with years and mileage. When cars are damaged, vehicles are totaled if the cost to repair the damage is more than the actual cash value of the vehicle. If you have comprehensive or collision on an older vehicle, ask yourself if paying insurance to protect a $2,000 car is the best way to spend your insurance dollars.
Coaching tip: Go to Edmunds.com for a free used car valuation. It may help you evaluate when it is time to drop comprehensive and collision.
Coaching tip: Go to Edmunds.com for a free used car valuation. It may help you evaluate when it is time to drop comprehensive and collision.
Don’t ignore the seemingly insignificant.
Sometimes we underestimate how much we need reliable transportation. If your car breaks down, gets a flat, or the keys are locked in the car, it's nice to be able to 'just get it fixed.” For the cost, emergency road service is one of the best buys out there. Breaking down between Idaho Falls and Salmon doesn't end in a cheap towing bill. For less than $1.00 a month, you can send the bill to an insurance company.
Have you ever asked yourself what you would do if your car was in the collision shop for three weeks? If you are a one car household, you have no options. If you have a multiple cars in the household, you might consider sharing a ride with a family member, using the old pickup to get to work, or having your 17 year old take the bus to school so that you can use their car.
All of the options could be difficult. Once again, for around $1.00 per month your insurance company will pay for you to have a rental car till your car is repaired.
Have you ever asked yourself what you would do if your car was in the collision shop for three weeks? If you are a one car household, you have no options. If you have a multiple cars in the household, you might consider sharing a ride with a family member, using the old pickup to get to work, or having your 17 year old take the bus to school so that you can use their car.
All of the options could be difficult. Once again, for around $1.00 per month your insurance company will pay for you to have a rental car till your car is repaired.
