Shopping Tips For Personal Auto Insurance
Are you in the process of looking for auto insurance for yourself? If so, you may be debating between how much you want to pay and how much coverage you should get. Here are some tips that will help you shop for your personal auto insurance policy.
Pass on Injury Protection for Yourself
You may be tempted to get insurance through your auto policy that gives you protection from injuries sustained in a car accident. While it sounds like a wise idea to get this type of coverage, you may be paying for insurance that you do not need.
You can expect your personal health insurance to cover your medical bills if you were in a bad car accident. The coverage from your auto insurance provider may only be additional coverage that your health insurance does not cover.
However, keep in mind that some states require that you purchase a policy for personal injuries, so consider only getting the bare minimum requirements. This typically involves getting coverage for an uninsured motorist that pays out if you were responsible for causing the accident.
Get Comprehensive Coverage for an Expensive Car
A common misconception about collision coverage is that it will pay for a new car if your current car is totaled. The truth is that the coverage pays out the value of your car when it was totaled, not what you bought it for brand new.
This means that collision coverage is not a good idea for vehicles that are older and approaching the end of their lifespan, since you will not get much money based on the car's value. A brand new car with a high resale value will be worth having collision coverage on. Just make sure to reconsider your collision coverage as the car gets older and its value drops. Many people keep paying for collision coverage, even when the car is on its last legs.
Select a Deductible You Are Able to Afford
While a high deductible is a great way to save money on your car insurance, it only makes sense if you can afford to pay the deductible. For example, If you do not have $2,000 on hand to pay the deductible, you won't be able to use your insurance in an emergency. Always make sure you select a deductible that you are capable of paying, or else you'll find yourself in a financial bind if you get into a car accident.