Looking At Auto Insurance Coverage Recommendations
You need coverage for your vehicle. What type of coverage is mandatory? What type is not? You can save a lot of money if you know about your policy options. Here are auto insurance coverage recommendations to consider.
Liability
Liability is the most important. In many areas, it is required by law. This is to protect you. You will usually see liability protection represented in three numbers. For example, you may have minimum requirements of 25/50/10.
The twenty five represents $25,000 bodily injury payment. If you cause an accident, it will pay up to $25,000 per person. This is for their medical bills and any lost wages. Your minimum requirements may not be enough in some cases. It is usually recommended to carry $100,000 per person.
The fifty stands for $50,000 of bodily injury payments. This is the total it will pay for any injuries that you may cause. If five people are injured, $50,000 is all they will pay for medical and lost wages. If injuries come to more than $50,000, you may be liable for the difference. To protect yourself, you should consider having $300,000 of protection.
The last number stands for personal property damage. This is any property that you may damage. It includes vehicles, store windows, fences, and such. $10,000 is a very low amount of property damage. If you accidentally hit and total a new car, it may do $20,000 in damage. You will need to pay the difference. To protect your interests, you should carry at least $50,000 in property damage payments.
Comprehensive and collision
These are not mandatory by law. Are you making car payments? When you borrow money on a car, you have to obtain this protection. This is to protect the lender's interest in your vehicle. If you owe nothing on your car, it is optional. If your car is very old, you may wish to drop collision from your policy. If it is only worth a thousand dollars or so, your premiums may eventually add up to more than the car's worth.
Collision protection will pay for your car if it is damaged. This does not matter who is driving or at fault. If someone hits you, their coverage will usually pay. If it is your fault, your company will take care of it.
Comprehensive covers non accident damage to your car. This includes fire and theft. It also covers you if you hit a deer, for example. Do you have no car payments? This coverage is often inexpensive, and may be worth keeping. This depends on how much your car is worth.
Summary
You may need to obtain a policy with 25/50/10 liability protection. Some auto insurance coverage recommendations are 100/300/50. You may need to carry comprehensive and collision protection if you owe money on your car. If not, go by the value of the car. It may not be worth carrying collision protection.
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