What Is Minimum Coverage And Do I Need More?

Minimum auto insurance coverage, in most cases, is not enough to ensure that you are completely protected from the financial and legal responsibilities that may result if you were ever to be involved in a car accident. Here are some facts about minimum car insurance coverage and whether it is enough for you.

What Does Minimum Coverage Include?

Minimum coverage is just that-the minimum. The amount of coverage you need to be legally insured as a driver. It covers you for a very specific amount of liability for any damage you may cause to others’ property, or for any medical expenses and lost wages that may incur as a result of an accident in which you are at fault. It does not provide you with any coverage for your own property or medical expenses for you and your passengers. In many cases the minimum amount of liability insurance may also not be enough if you are involved in a serious accident, and you will be personally responsible for the amount it costs beyond your coverage.

What Should My Minimum Coverage Really Be?

If you want to keep yourself protected as a driver, but still do not want to pay the high premiums, what types of coverage should you have? In general, it is smart to be sure you have both collision coverage, which will pay for repairs to your vehicle, and comprehensive coverage, which will protect you from natural disasters, theft, or vandalism in addition to your minimum liability coverage. This will protect you from out of pocket expenses for repairs to your own vehicle and any medical expenses you may incur. To keep your insurance expenses under control, choose the highest deductible you can afford.

The purpose of any type of insurance is to protect you from the expenses of unforeseen and unavoidable life events. Choosing coverage that provides the right protection is important, and finding a balance between protection and cost is the best way to do this.

Are You Looking to Save Money on Your Car and Homeowner’s Insurance?

Car insurance and homeowner’s insurance tends to be a necessary evil – if it’s not required by the state you live in its required by the bank or mortgage company.  With the premiums that some of us have to pay for our car insurance and homeowners insurance it can seem like a big part of our monthly budget is going towards insurance premiums.

A big question that comes up is how can you keep the coverage you need, keep you and your family protected and save money at the same time?  A lot of the time you can save by having your car insurance and homeowner’s insurance with the same insurance company – you will be able to save money on your insurance premiums without sacrificing coverage.

Insurance companies are more than happy to insure people who have or need more than one policy, so they are eager to offer you great discounts.  So it’s important that when you call that you mention it if they don’t.

Two of the discounts that we offer when you have more than one policy are:

• home and auto discount  (applies to renters and condo’s)
• auto and life discounts (you can get a discount on your auto insurance when you have your life insurance with us – does not apply to term insurance)

We also offer a number of other discounts as well and we are always happy to review the discounts with current and potential policy holders.

Regardless of who you have you insurance with you should always read the insurance policy carefully so that you know exactly what you are covered for and how much the insurance will pay in the event of a loss.

It is important to remember that having the right amount of coverage outweighs the cost of having inadequate coverage.

If you are not sure if you have enough coverage to fully protect yourself, family and property you should make it a point to review your coverage with your insurance agent.

At Daigneau Insurance we offer all of our policyholders free coverage reviews.