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Are You Underinsured

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No car accident is ideal, but having proper insurance can help cushion significant financial damage if an unfortunate event does occur.

Here are a few things to consider to ensure you’re properly insured:

  • Do You Only Have Liability Insurance? Liability insurance is required in all fifty states. This means this is the bare minimum insurance required to legally operate your motor vehicle. If you cause an accident where someone else is hurt, injury and property liability insurance will take care of the damage you caused up to a certain limit. Damages beyond this limit, however, could end up being your responsibility to pay, which can often make this minimal insurance quite costly in the event of an unforeseen accident.
  • Are You Only Considering Your Monthly Premiums? Although budgetary constraints are often the driving forces for people when purchasing car insurance, it’s important to also look at the long-term costs. Minimum coverage is typically much cheaper than more in-depth coverage, but the peace of mind that comes with adequate insurance often pays for itself.
    Consider a scenario where your property damage liability limit is $15,000, but you caused an accident whereby a brand new $65,000 SUV was totaled. The per-month savings on your premium will cost you greatly over the long run whereas a bit more money monthly would cover the cost of the accident.
  • Other Coverage’s
    • Collision – Protects against damage, regardless of fault.
    • Comprehensive – Protects you against non-collision damage such as fire or vandalism.
    • Uninsured Motorists – Protects you when you incur damage caused by a motorist who isn’t insured.

Still not sure if you’re underinsured? Take a look at our informative Car Insurance Video Series. Before you commit to a new car insurance premium, be sure to download 6 Questions to Ask About Your Car Insurance.

Steps To Take After a Car Accident Offer