TUESDAY, MARCH 9, 2021
In order to operate a vehicle, an individual must carry insurance in an overwhelming majority of states. In addition, many states also outline coverage limits that drivers must include within their policy. While meeting these minimum limits may be enough to get you on the road, they may be inadequate if you are involved in a serious accident. You may want to consider raising your limits to secure proper protection.
The Problem with Minimum Coverage
Drivers are required to carry basic liability coverage in most states, which pays for injury and property damages if you are found at fault following an accident. These state limits vary but can be as low as $10,000 per person or $20,000 per accident.
If you get into an accident, there’s a chance you could be sued. When this happens, minimum liability coverage may not be sufficient to cover the damages, and you could end up paying thousands of dollars out of your own pocket.
What’s more, if you cause an accident and your liability limits are too low to cover the expenses, the other party might go after your assets in court. It is important to think critically about how much coverage you need and to secure the proper limits in order to protect yourself.
How Much Auto Insurance Should I Carry?
While it can be tempting to pay the lowest amount possible for auto insurance, doing so can leave you exposed to serious financial risks. Securing higher limits can offer sound financial protection and provide you with peace of mind in the event of an accident.
The higher you set your coverage limits and the lower you set your deductibles, the less you'll pay out of pocket after a claim. Be sure to determine how much you can comfortably afford when setting your coverage limits and deductibles. Raising your limits and paying a little more each month can allow you to get the most out of your investment.
Customize Your Policy
There are numerous ways to customize your auto insurance, including adjusting collision, comprehensive, medical expenses, uninsured motorist and no-fault coverage. In addition, specific policy limits can be recommended depending upon your particular situation.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
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