What Type of Car Insurance Should I Buy?
Shopping for Better Car Insurance
How to buy auto insurance is not an exciting topic, but it is an important to discuss. Most of us do not like spending our hard-earned dollars on car insurance (or any other kind of insurance, for that matter), and so we usually buy the cheapest insurance we can find. Does this sound like you? But is this best decision?
Most of us do not plan on causing an accident, or being in involved. As an attorney who has helped thousands of accident victims who thought, ?It will never happen to me,? there are different kinds of coverage provisions you should consider when purchasing automobile insurance.
? ?Bodily Injury.? Most states require that you carry this ?liability coverage.? The minimum amount of usually required by law is only $15,000 per person/ $30,00 per occurrence. This means that if your cause an accident, the maximum amount any one injured person can receive from the insurance company is only $15,000, and only $30,000 for any one accident--even if you injure 30 people! If that is not enough money to satisfy the injured parties?you get to pay the rest out of your own pocket or file bankruptcy. There are also minimum property damage requirements of $10,000 (when is the last time you saw a new car that cost less than $10,000?)
Over the years, many clients have told me that they had "full coverage." Almost invariably, it means that they only carried the minimum coverage the state required.
? Underinsured/Uninsured Motorist. When the at-fault party has no insurance ("uninsured") or does not have enough coverage (underinsured) to pay for your injuries, you can stack this coverage on top of theirs. Using this insurance DOES NOT affect your insurance rates in states like Nevada. In many states, insurance companies must offer this coverage when you first buy insurance from them.
? Med Pay. This covers your medical bills up to a certain amount if you are injured in an accident. This is very important, especially if you do not have health insurance. In some states, insurance companies must also offer this coverage, even though you can choose not to buy it.
? Rental Car. If your car is not operational after an accident, this coverage pays for a rental car, typically for 30 days. This coverage is very important if you do not have a back-up vehicle to rely on while your car is in the repair shop. If you are not at least 25, I would not worry about paying for this coverage, since most rental car agreements I have seen require that the driver be at least 25 years old.
? Towing. Towing coverage pays for the cost of towing your vehicle if your care breaks down or is otherwise not operational.
For only a few dollars more per month, you can usually add these additional coverages. Do yourself a favor and compare the "cheapest" insurance rates with other estimates that include these "extra" coverages.
Why Should You Pay More For Your Insurance?
As the cost of living increases and inflation eats into the spending power of your dollar, many state insurance requirements have remained flat. For example, in the state of Nevada, the minimum $15,000 bodily injury coverage requirements have remained the same for nearly 20 years. $15,000 today does not buy what it bought 20 years ago.
Not surprisingly, many people do not decide to buy better insurance coverage until after they have been involved in an accident. Unfortunately, that is the time when most people realize how much money it takes to fix a car, replace damaged personal property, pay the doctor bills, and receive compensation for lost wages. I do not want you to wait until it is too late, since any later decision to increase your insurance coverage will not help you in your current dilemma.
I suggest that you see how much more it will cost to buy more coverage. Do a premium comparison. In most cases, the difference of a few dollars per month is well worth the extra cost.
I recommend the following as your minimal coverages: $50,000/$100,000 bodily injury, $50,000/$100,000 UM/UIM, and $5,000 med pay. Compare that premium with the following combination: $15,000/$30,000, no UM/UIM and no med pay. The more you have to lose, the more coverage you should buy.
Where Should You Go To Buy Insurance?
Insurance agents normally sell insurance?although sometimes it is sold directly. One of the best places to buy insurance is from an insurance agent or broker who can sell different products, so you can compare prices between companies. I do not recommend going to a "captive" agent if you want to compare prices and coverages.
As an attorney who has handle thousands of insurance claims for many years, I can tell you that it is important to buy insurance from reputable companies. I have seen some insurance companies over the years go bankrupt. Therefore, I would avoid any insurance carriers who only sell "minimum" policies, because among the ones I have seen go under they were these types of companies. My advice is to buy as much protection as you can afford.
Overall, I think you will be pleasantly surprised at how little money it takes to get much better coverage.
Craig Perry is an attorney practicing law in the State of Nevada since 1989. He has handled thousands of cases and settled millions of dollars in personal injury and workers compensation claims. He does not charge a fee for first consultations. He has a bilingual office staff (Spanish) and he speaks Italian fluently.
For more information about this article or the services he offers, visit http://www.craigperry.com, or call direct 702.228.4777 or toll-free 1-866-LAW-4HIRE.
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