|
|
Determining How Much Auto Insurance Coverage You NeedBy Matt McWilliams
The Three Basic parts to an Auto insurance Policy
1: Other Party:
Auto Insurance Bodily Injury (BI) Liability and Property Damage (PD) coverage is Legally required in most states today. (BI & PD) Most people understand that they need BI & PD, but they have no idea how to determine how much coverage they need.
Try this simple question: What if your car was involved in an auto accident tonight where heaven forbid, someone else was injured or killed? Remember, everything you own is in the back seat of the car with you and is at risk in a lawsuit! So, what do you think their family would sue you for? $15,000? $25,000? $100,000 or even maybe a Million dollars! Where would you get the money to pay them?
Perhaps the Equity in your Home would help? How about your Savings and/or Investments? You could even have up to 25% of your wages attached to pay the award in most states! Are you prepared to sacrifice everything you own to pay an award due to this accident? If not, read on for how to choose the auto insurance coverage you need.
2: You and Your Family:
Now let’s turn the above accident around. For some unfortunate reason, you or a loved one is the one who is injured or killed in an auto accident. Where would you get the money if the person who hit you did not have auto insurance or not enough auto insurance? Medical bills can be covered if you have health insurance. But health insurance doesn’t cover loss of life, pain & suffering or permanent disability.
Maybe you have a life insurance policy through your employer or your own individual life policy. Is the benefit amount sufficient to cover your family if your loved one is killed? But even if you have life insurance, what pays for the misery, the pain & suffering, maybe the fact you or a loved one can’t walk or use their arms again?
You might have a disability insurance policy through your work if you’re lucky or had good financial advice. But disability insurance doesn’t pay for loss of life, pain & suffering, permanent loss of your legs, arm or hand.
The only coverage that pays for these things is a part of an auto insurance policy known as Un/Under-insured motorist coverage. You can only buy as much coverage here as you have in Liability coverage. Your auto insurance agent should be able to help you determine the exact amount you need.
3: Your Car
Comprehensive and Collision Coverage are the third part of an auto insurance policy and are sometimes referred to as “Full coverage.” Basically the difference is this: If you run into the tree you are covered by Collision coverage. If the tree runs into you (hypothetically of course), then you are covered by comprehensive coverage. Comprehensive also covers broken windshields, fire, theft and vandalism. The higher deductible (risk) you take here, the lower the premium. Use the savings here to purchase higher limits in the coverages that protect your assets and your family.
The bottom line to determining proper auto insurance coverage is, of course, the money available in your household budget. An excellent place to start in determining the proper auto insurance coverage for your family is to meet with your local auto insurance agent.
Most cut-rate companies concern themselves with one thing only: Price. Tell them what coverage you have and they’ll see if they can give you the same coverage for less. You become the insurance professional. If this is the only need you have then that is ok. If not, you need to seek the advice of a professional to help you determine the proper amount of coverage you need and how best to accomplish it.
Review these tips for auto insurance coverage to make sure you have enough to protect your family.
|
Man faces felony DUI charges in fire engine crash
A man charged with slamming his car into a Chicago Fire Department engine ? critically injuring five adults and children and hurting firefighters ? was ordered held on $100,000 bail Thursday after he was slapped with a felony aggravated DUI charge.Christopher Caston, 18, of Dolton, collided with the engine at 6:15 p.m. at South Halsted and West 128th Place, police said. Three children and two ...
Dolton teen faces DUI in fire truck crash
A Dolton teenager whose car collided Tuesday night with a Chicago Fire Department engine on the South Side has been charged with drunken driving, police said.They said the crash occurred about 6:15 p.m. at Halsted Street and 128th Place, injuring nine people, including three children and four fire department personnel.Three children and two adults were hospitalized Wednesday in critical ...
Dolton teen faces DUI in fire engine crash
A Dolton teenager whose car collided Tuesday night with a Chicago Fire Department engine on the South Side has been charged with drunken driving, police said.They said the crash occurred about 6:15 p.m. at Halsted Street and 128th Place, injuring nine people, including three children and four fire department personnel. Three children and two adults were hospitalized Wednesday in critical ...
Fog is lifting at Fargo's Hector International
Dense fog appears to be lifting in Fargo, allowing an inbound plane from Chicago to land after hours of inactivity at the airport.
iMingle® Launches Group Buying for Car Insurance in Tennessee
iMingle's unique marketing approach allows individual policyholders in 20 states to tap social networks for group discounts.Chicago, IL (PRWEB) January 30, 2012 iMingle®, an insurance marketing program sponsored by Unitrin Direct®*, announced today that it has launched in Tennessee as the first direct-to-consumer insurance provider to offer group buying for auto insurance. ...
18-year-old charged with DUI after crash with fire engine
The south suburban driver of a car that collided with a Chicago Fire Department engine in the Far South Side West Pullman area Tuesday night has been charged with DUI, and the charge could be upgraded to a felony, police say. The crash, which happened about 6:15 p.m. at South Halsted and West 128th Place, sent nine people ? including three children and four Fire Department personnel.Three ...
Arts Week: Bellamy, Rambo and Harrison on the legacy of the Black Arts Movement
Lou Bellamy and Paul Carter Harrison join MPR's Marianne Combs and today's Midday co-host T. Mychael Rambo.
Man charged with DUI in wrong-way crash that critically injured 2 on Stevenson
A 23-year-old South Side man has been charged with DUI after he drove the wrong way for more than 6 miles on the outbound Stevenson Expressway before crashing into another car at Lake Shore Drive, critically injuring himself and another driver.Illinois State Police don?t know when Rakesh J. Baker of the 6900 block of South Michigan Avenue entered onto I-55, but motorists near Kedzie Avenue first ...
Arsenio Garcia Charged With Drunk Driving, Crashing Into Cop Car While Wearing Just Underwear, Socks
A Chicago man was charged with drunk driving, among a number of other charges, after he crashed into a police squad car -- all while wearing little clothing.
Ronald McDonald House Charities in Five States Tap into Key Funding Opportunities Through Insurance Auto Auctions Car ...
Insurance Auto Auctions, Inc. , the leading live and live online salvage auto auction company and wholly owned subsidiary of KAR Auction Services, Inc. , today announced the addition of Ronald McDonald House Charities as the newest benefactor charity to join its national car donation campaign, One Car One Difference®.
|
|
Best Sellers from
|
