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How To Tell Whether You Need More Car Insurance Coverage

Friday, July 30th, 2010

One of the hardest parts of purchasing car insurance coverage is selecting the right amount. A driver with less coverage runs the risk of financial devastation in a major accident. On the other hand, if you buy too much coverage, you’re essentially throwing your money away. Most drivers are confident that they’re buying enough coverage; however, tend to under-buy in order to find less expensive auto insurance quotes. It can be hard to tell whether or not you need more car insurance coverage. Drivers should evaluate their needs carefully before and during a car insurance policy’s duration.

First of all, don’t use your state’s minimum car insurance coverage requirements, as a measuring stick to evaluate your coverage needs. State minimum requirements are designed to provide basic insurance for every driver. They’re not, however, well suited to meet the costs of an accident. If you’re involved in a claim with state minimum coverage, there’s a good chance you’ll end up paying more out-of-pocket expenses. You’d want more liability coverage than what your state requires, and although most states don’t require comprehensive coverage, you need this coverage to protect your vehicle in any type of accident (and comprehensive coverage is usually required for financed vehicles).

In addition, look at your driving habits before collecting auto insurance quotes. Your driving habits greatly affect the amount of coverage you need. Frequent drivers usually require more coverage than less frequent drivers. Add-on coverage, like roadside assistance, is also more valuable to drivers who frequently leave their state of residence. You should even set aside funds in the event of a serious accident. Your policy deductibles should be affordable, while ensuring coverage will meet accident costs. This includes medical bills, vehicle damages, and car rental fees as your vehicle is being repaired.

It can be difficult to accurately assess your car insurance needs. By carefully studying your policy and driving habits, you’ll have a better idea of whether or not you need more coverage. You can also ask your insurance agent for advice. His or her job, however, is to sell insurance, so you’ll probably need a bit less coverage than recommended. Once you decide how much coverage to buy, reevaluate your needs every few months. This will keep you financially protected while on the road, and you can drive with peace of mind.

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