Auto Insurance
Protecting your vehicle helps to keep your daily schedule in check. Most people rely on their car for work, getting children to school, completing daily errands, and social activities. Having auto insurance could help replace or repair your car after an accident, provide you with a rental while your car is in the shop, or pay for manufacturer errors. Unexpected accidents and liabilities will be covered under proper auto insurance.
The insurance company will pay out for your damages if you pay them a premium each month. Auto coverage will need to be added on top of any liability or homeowners insurance. While having auto insurance is required in most states having it on each of your vehicles can keep you and others safe on the road.
Types Of Auto Insurance
Just like other insurance policies, there are small sections of coverage that need to be added on to fully protect your vehicle. Combining multiple car insurance options will ensure that no matter what damage you experience, your repairs will not come out of your own pocket.
Collision Coverage
If you want to be protected from the damage of car accidents, you need collision coverage. Regardless of fault, the cost of repairing your car will be covered by the insurance company. This must be added to your policy before an accident occurs.
Personal Injury Protection
When you or your passengers are injured in an accident, your personal injury protection coverage will kick in. It will cover medical expenses, lost wages, and other related costs.
Liability Coverage
Liability covers bodily and property damage. Legal fees, replacement fees, or the injuries of the other party will be covered by liability insurance. If you cause damage to the other person’s car, liability coverage from the insurance will help repair the vehicle.
Uninsured/Underinsured Motorist Coverage
This provides coverage for you if a motorist causes damage to your car without proper insurance. When a driver has no insurance or insufficient coverage, they may not be able to cover the cost of your repairs. Instead of making the at-fault party or you pay out of pocket, the insurance will cover the repairs when you have this policy.
Gap Insurance
Covers the difference between the amount owed on a car loan or a lease and the current market value if a car is totaled.
Can My Driving Record Affect My Insurance Costs?
While your insurance premium is based on multiple factors, there are a few things that have a big impact on your monthly payment. Having a good driving record can help lower your monthly premium because you are at a lower risk for the insurance company. If you have a long history of accidents, traffic violations, or property damage, the insurance could charge more to protect you. Insurance companies want to cover those with good driving records because they may never have to pay for anything. Those who have frequent collisions are costly for insurance companies to insure.
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Common Auto Insurance Mistakes
Just like with all insurance, if you are not well-versed in the lingo of insurance policies, you could make devastating mistakes. Here are some pitfalls that many people fall into when purchasing car insurance.
- Choosing Minimum Coverage Only: Even if you feel you are a good driver, that doesn’t mean you will never experience a car accident. While your state does require the minimum auto insurance, this will often not cover all elements of a car accident. When you are underinsured, you may have to pay large out-of-pocket costs.
- Ignoring Deductibles: Opting for a lower premium with a high deductible could backfire. If you are unable to pay the deductible after an accident, you may end up paying the deductible in addition to the repairs for a vehicle.
- Not Updating Your Policy: As your life changes, so does your insurance coverage. If you move, get a new vehicle, or lose a job, you need to update your coverage options. Insufficient coverage could lead to denied claims after a car accident.
- Overlooking Policy Reviews: Regularly review your policy to see if it currently aligns with your needs. While your needs and financial situation may not change drastically, any small change could impact what the insurance company will pay for.
Help From Tower Insurance Brokers
Tower Insurance Brokers helps you to shop all the best options for auto insurance. We work with many different agencies in the state of Idaho to provide you with the most affordable option. Tower Insurance Brokers knows the in’s and out’s of all insurance policies and can help you avoid common mistakes. Meet with us to learn more about all the policies available to you and protect your assets, body, and property.