90 Second Auto Insurance Hack
Because auto insurance is only used on an as-needed-basis, people tend to unknowingly forget what coverage they have until it's too late. The result can be very costly.
1. Liability LimitsThis coverage provides a specific dollar amount of medical coverage to other people you would injure in an accident. The higher the limits, the better you will be protected. A way to check if you have enough is to see if bodily injury limits are more or less than the value of your home and retirement accounts combined.
**ADDED BONUS: IT GETS CHEAPER PER $1,000 OF COVERAGE AS YOU INCREASE LIMITS WITH THE VAST MAJORITY OF INSURANCE CARRIERS**
2. Uninsured/Underinsured MotoristsThis coverage is for medical damage caused to you and your passengers. It is sometimes reduced to save premiums which leaves you exposed to the 7.2% of drivers in the state without auto insurance. This doesn’t even take into consideration the number of people with inadequate limits.
3. Loan/Lease Gap CoverageThis coverage provides additional money to cover the depreciation of your vehicle in the event of a total loss.
Cars are expensive, and they depreciate the most in the first few years. Insurance policies will settle claims on an Actual Cash Value basis, meaning what the vehicle is worth at the time of the accident. This can create havoc if you owe more on the car than what it is currently worth. This gap coverage helps handle this problem.
4. Glass CoverageDoes your coverage cover rock chip repairs? Is there a deductible? One of the most common auto claims is rock chips and broken windshields. Many carriers will repair a glass chip with no deductible. If the chip moves to a crack, you will have to pay your comprehensive deductible.
5. Rental Car CoverageThis coverage provides money to be used for a rental car in the event you are involved in an accident. This is not a mandatory coverage, but it can be very helpful. Often, repairs after an accident can take multiple weeks which can make this a very valuable coverage.
**Note: This is not coverage for renting a car.**
This coverage provides a specific dollar amount of medical coverage to other people you would injure in an accident. The higher the limits, the better you will be protected. A way to check if you have enough is to see if bodily injury limits are more or less than the value of your home and retirement accounts combined.
**ADDED BONUS: IT GETS CHEAPER PER $1,000 OF COVERAGE AS YOU INCREASE LIMITS WITH THE VAST MAJORITY OF INSURANCE CARRIERS**
This coverage is for medical damage caused to you and your passengers. It is sometimes reduced to save premiums which leaves you exposed to the 7.2% of drivers in the state without auto insurance. This doesn’t even take into consideration the number of people with inadequate limits.
This coverage provides additional money to cover the depreciation of your vehicle in the event of a total loss.
Cars are expensive, and they depreciate the most in the first few years. Insurance policies will settle claims on an Actual Cash Value basis, meaning what the vehicle is worth at the time of the accident. This can create havoc if you owe more on the car than what it is currently worth. This gap coverage helps handle this problem.
Does your coverage cover rock chip repairs? Is there a deductible? One of the most common auto claims is rock chips and broken windshields. Many carriers will repair a glass chip with no deductible. If the chip moves to a crack, you will have to pay your comprehensive deductible.
This coverage provides money to be used for a rental car in the event you are involved in an accident. This is not a mandatory coverage, but it can be very helpful. Often, repairs after an accident can take multiple weeks which can make this a very valuable coverage.
**Note: This is not coverage for renting a car.**
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