Auto Insurance

Auto insurance is a necessity because it is required by law. In addition to the legal requirement for automotive insurance, there may also be a lender requirement if you took out a loan for your car. While there are likely minimum coverage requirements that you must meet when purchasing coverage for your car, truck, SUV or other type of vehicle, you also may benefit from buying optional coverage.

What coverage is required?

The legal requirement is usually for liability insurance, which pays for the expenses of other parties involved in an accident that is caused by you. The lender requirement is for replacement coverage in most cases, and this will cover your own expenses related to repairing or replacing a damaged vehicle.

Other coverage

Over and above legally mandated coverage, most people will benefit by choosing optional insurance for things such as towing, personal injury, personal property damage, rental car reimbursement and more. These options can keep your financial losses to a minimum when your vehicle is affected by an accident, a weather-related event, theft, fire or something else.

Keeping costs down

You’re not alone if you’re looking for a way to keep costs down, while also getting the coverage you want and need. After all, you do not want to be caught in a situation where you need to file a claim and find you are under-insured and, as a result, will have high out of pocket expenses.

It’s wiser to purchase the coverage you need and to seek money-saving options through discounts and credits. You may also save money on your insurance by adjusting the deductible upward. When you raise the deductible by even $250 or $500 per claim, you may find that your regular premium charges go down. This is particularly helpful for those individuals who rarely file a claim and who can afford to pay a higher deductible when the time comes to do so.

Automotive insurance can help you to save a great deal of money when you are involved in an accident or when your vehicle is damaged in some other way. By learning more about the requirements for coverage and discounts available, you can get the coverage you need without paying a fortune.