Hello, my name is Cliff Bolton. Welcome to my site about vehicle insurance. I wanted to learn all I could about insurance before I started driving to go into the decision-making process with ease. Once I started exploring the insurance industry, however, I could not stop reading. I learned all I needed to know to obtain car insurance and much, much more. I created this site to share this knowledge with my readers. I hope to help others tackle this important decision without worry. Please feel free to drop by daily to learn new information about this important topic. Thank you for visiting my site.
Having insurance is important for many different aspects of your life, but when it comes to your vehicle,
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Working with a car insurance broker to figure out the right policy for you can be helpful. However, you need to establish a few things before you get into that conversation.
Maximum Acceptable Risk
Everyone has a maximum amount of risk they can accept. If you have $100,000 in cash right now, for example, the loss of a $10,000 vehicle means less to you than if you have $500 on hand.
Why does that matter? Your insurance policy's deductible should never be more than you can cobble together at any given moment. A person who can only afford $500 should never carry a $1,000 deductible because they're going to need an additional $500 if their car needs repairs. A $2,500 auto body bill after a fender bender would leave that person in a tough spot financially based on their deductible.
Emotional and Monetary Value of the Car
It is easy to think about the monetary value of the car. If a vehicle's book value is $15,000, then you want enough coverage to protect your financial interest in it.
The emotional value can be trickier, especially if the car is rare. A 2021 Kia Sorrento is replaceable, but someone hitting a 1964 Shelby Cobra Daytona Edition is going to leave you crying. The Kia owner is going to be perfectly fine just using book value to pick their insurance policy. Conversely, the Shelby owner will want a full appraisal before they even talk with an auto insurance agent.
Risk Exposure
Different driving situations produce different levels of risk exposure. Someone who drives through wooded areas early in the morning to get to work likely has a higher risk of hitting a deer, for example. This kind of driver might want to carry more comprehensive coverage for accidents not involving other drivers.
Similar risk levels are associated with driving on congested highways or high-crime areas. If you see car wrecks every week on your route to work, you may want more coverage for third-party injuries and accidents involving uninsured drivers.
You should understand these insurable risks when you speak with a car insurance agent. Also, you should request an annual review. If you move to a different place or change jobs, your insurance needs will change. You should ask the auto insurance broker for a review whenever you make these kinds of changes in your work or living arrangements.
Speak to an auto insurance agent to find out more.
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