When it comes to purchasing auto insurance, are you really purchasing enough when you consider all the drivers in your home? Enough auto insurance coverage may decrease your chances you’ll have to personally pay for your repairs and/or liabilities that result from an accident. If you have no experience with the intricate details of car insurance, then it’s likely that you’ve never taken the time to determine how much insurance you need to protect your entire family.
Know Your Coverage Options
The best way to determine how much auto insurance you need is to understand the insurance coverage options you have available. Each option is considered a category by itself, and as such, each coverage option only covers certain types of losses.
- Liability coverage: This coverage may cover personal injuries and property damage you cause to others.
- Collision coverage: Collision coverage helps you repair or replace your car.
- Comprehensive coverage: Comprehensive coverage covers losses that aren’t considered accidents, such as weather-related damage to your vehicle.
- Underinsured and uninsured coverage: This coverage helps you cover the costs following a wreck if you collide with a motorist who doesn’t have insurance coverage or who doesn’t have enough car insurance.
- Personal injury coverage: Personal injury insurance coverage may help you pay for your medical bills along with the medical bills of your passengers.
Of course, it’s important to note, not all of these insurance coverage options are required by law. If you choose to purchase optional insurance coverage, you are enhancing your auto insurance coverage.
Examine Each Category and Assess Your Insurance Needs
The next step in determining how much car insurance you need is determining what coverage limits you have available to you. Once done, you subtract the money you are willing to spend if you incur a loss. For instance, if you determine that the total cost of multiple accidents for your family may cost your family $20,000 in property damage, $5,000 to repair your personal vehicle, $15,000 in medical bills, and you aren’t willing to spend any money, then you may want to discuss purchasing comprehensive insurance with personal injury coverage with your insurance agent. It’s important to note that the coverage options available to you may vary from state to state.
The figures presented above are hypothetical and do not take into account that most insurance coverage options have coverage ranges that are capped by a coverage limit. In order to choose the right coverage, you should choose the coverage range that meets your financial needs.
After making the final assessment, you have an insurance figure that can help you purchase enough car insurance for your family. Now, you should take your calculations to your local insurance provider so that they can help you determine the amount of auto insurance that aligns with your family’s needs.
Get a free quote today. Call Coverage Master at (888) 990-6461 for more information on Ohio auto insurance.