5 WAYS TO MAKE YOUR CAR INSURANCE BETTER...

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When it comes to car insurance, everyone wants the best value on their policy. This, of course, is easier said than done.

There are so many factors to consider that it can be overwhelming to figure out what makes up the best value. The cheapest policies will not cover many important risk factors, leaving you and your passengers vulnerable to dire financial consequences in the case of a collision. On the other hand, adding coverage without an understanding of what is most essential can result in you paying for many inessentials, which could end up costing you too much for very little practical benefit. Here are some suggestions that you may not have considered that will help you get the most (and most helpful!) coverage for your money.

1. Raise Your Liability Limits:

Yes, this will increase your monthly premium payment: however, you should consider this an investment in your long-term security. One moment of inattention while behind the wheel could completely destroy your financial standing; people who are even partially at fault in an accident that causes serious injuries can very likely be bankrupted. Protect yourself and your family’s security by raising your liability limits.

For limits in excess of $1,000,000, the best approach for most people is to purchase a separate umbrella liability policy. You should discuss such options with a trusted agent.

2. Raise your uninsured and underinsured motorist coverage: 

If property damage or physical harm has occurred in an accident, uninsured and under insured motorist coverages allow your insurance company to step in and act as if they wrote liability coverage on the other driver. The peace of mind and added security that comes with this extra level of protection are invaluable. After all, if an uninsured or under insured motorist hits you and causes serious injuries and/or property damage, they may not have any assets with which to cover your medical expenses and other losses. As with the previous point, this puts you at risk for being responsible for major medical bills and car repairs that could result in bankruptcy.

3. Increase passenger medical limits: 

In today’s world, there are many people—likely including some your vehicle’s passengers—who may not have health insurance, or they may have large deductibles and copays. Increasing the passenger medical limits on your policy will help to fill in the gaps between not only your own medical bills, but also your passengers’ medical bills. With increased passenger medical limits on your auto insurance policy, you are extending additional protection to your friends and your loved ones.

4. Increase the deductibles on physical damage (comprehensive and collision) on your own car: 

The first three points prioritize the health of yourself, your passengers, and other motorists on the road who could potentially collide with you… and health and safety should always come first. To help pay for the higher limits listed in the first three points, increase the deductible on your own vehicle, because doing so will lower your total premium.

An increase in your deductible will cause you little inconvenience relative to the potential disaster caused by under-coverage in regards to the previously-mentioned points. In fact, raising your deductibles could have a long-term benefit: when you cover the deductible on minor repairs, a little scratch and dent doesn't go on your claims history. If these minor repairs had gone on your claims history, you would have likely seen an increase in your renewal premiums on all coverages.

5. Bundle your insurance policies: 

See if your insurance carrier offers a discount for placing both your auto insurance and your home owner’s or renter’s insurance with them. Often, you can get a significant discount if you place both lines of insurance with the same carrier.

With these five changes to your auto insurance policy, you can maximize the value of your coverage while minimizing the effect upon your wallet.