Why relying on auto insurance minimums will leave you at risk.
When it comes time to secure auto insurance, many drivers look to secure minimum coverage as a way to save money. However, relying on state minimums is risky as these limits are not usually enough to protect against all the risks that you face. Here’s why minimal auto coverages aren’t worth it.
- State Minimums Aren’t Enough
As previously mentioned, many people see purchasing minimum car insurance as a great money saving strategy. However, this is a rather short-sighted view. State minimums aren’t necessarily a good indication of the amount of coverage you need. In fact, many states set minimums so low that your insurance will do very little to assist you if you are ever in an accident. This means that, when you go to file a claim, your insurance will only cover a portion of your costs. This would leave you financially responsible for covering the rest of the claim costs on your own.
Because the cost of an auto accident can be staggering, having to cover the cost of a claim can put you in a dire financial situation. If you do not have enough money saved to cover the claim, then your personal assets might be put at risk. In some cases, your future paychecks may be garnished in order to pay the injured party back. When you consider all the financial risk that comes with having insufficient insurance coverage, it’s easy to see why having the right auto insurance coverage limits are worth it.
- Securing the Right Coverage
When securing auto insurance, it’s important to consider your unique risk factors and get enough coverage to address these threats. This is difficult to do on your own, so you should speak to a trusted insurance provider to help you through this process. A good insurance expert will consider things like your age, driving experience, location, car make and model, driving habits, and so on to develop your risk profile. From there, they will recommend the best coverage to address your needs and your budget.
Here’s why you can’t afford to rely on minimal auto insurance. Do you need help securing the right car coverage to meet your needs? If so, then contact the experts at the Scavone Insurance Agency Center LLC in White Plains, New York today.