Whether it's car, home or health insurance, most of us have some kind of policy. While it may feel like an extra expense, insurance protects us from big financial losses.
It's important to find the right plan for your needs, though, especially since insurance rates fluctuate throughout life. Here are a few things to consider as you research your options.
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Car insurance is required by most states, and it's important for many reasons. Going without it could cost you big if you're at fault in an accident, and even if you're not, you can end up paying for out-of-pocket expenses. Choosing the right amount of coverage to protect your assets, your family and your vehicle can be tricky. There are several factors that can influence how much you need, including the actual cash value of your car, whether you have medical coverage and what your budget is like.
The basic car insurance policy typically includes six coverage options:
Bodily Injury Liability -- Pays for injuries you cause to others in an accident, up to the limits of your policy, which are usually listed as multiples of your state's minimum liability limit. This covers things like their medical bills and lost wages.
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Property Damage Liability -- Covers the damage you do to other people's vehicles and property, again up to your policy limits. This also extends to things like fences, buildings and lamp posts.
Uninsured Motorist Coverage — Reimburses you for costs when another driver doesn't have car insurance or doesn't have enough to cover an accident that you're involved in. This can help with things like medical expenses, auto repairs and property damages.
Comprehensive Coverage — Pays for damage to your car that isn't related to an accident, such as theft, vandalism or running into Bambi. Some people may choose to go without this type of coverage if their vehicle has low value, if they have the money to repair their cars themselves or if they're able to save up for the deductible.
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Other types of car insurance that you may want to consider include roadside assistance, which can help with things like flat tires, jump starts and lockouts; and gap coverage, which helps pay off your loan or lease if your car is totaled. It's also worth looking into additional options, such as umbrella insurance, which can provide extra protection against large claims resulting from multiple accidents or high-value incidents. This can help offset the impact on your pocketbook and your credit.
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