08/27/2015
Should you buy "full coverage" on your older car?
..Always tough to get a call from a client who was just involved in accident, their car was totaled, and they wished they had purchased more than only liability coverage.
This is one of the toughest situations to deal with as an Agent as I understand the need to save money vs the desire to have the best possible coverage. My advice is to always to get the most coverage you can afford although I must say, when it comes to insurance, it does pay to spend a little extra on those coverages you may not see so useful now. Reality is, when dealing with risk, you just never know.
Have you reviewed your auto liability limits recently? How much coverage do you currently have? 15/30/5? I hope not. Even 25/50/25 nowadays seems low. Did you decide to delete comprehensive and collision coverage on your vehicle because you just finished paying off the loan? Think again. If you become involved in a accident where you are faulted, your insurance company will NOT pay to fix your car. Not trying to scold anyone here. I just really hate it when one of my clients has to go through this, so I wish everyone took the time to consider spending a little more on those coverages which in the end can save you a ton of more money when you have a claim.
Call your agent now and have them review your policy, or reach out to me and I will be happy to offer a free review. Increase your liability limits whenever possible. Keep collision coverage on your older vehicle. Reality is we depend on our vehicles so much it's not easy to get around unless you have an extra car. If you only have one car, ask your agent to include coverage for a rental reimbursement. (most companies will not offer rental reimbursment unless your add comp & collision). Have more questions? reach out to me.
Wishing everyone a safe and productive week.
Sincerely,
Alex Romero
Lic