As a responsible driver, you know better than to cut corners on the road, and the same can be said for your car insurance. You’ve chosen to carry full coverage car insurance to protect your hard-earned assets regardless of where the road may take you. But what if we were to tell you there is no such thing as full coverage car insurance?
The fact is, there isn’t an insurance policy around that even mentions the term full-coverage. So when it comes to protecting your income, your future income, and the lifestyle that you and your family have become accustomed to, you need to ask some questions and work with an agent that you can trust.
The insurance coverage you select for yourself is your first line of defense against liability, lawsuits, and personal loss, and it can be as weak or strong as you want it to be. At Glass Insurance Center, we take our clients’ financial security very seriously. Continue reading to learn how you can maximize your coverage and minimize your family’s risk vulnerability.
Cheap Is Not Good…It’s Cheap
In a world where every other commercial seems to be an insurer touting the lowest rates, what is a responsible driver to do when they care more about quality and security than saving a few bucks on premiums? After all, what good is an insurance policy if it’s filled with gaps or inadequate coverage? When you have significant assets to protect, you need to know that you can rely on your insurer to be there when life throws you a curve ball.
Defining Full Coverage Auto Insurance
For years the term “Full Coverage” has been thrown about in the insurance industry and used to give people the belief that they are covered for everything. The fact is, there isn’t a policy on the market that promises to cover “everything.”
The closest definition to a full coverage policy is one that includes liability coverage as well as physical damage insurance. While it is certainly a good start, it is not necessarily representative of all the coverage you might need. Generally speaking, full coverage is a term used to describe a policy that includes at least the minimum amount of insurance required by your state, plus collision and comprehensive coverage for your vehicle. It may actually exclude additional types of coverage like rental car reimbursement and medical payments, which must be added onto your policy if you desire them.
Technically, a driver can have “full coverage” and still be dangerously exposed to risk. That is why it is so important to work directly with an independent insurance representative who can customize your auto insurance according to your specific needs. We are not in the business of cut-rate premiums; we are in the business of wealth protection.
We will provide you with our professional opinion and work toward the goal of protecting your assets. Take the following comparisons of average coverage versus our standard of coverage:
A typical $100,000/$300,000 bodily injury limit may not cover your actual liability in an accident. Since victims can come after your income and assets, we recommend having at least a half-million dollars in bodily injury liability protection, as well as an umbrella policy worth at least $1 million.
Collision is one of the two components of “full coverage” insurance. It is not as important as liability as your total loss is capped to whatever the value of your car is. With that said, we still recommend purchasing enough collision coverage to repair or replace your vehicle if you are at-fault for an accident or otherwise hit by an uninsured driver here in Lake Geneva. Choose the highest deductible you are comfortable with to minimize premiums.
Like collision, this covers your own vehicle; only it is designed to protect you against damages caused by non-collision events, such as natural disasters, fires, falling objects, and wild animals. Again, select a high deductible, and opt to maintain your comprehensive coverage even for leisure vehicles you keep in storage.
Medical Bills Coverage, Uninsured Motorist, and Underinsured Motorist
You should already be carrying medical payment coverage as well as Uninsured & Underinsurance motorist protection, but do you have enough? Since this is protection for your own medical bills and future earnings, you probably need much more than you might first think.
If this article has created a few questions in your mind, Give us a call to talk about how you can maximize your auto insurance coverage. Contact Glass Insurance Center to speak with one of our helpful team members. We look forward to serving you soon.