Dropping some of your coverage—like comprehensive or collision—to the lowest legal level can cut your premium, but it could also put you at serious risk.
Determining Which Coverage You Need
An automobile insurance policy is designed to provide you with a level of protection against property, liability and medical costs if you are involved in an accident.
• Property coverage pays for damage to or theft of your car.
• Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
• Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
• Underinsured motorists coverage pays for property damage and bodily injury caused by another driver whose coverage is insufficient to cover damages suffered.
Selecting the correct liability limits is fundamental. 100/300/50 means you are covered for up to $100,000 in bodily injury coverage per person, $300,000 in bodily injury coverage per accident and $50,000 in property damage per accident.
Many states have minimum liability limits of 25/50/10, although some states are higher or lower than this. While it may lower your premium, reducing your liability limits to minimum legal levels and dropping underinsured motorists coverage could open you up to substantial risk.
Collison Insurance – Know the Value of Your Car
Your policy will not pay for repairs that exceed the value of your vehicle. For this reason, if you are driving a vehicle that isn’t worth more than a few thousand dollars, it may not make sense to purchase collision coverage. Thorp & Trainer Insurance can help you determine whether or not collision insurance makes sense for you.
We’re Here to Help
Accidents happen to cautious drivers, too, and having adequate insurance can save you from serious financial burden should one happen to you.
We can help you determine which automobile insurance coverage is needed and what limits to buy. Contact Thorp & Trainer Insurance at 401.596.0146 today to discuss your options.
Top Ways to Save on Your Auto Premium:
• Consider raising your deductible.
• Keep up your good driving record.
• Drive less to qualify for a low mileage discount.
• Drive a car with safety features such as anti-lock brakes and airbags.
• Install an anti-theft device.
• Ask about our multi-policy discounts.