Every household should have a budget - auto insurance policies. If you have a vehicle, you MUST have insurance. The type of insurance coverage required can best be answered by your insurance agent. Your insurance premium will depend on how much you drive, what type of vehicle you drive, and where you live.
In a recent conversation with a referral partner, I asked him for the 3 top mistakes made when selecting auto insurance. Here are his answers:
- Not electing for underinsured/uninsured motorist coverage. Frequently this is the first coverage that is eliminated when someone is trying to reduce their premium. It may not be the wisest decision since this will cover YOUR expenses if someone else is at fault.
- Look for discounts by combining your auto insurance, homeowner's insurance or renter's insurance. This can result in a considerable savings.
- Lastly, make sure you understand the coverage! Too many times it is after the fact that an indivudal finds out they don't have enough coverage.
Please contact your licensed insurance professional for specific information regarding your situation and needs.