Why You Should Upgrade Your Car Insurance
The state of Kentucky is a 25/50/10 state. What that means is drivers are legally required to obtain a liability insurance plan that covers $25,000 for individual bodily injury, $50,000 for total bodily injury, and $10,000 for property damage. As long as you purchase insurance that meets these requirements, you will be driving within the law. However, that doesn’t mean your insurance plan is sufficient coverage.
If you’ve ever seen the movie Office Space, you probably remember the scene where Jennifer Aniston’s character was being harassed by her boss at the restaurant she works at for wearing only the bare minimum amount of flare required. Her boss hinted that only wearing the minimum amount of flare says a lot about her character, and mentioned a co-worker that wears far more flare than what is required. Buying the minimum car insurance doesn’t show you have a lack of character, nor was Aniston any less of an employee than her co-worker, but sometimes the minimum just isn’t good enough.
Potential Problems Weak Insurance Coverage Poses
Let’s say your car insurance policy barely exceeds the legal requirements, if at all. If you get into an at-fault accident, your policy will cover damages to the vehicle(s) you crashed into but not your own vehicle. The policy, however, will only cover damages up to the specified amount, which is low. Here’s what could happen should you cause an accident.
First off, you will have to pay for damages to your own vehicle and, if you are injured, your medical bills will be your responsibility. The cost of fixing up your car could be in the thousands, and that’s assuming the vehicle is repairable. If it isn’t, you’ll have to buy a new car without help from the insurance company. On top of that, if the accident causes significant damage to one or vehicles and property, you might still owe money out of your own pocket for the difference between the insurance policy maximum and the balance.
A Quality Plan Eliminates Risk
The purpose of insurance is to minimize – or eliminate – risk. The best plans cover enough to ensure the insured doesn’t have to worry about massive expenses in the event of an accident. Full coverage is the way to go, along with coverage that exceeds 25/50/10. These plans are more expensive but they very well could pay off big time in the long run. Instead of questioning whether you can afford full coverage insurance, you should ask yourself if you can afford NOT to have full coverage. We can help you get full coverage affordably.