When looking for auto insurance quotes, many people start their search asking for the cheapest price. But did you know that in many cases for not so much more you can actually purchase value vs price.
It is the law to have liability coverage, but doesn’t it make sense to gain peace of mind while you are at it?
Believe it or not in California you are only required to have a policy that has 15,000 Per Person/ $30,000 All / $5,000 in Property Damage in coverage in the event you injure or damage anyone’s property.
So what this means is that if you totaled any new vehicle valued at $15,000 or more you will be responsible for paying the difference. Yes, your policy that covers $5,000 will leave you with a bill of $10,000. How would you like to pay that CASH or CREDIT? This is a sample of a conservative scenario.
Insurance companies allow you to customize your policy allowing you to increase your protection. For instance you can increase your coverage to 25,000/50,000/25,000 to 250,000/500,000/250,000. If you feel the need for more, you can purchase an Umbrella for additional coverage of $1,000,000 for anywhere between $230 -$349 for the year.
Remember that a company will only represent you against any loss caused by you up to the limit of what you elect. Next time that you are looking to insure your valuables don’t let the first question be priced driven but rather value driven.