Here's an easy way to understand what car insurance provides:
"Other-Person" coverage. Hurt or kill someone, or damage their car, and your "other-person coverage" (also known as BI/PD or bodily injury/property damage) kicks in, but only to the limits you chose when you got your policy. Is it enough? Otherwise, you could be sued for hundreds of thousands of dollars -- coming from your home equity, savings/investments, even some of your future income.
"You and Your Family" coverage. If you or a family member is hurt or killed by someone with little or no insurance (half of the drivers out there), your "Uninsured/Underinsured" coverage steps in, up to the amount you chose when you first bought your policy. Where would your family get the rest of the money to pay for the medical/funeral bills? Do you think you have enough?
"Your Car" coverage. Make a mistake and wreck your car, and your "Collision" coverage helps out with the cost to repair or replace your car (after you pay an amount called the deductible). If something else damages your car (tree branch, hail, road debris, hitting an animal, vandalism, stolen, etc.), your "Comprehensive" coverage helps out with the cost, after you pay the deductible. You don't need this coverage forever, though -- did you know that?
Now that you know the absolute basics, know this: Auto insurance policies ARE different. That's why they're not all the same price.
And that's also why you'll get different answers to questions like these, depending on your insurance: Is your friend covered when they drive your car? Is that car you rent already covered by your insurance? Is your new car covered for the full value of your loan?
If you bought your policy online or from a 1-800 call-center, these things probably weren't explained to you. And you don't have an agent who will take a long-term, personal interest in you, explaining potential gaps you have in your coverage and fixing them for you. With you and your family's financial future at risk, don't you think it's time you worked with an agent and company who will take the time to help you, not just themselves?
David Yates Insurance Agency
1881 General George Patton Dr., Suite 103
Franklin, TN 37067
Phone 615-778-1816 Fax 615-778-1817
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Monday, April 27, 2015
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