Did you know that if you’re in a car accident, you are personally responsible for any costs that exceed your insurance coverage amounts? And that protecting yourself—and your assets—is as easy as having the right amount of car insurance?
You don’t want to be underinsured and at-risk for huge out-of-pocket costs in the event of an accident. But you also don’t want to be over-insured, paying too much premium
That’s why we want you to know just how much car insurance is right for your needs. Ultimately, having the right amount of car insurance comes down to the dollar amount that it would cost to cover the total value of your assets (the things you own).
Our car insurance calculator removes the guesswork by recommending how much car insurance coverage you need based on your current financial assets. All you have to do is answer a few simple questions aimed at helping to indicate the estimated value of those assets. If you answer honestly, you can be confident that you are paying for the right amount of car insurance.
It may be a good idea to include towing and rental car coverage on your insurance policy.But before you do, remember that if you do use these services, it will result in a claim with your insurance company—which could lead to higher rates. Speak with an agent about how much a towing and rental coverage package will cost, then weigh that against the potential costs of paying to tow or rent yourself. By some estimates, having your vehicle towed costs $109 and renting a car could cost between $45 and $65 a day.
Every time you submit a claim, your car insurance rates may increase. This means that just because you have robust car insurance coverage, you don’t need to file a claim for every little thing that goes wrong. Sometimes it’s better to pay a $200 bill to replace a broken windshield than to submit a claim that could increase your rates for months or years to come.
A good rule of thumb: Pay the highest deductible amount you can afford. On average, we recommend a $1,000 deductible. While this may seem high, and isn’t necessarily for everyone, it may significantly decrease your annual car insurance rates. You can use those savings for a rainy day, such as future accident costs.
Ultimately, how much car insurance you need depends on your individual situation. Use our car insurance coverage calculator to get a recommendation customized to your unique needs. It will give you the peace of mind knowing you won’t be paying for something you don’t need or taking on too much risk for the future. Click on the button below.Get Started