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Automobile insurance coverage can help protect you, your vehicle and those riding along in the event of an accident. The best auto insurance isn’t always the most expensive! Coverage options can vary based on the age of your vehicle, your age and other factors.
All drivers are required by law to have valid auto insurance coverage, and there are times that some options may be just your speed – depending on your needs. Knowing some of these basic terms can help put you in the driver’s seat when searching for the best coverage:
Liability coverage is for bodily injury or property damage to others for which you are responsible. For example, if you hit a car while it was parked, your policy would only pay for damage to the car you hit.
This type of coverage is generally acceptable based on the age of your vehicle and whether or not your automobile is paid off.
Collision coverage pays for damage to your vehicle that resulted from a collision with another vehicle or object. For example, if you hit a car while it was parked, your policy would help cover costs associated with damage to both vehicles.
Comprehensive coverage pays for repairs to your vehicle caused by things other than a collision with another vehicle. This could involve hitting a deer, a tree falling on your car or damage from a break-in.
This option provides the most coverage, which may offer additional peace of mind for accidents or damage that could happen at any time beyond your control.
A deductible is the amount you agree to pay in advance before the insurance company covers a loss. Deductible amounts can vary and only apply to comprehensive or collision coverage.
Typically, you can work with your insurance agency to accommodate different payment options, such as a higher premium for a lower deductible or a lower premium for a higher deductible – or even more of a balance in the middle.
A premium is the defined amount of funds you pay on a scheduled basis to your insurance agency or company. Typically, you’ll have the option to pay monthly, quarterly or every six months.
Chat with your insurance advisor if you’d like to make any changes to your policy or payment schedule, or feel free to contact Gate City Insurance Agency with any questions.
Remember, the more you know about insurance, the easier it will be to navigate – and keep on trucking!
Products and services offered through Gate City Insurance Agency are not FDIC-insured; have no bank guarantee; are not a deposit; are not insured by any federal government agency; may lose value.
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