Are you underinsured when it comes to your auto insurance?
As a driver, you know that you are legally required to carry auto insurance. However, if you are like many drivers, you might not know how much coverage you need to adequately protect yourself. Here’s how you can determine if you are underinsured when it comes to your auto insurance.
Am I Underinsured?
In truth, there’s no set coverage amount that separates the well-insured drivers from the underinsured ones. This is because every driver has unique risk factors that require their own insurance solutions. That being said, if you are relying on a policy that only offers you enough coverage to satisfy your state’s auto insurance minimums, you are likely underinsured.
State insurance minimums tend to offer very low coverage limits and few coverage options. While these minimums will provide some coverage for a claim, they will not cover the entirety of your claim expenses. Whatever your insurance cannot cover will come out of your own pockets. This is why it’s so important to secure additional insurance to ensure that you are not vulnerable to the liability and financial risks associated with insufficient auto coverage.
How Can I Secure Additional Coverage?
Your agent should be able to explain your options when it comes to securing the additional auto coverage that you need. Generally, increasing your existing policy’s coverage limits is pretty easy. If you are not sure how much you should increase your limits, ask your agent for their advice. They should be able to offer you several options and explain how each will affect your premiums. Additionally, you may want to ask about securing additional coverages such as collision, comprehensive, medical payments, and so on. By making these policy upgrades, you can ensure that you have the comprehensive auto coverage that you need to stay safe on the road.
This is how you can tell if you are underinsured when it comes to your auto insurance. Do you have questions about your existing auto policy? If so, don’t hesitate to contact the experts at Promised Land Insurance Group. We are ready to assist you with all your coverage needs today.