6 Tips for Insuring Your VehicleArizona Legal News
Every driver on the road needs car insurance to protect themselves and other drivers on the road. By law, all vehicles must be insured. However, drivers are often confused by the number of options available to them when it comes to insurance. Deciding how much coverage, what type of coverage, and which insurer can be daunting.
If you have questions about your car insurance or have been injured in a car accident in Arizona, contact our Phoenix car accident lawyers at ELG Law. Our team of accident lawyers is here to help you with your legal needs.
Many people believe in buying the bare minimum of insurance required by law. Because it’s cheaper initially to purchase this minimum, drivers think it will save them money. But this is seldom the case. It’s important to look at the complete picture when you’re buying insurance–and realize that minimum coverage means just that. In Arizona, for example, the state minimum is $15,000 in liability insurance coverage.
This means that, if you get in an injury accident, you only have $15,000 in coverage to cover other drivers’ or passengers’ medical bills. After you’ve exhausted your insurance coverage, you could be held personally liable for any bills that exceed $15,000 in coverage.
Deductibles involve another hidden cost that insurance shoppers should keep in mind. For example, if you’re in an accident and repairs cost $5,000, a $1,000 deductible means that you will pay 20% of the costs of your accident. In other words, the deductible is the portion of the repairs or costs incurred from the accident that you will pay.
Larger deductibles will typically save you more money upfront, but if you’re in an accident, you’ll have to pay more than the money you initially saved by going with a higher deductible. If you don’t have the cash on hand to pay these large sums, it’s best to pick a smaller deductible.
Uninsured and Underinsured Coverage
Occasionally, motorists may forego uninsured and underinsured coverage because policies are cheaper without it, and it’s not mandatory. However, the benefits of this coverage outweigh the cost, which isn’t usually expensive in the first place.
After all, this coverage is designed to protect you if you’re injured in an accident caused by a driver who doesn’t have insurance or doesn’t carry enough coverage.
Another essential component of car insurance is rental coverage. When your car is getting repaired after an accident, you need a replacement vehicle to get to work, take your kids to school, and get to your appointments.
Even if an accident is another driver’s fault, they may not have enough coverage for your rental.
Above all, it’s important to shop around. Many insurance companies may give discounts to long-time customers or customers who bundle their insurance policies with their homeowners insurance. On average, drivers save around $300 on policies when they shop around or switch their insurance carriers.
Car Accident Lawyer in Phoenix
Protect yourself and ensure that any accidents are fully covered by researching your options. If you have questions about insurance options or have sustained injuries in a wreck, contact your attorney as soon as possible. Your lawyer can act as a liaison to insurance companies, making your process smooth and stress-free.
Contact our Phoenix injury lawyers at ELG Law today at (623) 562-3838 for a free consultation.