3 Advantages To Carrying Full Coverage Auto Insurance
Many people cannot wait until they have paid off their car loans. The end of the loan means more money in their pockets, but for many people, it also means dropping the full coverage on their auto insurance. Many people only carry full coverage because it is a requirement for most lien holders. But think twice about dropping your coverage. There are numerous advantages to continuing to maintain this level of protection. Here are a few.
1. Your Policy Pays For Vehicle Repairs From Collisions
A full-coverage auto policy includes collision and comprehensive insurance. The collision portion of your policy pays for any damages you incur from accidents resulting in a collision with another object. For example, if you hit a mailbox, a guard rail, a telephone pole, or another vehicle. Collision coverage can also pay for damages caused by road debris and potholes.
Collision insurance also pays for repairs to your vehicle when you are involved in an accident where you are the at-fault driver. The liability portion of your policy pays for the other driver's vehicle but does not cover yours.
When you file a claim for a collision-related accident, you will only be responsible for paying your deductible. Your insurance company takes care of the rest of the cost.
2. Your Policy Pays For Repairs From Disasters
The comprehensive portion of your full coverage car insurance pays for damages that result from everything outside of collisions. Examples of some of these include:
- Broken windshields
- Fallen trees or branches
- Hail or ice damage
- Animal accidents
- Fire
- Theft and vandalism
- Natural disasters
With the cost of replacing a windshield being what it is on today's market, that cost alone more than pays for your comprehensive coverage for the year.
3. Your Policy Pays For Accidents With Uninsured/Underinsured Motorists
Did you know even if you are not a fault in an accident, you may not receive payment for the damage to your vehicle? This lack of payment happens daily with uninsured or underinsured motorist accidents. If the person who hit you or is at fault in the accident does not have coverage, you may have to pay out of pocket for your vehicle repairs.
Most full coverage policies also include uninsured or underinsured motorist coverage. This insurance protects you when you are involved in an accident with another driver with little or no coverage. You won't have to worry about the money coming out of your pocket. Your policy will pay for your repairs.
Talk to an auto insurance company to learn more.
