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How To Evaluate Your Auto Insurance Coverage

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 | May 14, 2015

Each person’s car insurance coverage needs are different. Finding the right coverage for you means looking at three factors: your assets, your risk tolerance, and your chance of loss.

Your Assets – Higher limits on your auto insurance policy will protect your assets should you be sued after an accident. The more assets you have, the higher your limits should be. If your assets exceed the highest liability limits on your policy, you should also ask about an umbrella insurance policy. Do you own or lease your vehicle? If you lease, you’re likely required to carry collision and comprehensive coverage that will protect the value of your vehicle. If you have a new or newer car, you should consider keeping these coverages in the event of damage or a total loss. Additionally, you should consider what you can afford when choosing insurance coverage. Higher coverage limits and lower deductibles means you’ll pay less out-of-pocket should an accident occur.

Your Risk Tolerance – You should consider your driving ability, type of vehicle, and driving habits. While it’s best to always have the reassurance of being covered no matter what happens, you may determine based on your driving habits and driving ability that you only need the state minimum. If you are a driver with a bad history or who spends a lot of time in your car, you may determine you want the highest limits. If you’re not sure, we can help!

Your Chance of Loss – Where you live and where you park your car should also be on your radar when deciding on your coverage limits. If you live in an urban area and you park your car on the street, you’re at a higher risk for a claim versus someone in a rural area who parks their car in a garage. Commuting to higher risk areas should also be considered. Having a conversation with your agent about coverage decisions other individuals like you have made could help you to determine the right coverage limits for your policy.

It’s helpful to talk with a professional to match your coverage selections with your personal profile. But don’t get fooled into sacrificing the protection you need to lower your insurance costs. Insurance professionals can often help you understand the coverage that fits your personal situation. As an independent agent, we have more alternatives for you plus the expertise to know where you can get the best value.   

We at InsuraMatch suggest you evaluate your insurance plan regularly.  Even the simplest of lifestyle changes can bring changes to your insurance coverage and cost. If you’ve never professionally evaluated your options now’s the time! Call us at 844-232-2700 for a free coverage evaluation or schedule at a better time.


Get free NY and Pennsylvania car insurance quotes online or contact InsuraMatch at 855-244-7671 to see how much we can help you save.