Auto Insurance Policy -- Tips For Superior But Cheap Insurance Coverage
Auto Insurance Policy -- Tips For Superior But Cheap Insurance Coverage. Stay claims-free for more than three years and most insurers will give you a special discount. Remember, this does not mean you might not have any cause to make a claim but that you did not file one.
Just to ensure we all are on the same plate... ...Bodily injury liability coverage takes care of passengers and the other driver in an accident that's caused by you. If this coverage type takes care of such liability issues, why is still recommended that you get an umbrella policy?
The simple reason is that the liability coverage included in any auto insurance policy is usually inadequate. This means that your personal assets will be taken if your liability coverage cannot handle the bills and damages incurred.
However, there is hardly a law suit or liability issue that an umbrella policy won't take care of completely. You save on many ends with an umbrella policy... It helps you get lower rates, gives you superior liability coverage on auto related issues... ..But still covers liability claims that may arise somewhere else, for example, your home. Price-wise, you get much more coverage per premium dollar with an umbrella policy...
It could cost a 35 year old man in an area like New York City... ...Around $300 extra to raise his bodily injury liability from $25,000/$50,000 to $100,000/$300,000 (The first amount in each pair shows the maximum amount that will be paid out to each injured person in an accident. The second amount shows the maximum that can be paid out per accident). However, with an umbrella policy, he'll spend less than that to get $1 million worth of coverage. And if he chooses to raise the coverage amount of his umbrella policy to $2 million dollars...
...He'll only have to pay only $75 more! But that's NOT all...
After the $2 million mark, he'll need to add only $50 to his rate per $1 million extra coverage amount. See? That's superior coverage for a lot less -- That's the advantage in adding an umbrella policy instead.
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