Car insurance plays an important role in shielding you from serious financial burden after an accident. However, for it to be effective, you must have enough coverage to meet your needs. Therefore, you should take the time to assess your situation and explore all your options before buying a policy. Here are a few factors to take into account as you establish how much insurance is right for you.
Considerations When Determining How Much Car Insurance to Buy
When shopping for car insurance, you should know what your state requirements are. The majority of states make drivers legally responsible for carrying a minimum amount of liability coverage. This will help pay for any bodily injuries or property damage you cause with your vehicle. In Kentucky, motorists must purchase $25,000 bodily injury per person per accident, $50,000 bodily injury per accident, $10,000 property damage, and $10,000 personal injury protection.
Protecting Your Assets
It’s generally a good idea to purchase more liability coverage than what the state requires. If you are found to be at fault for a collision and you don’t have enough coverage to pay for the other party’s damages, you could end up facing a lawsuit. Under these circumstances, your assets could be taken away from you and used to fulfill your financial obligations.
Covering Your Out of Pocket Expenses
Liability insurance is only designed to take care of the other party’s expenses in an accident. This means that if you don’t have any additional coverage, you will have to pay for your own vehicle repairs and medical bills. Thus, it’s wise to consider adding collision, comprehensive, and uninsured/underinsured motorist coverage to your policy. These will help cover any losses you sustain from a crash and minimize your out-of-pocket costs.
There is no one-size-fits-all solution when it comes to car insurance, so consult with an agent about how much coverage makes sense for your situation. If you are looking for high-quality insurance products at reasonable rates, contact Heritage Insurance Agency. For nearly three decades, motorists throughout Fayette County, KY, have relied on the agency’s industry expertise to help them determine the most suitable amount of coverage to purchase. With their guidance, you can rest assured you will be sufficiently covered without paying more than necessary. Call (859) 219-1122 to schedule an appointment, and visit their website to request a quote.