Many people want to drop required comprehensive insurance coverage on their home or vehicle as soon as possible. Once the property is fully paid for, there is no lender involved to tell that person they must have “X” types of insurance coverage. However, in trying to save money by dropping comprehensive coverage, an owner runs a far greater risk of putting themselves in a financial bind should an accident, vandalism or theft of property occur.

There are many benefits of comprehensive coverage that get overlooked in the rush to save money. Comprehensive insurance may seem like an added expense, but many forget how easily damage can occur. Get caught in a fifteen minute hail storm with hail stones the size of golf balls and you will find a dozen breaks in the windshield and multiple dents in metal. Larger hail can cause greater damage–even breaking metal surfaces and possibly total damage to a vehicle. Storms like this happen by the thousands in certain geographical areas. Other storm-related problems in many states are flash floods and wildfires.

Why risk bearing hundreds or thousands of dollars in repair or replacement costs alone when comprehensive insurance coverage is so affordable? Vandalism runs rampant in some cities; a thief may break car windows to quickly enter and steal the vehicle or contents. Even when garaged, a vehicle can incur damage or theft losses. Earthquakes can swallow a vehicle or destroy a home completely. Explosions, windstorm damage, falling objects and damage from a vehicle hitting an animal or bird can result in major expense for repairs or replacement.

Comprehensive coverage has many overlooked benefits besides the obvious for protection against theft and accidental damage. Ask your local insurance agent to detail everything that will be included in a new comprehensive insurance policy to replace one that has expired.

When drivers apply for car insurance, they are offered many possible coverage options, making it difficult sometimes to know what kind of coverage to select. If you are in the market for car insurance, these tips will help you get insurance to meet your needs and keep you protected in the event of accident or theft.

1. Minimum Liability Coverage: Each state has minimum bodily injury liability coverage and property damage coverage for all drivers. Although it is possible to save money by purchasing only this minimum coverage, it is highly recommended that you buy more than what is specifically required so that you will be covered in the event that you are sued after an accident. Even if you drive an older car, you should try to get bodily injury liability coverage of $100,000 per person and $300,000 per accident.
2. Go For the Highest Deductibles: It is recommended that you get the highest deductibles possible in your car insurance coverage and then have enough money saved to cover these deductibles. The higher the deductible, the lower your coverage will be. If you have money saved to cover these deductibles, then you will not have to worry that you will be insufficiently compensated in the event of an accident.
3. Consider Uninsured Motorist Coverage: Uninsured motorist coverage is also recommended even if you have adequate health insurance. Uninsured motorist coverage will pay for your medical bills if an uninsured drive is at fault, which saves you from making a claim against your normal health insurance. In turn, this will save you from experiencing higher health insurance premiums later on.
4. Get Contents Coverage: If you frequently carry a lot of costly possessions in your car, then you will want to have high coverage for theft of contents. If you have sufficient coverage, all of your belongings will be covered in the event of a loss due to theft.

Many drivers focus on price when shopping for vehicle insurance. However, rather than purchasing the insurance with the cheapest price, consumers should purchase the insurance that offers them the best value. Cheap prices can mean little coverage and limited service. Low prices do not always mean poor quality, but consumers should carefully evaluate policies before making purchases in order to ensure the policies meet needs as well as accommodate budgets.

Rates and Coverage

The coverage amount for bodily injury liability and property damage offered by policies directly affects their rates. Consumers should ensure that the coverage offered is at or above the minimum amount required by their state. Drivers should also consider how much coverage they require or how much they could afford in out-of-pocket expenses in case of an accident and select a coverage amount they are comfortable with. Drivers can ask for insurance quotes for different levels of coverage and may find that the increase in price that offsets larger coverage amounts is a better value for them.

Deductibles and Discounts

Deductibles help consumers get more for their money in some cases, if they are willing to pay some out-of-pocket expenses should accidents or injuries occur. A larger deductible for a policy means reduced monthly premiums and can still offer adequate coverage, but it does require that the set deductible is paid before insurance begins to cover expenses.

Discounts mean reduced rates with no additional out-of-pocket expenses. Customers may qualify for discounts for being good students, completing supplemental driver’s education, customer loyalty, or carrying multiple policies with one insurer. Discount opportunities and requirements to qualify vary between insurance providers, but discovering providers that offer discounts for quality policies can help drivers lower their premiums for optimal value.