Avoiding auto insurance coverage is trending these days. In fact, many insurance experts believe it’s a smart way to save money. Sure, it is. This is unarguable as the slow economy has made it likely that almost everyone should think that way.
Till this day car owners still ask; “How much auto insurance do I really need?”
This is an open-ended question as we can’t say specifically that this is the exact amount of auto insurance you pay as they are many factors that influence your auto insurance rate, especially if you are resident in Nigeria.
But if when you decide to scrap your insurance coverage down, it increases your chances of losing out big time in the event of an accident. That goes to show that you gain to save more money by paying for full coverage.
The amount of liability coverage you need varies. While some require you buy coverage for the potential medical expenses of passengers in the form of Personal Injury Protection (PIP) coverage, others don’t. Because some insurance brokers do not enforce higher limits does not mean you should not carry them.
Many have asked if they will still need Bodily Injury Coverage. The answer is, Yes! Most companies recommend limits per person and per accident. Contact our brokers here to learn more about Bodily Injury Coverage or to understand what cover best works for you but be advised that you need an Auto insurance if you don’t have one yet.
Come to think of it, what will life look like for you to be injured in an accident with an underinsured or uninsured driver? Can you afford to miss months of work without any compensation for your lost salaries and injuries?
A combination of PIP, Medical Payments and Uninsured/Underinsured motorist coverage will ensure you are not left holding the bag should you be seriously injured.
If you are considering cutting your car insurance expenses, collision and comprehensive are the best targets. But you also need to know that you cannot cut coverage if you leased out your car or if it was bought on a loan.
Leave your questions or any area in you might need clarity in the comment area and we will be glad to resolve your need and keep you smilling when you drive.