How much auto insurance do you need (and should you get more?) | brand voice

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Every car owner is legally required to have insurance, but this creates a bit of a dilemma in terms of how much coverage you should buy.

The temptation is to opt for the bare minimum, just to save a few dollars. But does it still make sense to take a budget-conscious approach, or is it worth paying extra for extra protection?

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Understand your obligations

There are regional differences in the level of car insurance you need, and if you want to manage your money better, there’s no doubt that sticking to the lowest level of coverage required by law is the least. expensive in the short term.

However, how much insurance you actually need is another matter. It’s about balancing risk against what’s comfortable and affordable.

Suppose you need your car to get around every day. If it were in an accident or stolen and your insurance didn’t cover the cost of replacing it, it would not only be a financial burden, but it would also disrupt your work life.

Even if you adjust to working remotely, owning a car is still tied to personal freedom. Having basic insurance exposes you to all sorts of inconveniences in your personal life.

Assess the risks

Every year, tens of thousands of people die and many more are injured in traffic collisions. It’s a harsh reality that all drivers have to face.

Meanwhile, average auto repair costs are close to $400, and fixing major problems after an accident is even more expensive.

You need to consider auto insurance in the context of the risks you face while driving. If more coverage gives you peace of mind, it might be worth the price alone.

Get cheap car insurance

You can narrow down which insurers to go with if you want cheap car insurance, and it really is the perfect solution to the conundrum described above.

“Cheap” should not be confused with “inadequate”, as the competitive nature of the auto insurance industry means that there is always room to find discounts and competitive price undercutting, in favor of the consumer.

Likewise, when searching for quotes from multiple providers through online comparison tools, you can filter your results based on the level of coverage you need.

If you only want the legally mandated amount of protection, that’s fine. But if you’d rather pay more to protect yourself against a longer list of potential disasters, that’s possible too.

Even better, you might find that there are providers out there who will give you a full level of car cover, without charging you for the odds. You could save money compared to your previous plan, and even increase the guarantees available by paying less.

Know when to make a change

People tend to base their auto insurance choices on past experiences as much as anything else. If you have had to make a claim in the past and have felt the benefits of not having to pay the full cost of repairing or replacing a written-off vehicle, you are likely to be more inclined to obtain a more comprehensive policy. later. .

If you haven’t had the misfortune of having to call on your insurer for help, the prospect of cutting costs might outweigh everything else.

Most importantly, don’t settle for the insurer and policy you’ve had for a while, but check regularly to see if a better deal is available elsewhere. Even if comprehensive insurance isn’t on the cards for you, price comparison is your friend.

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