It’s dangerous to be uninsured. But how much car insurance do you really need? Divorce makes you rethink your financial situations on all of your insurance needs.
If you’re on a tight budget, you’re required to get the bare minimum required by law. (Bare minimums vary from state to state.)
Now, if you have assets to protect, it’s probably best to purchase higher limits to protect those assets. If someone else is injured and you’re at fault, the minimum liability coverage may not cover their medical expenses, in which case their attorney will most likely come after your assets.
So, as with most things in life, you’re probably somewhere along this life-line: broke, doing okay, or I’m ahead of the game, I need to protect my assets! If you’re already insured it’s best to reassess your insurance needs each year, to make sure you’re not over or under insured.
Remember: Cheaper is not always better. While shopping consider:
A. Insurance company’s reliability (financial rating/any consumer complaints?)
B. Price (quality for dollars spent)
To get started, go online to various insurance quote sites, such as:
* Keep an “apples to apples” list of comparative quotes. So, when price quoting 3 sites, be sure to type in the same exact information for each site.
* Get at least 3 quotes! Once you finalize your quotes, be sure to get on the phone with the agency to inquire if you’d get a discount by bundling your other insurance (such as house, life, etc.)
* Background Check. (Check um out!) Standard & Poor’s publishes financial research. Consumer advocates advise you stick with companies that earn “B + ” and above.
Insure.com provides an easy ratings widget: InsuranceCompanysRatingsWidget …and on that note, we wish you safe driving and happy insurance shopping!
Interesting Article worth checking out:
What car insurers know about you!