Last week, I began my yearly review of auto insurance options that make sense. We discussed PIP and property damage liability coverages. These coverages are required to get a license tag. My recommendation was to get the full ten thousand dollars of the required PIP without a deductible to maximize your protection.
In the area of bodily injury liability coverage, which is there to save your assets in case you negligently injure someone else, I suggested a minimum of fifty thousand dollars. Other important kinds of auto coverage are available for purchase. Typically, you will get five thousand dollars of medical payments coverage when you buy PIP coverage. You can buy more to protect yourself and passengers from the large medical bills that can mount up after a wreck.
Ordinarily, you will also buy collision coverage to repair or replace your car if an at-fault driver doesn't have insurance, and you may get comprehensive coverage to take care of incidental damage like broken windows. However, to save money, many people don't buy comprehensive coverage. Don't overlook uninsured (UM) and underinsured motorist coverage. They are incredibly important since so many other drivers on the road drive uninsured or underinsured for damages they might cause to you. Unless you reject uninsured motorist coverage in writing when you buy your bodily injury liability coverage, you will automatically have it on your policy in the same amount as the BI coverage.
If you have more than one vehicle on your policy, select stacking coverage. It doesn't cost much more, but it does provide a huge advantage for you since your UM coverage, bought to protect yourself, will be multiplied times the number of cars and trucks on your policy. Finally, you might want to consider towing, rental reimbursement and gap insurance if your car is financed. I hope this review has helped you.