Saw a very misguided but well intention ed post with a lot of upvotes here... that unfortunately gives misinformation.
source: i'm licensed in 2 states with a decade of experience.
Uninsured and under insured motorists coverage in many states DOES NOT cover damage to your own vehicle if you are hit by another driver driving without insurance or inadequate insurance. In many states you are required to carry collision coverage to take care of the damages for this.
Uninsured motorist insurance (in 2 of the states im licensed in) is intended to cover you for medical bills and missed time at work in the event you are injured as a result of a car accident.
So... Just pay that car off? Dont need to carry collision because you are a good driver? Do not necessarily drop the collision coverage from your vehicle because you are a "good driver"... because someone without insurance hits you in that freshly paid for car.... you are out a car.
Note... all states are different... and the real tip is... GET AN AGENT OR AN EXPERT FAMILIAR WITH LOCAL LAWS DO NOT GET YOUR INSURANCE ADVICE FROM REDDIT POSTERS OR CALL CENTER OPERATORS ACROSS THE COUNTRY... OR EVEN WORSE... THE "PICK A PRICE TOOL"
Since i can speak off the record and not in a work setting... do you know how many absolute incompetent people i see spend 50 grand on a car... come to me after a bad claim.... and i hear a story of an easily preventable poor claim experience?
heres an example: Had a customer have a heart attack while driving before they came to me. Totalled 2 cars and a guardrail. They were late 20s starting a new career with high earning potential. Only had 10 thousand dollars in property damage coverage.... the total bill from the accident they caused? over 50 thousand dollars they had to pay out of pocket. The cost difference between 10K in property damage coverage and 100k? 7 dollars a year!!
The reality is... you spend 40+ hours a week busting your ass for your car/home etc.... spend an hour a year making sure its covered properly. I bet you any money if your accountant called and said "We need to go over your 401K immediately" you would go that afternoon if you could.... well your 401K doesnt mean anything if you have to pull it out to buy a new car.... or lose it cause you had 25K in liability coverage and owe someone you accidentally hit 100K in medical bills.
Submitted March 15, 2018 at 10:32PM by InsrtChainsstyle http://ift.tt/2DvBWNo
