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Most people don’t put a lot of thought into car insurance; they look for the coverage they think they need at a price they think they can afford.
However, purchasing automobile insurance in Katy, Texas is actually an important financial decision - one that can affect your financial future for years to come. It’s a good idea to arm yourself with knowledge before looking around for low auto car insurance.
First, there are six different types of coverage in car insurance policies.
Katy insurance policies cover liability for: Bodily injury to those injured in accidents caused by the policyholder, medical coverage for the policy holder and other passengers in the vehicle at the time of the accident, property damage caused to other vehicles and property in an accident.
Collision coverage for damage to the policy holder’s car when the policy holder is at fault, comprehensive coverage that covers damage from events other than an accident, like theft, break-ins and damage from storms or weather.
Uninsured and underinsured motorist coverage which covers damage when the driver who hits you has no insurance or has inadequate coverage
It is important to know this, because these are the types of insurance you are required to have. You can get additional coverage for things like towing, rental car reimbursement, and other options. These are convenient features, but they are not included automatically and they are not required. If you’re trying to save money, you can avoid extra expenses for coverage you don’t need.
The next step is figuring out what coverage you need for each category. There are legal minimums for each which can vary by state. Some companies offer a combined single limit coverage that is not restricted by per-person limits.
While it’s tempting to get the minimum coverage, keep in mind that you can be sued if your policy can’t cover medical expenses or damage that you cause in an accident. This means that your personal savings, home and other assets are at risk. If you have high assets, protect them.
Talk to an auto insurance expert to make sure you have insurance coverage that is higher in value than your financial assets. The coverage that affects your own vehicle’s repair and replacement includes collision, comprehensive and uninsured/underinsured motorist. These categories should be evaluated carefully; think about how much you can pay out of pocket to fix or replace your car, and how much your car is actually worth. Remember that comprehensive doesn’t cover theft of items in the car. If you have a lot of high tech equipment or other extras, you’ll need extra coverage.
Talk to an auto insurance expert when it’s time to buy auto insurance in Katy Texas to make sure you have adequate protection at the right price.