Just because you have full coverage does not mean that you are fully covered.
You see the commercials for car insurance multiple times per day talking about saving money, but does a cheap auto insurance policy really save you money in the long run? In Colorado the minimum limits for auto insurance are $25,000 bodily injury per person, $50,000 per accident, and $15,000 in property damage. The team at Moreland Risk Management can help you navigate the complex coverage options on your auto insurance policy.
Many people are surprised to learn that there is no coverage on an auto insurance policy called full coverage. The term full coverage has become the socially accepted term for having comprehensive and collision coverage in addition to the state required liability. So what exactly do your coverages do for you?
Collision Coverage – This is what pays to fix your vehicle when you are in an accident. Many people try to save money by having a higher collision deductible, but did you know if you are hit by an uninsured driver you may still have to pay that collision deductible?
Comprehensive Coverage – This coverage is what pays for damage to your vehicle from weather related accidents like hail storms. It also pays out for theft claims, vandalism, fire, and other damage not caused by an accident while you are driving the vehicle.
Uninsured/Underinsured Motorists Coverage – This pays for injuries sustained by you and your passengers when hit by a driver that doesn’t have insurance, or carriers the minimum limits mentioned previously. One of the most common comments we hear is, “I don’t need that because I have good health insurance.” While it is true your health insurance may step in to help if you are injured in an accident, you are still at risk without this coverage. Your Uninsured and Underinsured Motorists coverage can pay for things beyond medical bills. This coverage will also protect you from potential lost wages due to missing work from an accident. It can even help cover diminished value to your vehicle.
Bodily Injury – This pays for injuries you caused to another driver and his/her passengers. At Moreland Risk Management, in Colorado Springs, we never write a policy with the state minimum limits. Did you know one night in the intensive care unit (ICU) can cost over $20,000? If you are in a bad accident and someone spends three days in the ICU that could be over $60,000. If you have the state minimum limits, you could be on the hook for the additional $35,000.
Medical Payments – This is another coverage that protects you and your passengers. This coverage not only helps with your medical expenses, it can also help with funeral costs, or even injuries you sustain as a pedestrian if a car hits you.
Saving money on car insurance is important, and we understand that. This is why Moreland Risk Management always quotes several A-Rated financially stable companies every time we provide an auto insurance quote. Not only will we make sure you have the coverage you need, we will also make sure you aren’t paying extra for it.
If you are ready to start shopping your auto insurance then request a free car insurance quote from Moreland Risk Management, Inc. today. Even if you are not ready to to get a quote, our team is always here to help answer any questions you may have.