Guide to Buying Car Insurance

Charles Goodman Group: Professional Insurance Agency in Armonk

When it comes to getting the most out of comprehensive and collision auto insurance, most motorists should consider making adjustments to their policies. For example, increasing your deductible can actually save you money in the event of a minor accident that costs almost as much as your current deductible to repair. A wreck that causes $800 in damage to your car isn’t worth claiming if your deductible is $600 because you’ll end up paying nearly the entire amount and then dealing with increased rates. When you talk to an Armonk insurance agent, be sure to bring up all the small details that could play out under your coverage. A so-called full-glass coverage gives you the best protection against minor damage and doesn’t threaten to raise your rates when you file a claim.

One such detail, the issue of uninsured motorist coverage, can be extremely important. Imagine you’re hit by an uninsured or under-insured driver, your car is destroyed and you require 10 days in the hospital, including surgery and EMT service. It’s unpleasant to consider, but the costs could reach $100,000 to $300,000. You would be relying on your coverage to pay these costs rather than filing a claim with the insurance company of the driver who was at fault. By combining uninsured motorist coverage with a large umbrella, you protect yourself for the worst scenarios, including the possibility that you cause an accident and must pay another person’s hospital bills.

An insurance agent from the Charles Goodman Group of Armonk would be happy to answer any question you have about umbrella insurance or health insurance.

An excess policy, also called an umbrella, incurs a higher premium and kicks in when you’re responsible for more damage than your comprehensive coverage allows. These policies typically insure you for $1 million to $2 million in the event that you or someone on your policy requires excess coverage. This event can happen when, for example, your teen driver accidentally destroys property with a value greater than what your regular policy covers, perhaps resulting in a lawsuit. The more financial assets you have, the more important an umbrella becomes. A large percentage of personal injury lawsuits result in settlements of $1 million or more.

Another way to save money while protecting yourself and your family is by researching unadvertised discounts. If you’re over 65, you may get a discount by taking a defensive driving course online or in person. At any age, you may get a discount by taking public transportation to work two days a week. Your teen driver may qualify for a student discount, although these benefits usually depend on the student’s grade point average. This requirement is another reason to encourage your teen to study.