It is important to review your policy annually to ensure you are paying a competitive price. Coverage needs can change as the years pass. There is also a good chance that rates have fluctuated since you initially bought your auto policy. Reviewing your coverage and your coverage options can help you maintain the right amount of insurance for the right price.
Here are a few tips to keep in mind when comparing policies:
Locate the Declaration Page
The declaration page of your auto insurance policy provides a summary of your insurance coverage. It explains what is covered, who is covered, as well as your coverage limits. This page may also include information about the discounts you are receiving.
Review Mandatory Coverage
You have to carry enough insurance to meet required minimums in your state. This coverage is known as mandatory coverage and generally includes bodily injury and property damage liability protection. There is very little that you can do about this part of your policy–you have to do it–but you should make note of coverage levels. Are they high enough? Are they too high?
Do You Have Optional Coverage?
Optional insurance protection can include collision and comprehensive coverage, loan lease coverage, uninsured or underinsured motorist coverage, towing and labor, property protection, and limited property damage liability. Collision and comprehensive insurance are a must if you have a nice vehicle. Collision pays for damage done to your vehicle in a traffic accident; comprehensive pays for damage done to your vehicle in a non-traffic related incident. Uninsured or underinsured motorist coverage pays for your expenses if you are involved in an accident with an uninsured driver. The other types of optional insurance mentioned above are largely unnecessary and typically cost more than they are worth. The exception is property protection–this coverage may be worthwhile if you keep a lot of valuable personal property in your vehicle.
Review Your Discounts
Your insurance policy should also include a list of discounts or credits that you are receiving. Discounts can include anything from a multi-policy discount to a good student discount. Some policies also list savings that apply to the safety features on your vehicle. These discounts may be mixed in with other information on your declarations page or detailed on a separate page.
When is the last time you reviewed your auto insurance policy? At Gillin, Gillin and Lindbaek we offer a complimentary service to help our clients review and select the best auto policy for their needs. If you don’t understand the specifics of your auto insurance policy or want to ensure you have the proper protection, call us at 321-729-1444. Our team is here to help you!
If you have been injured in a recent accident, have lost a loved one as a result of someone else’s negligence, Gillin, Gillin & Lindbaek can help. Located in Brevard County, Florida, our dedicated team has decades of combined experience that they’re ready to put to work for you. Specializing in personal injury, insurance claims, wrongful death claims, trip/slip/fall accidents as well as car, motorcycle and truck accidents, you can trust our attorneys to personally represent you. Call Gillin, Gillin & Lindbaek at 321-729-1444 for a FREE consultation. Get the personal service and results you deserve!