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Automobile Insurance

Comprehensive Automobile Insurance

motorist coverage

Geckos, cavemen, cartoon characters, and good ol' Flo have been selling auto insurance online, on TV, on radio, and anywhere else your attention might land. It's no secret that auto insurance is much more of a commodity product than home insurance; however, it is just as important. Get into a covered car accident without enough auto liability coverage, and you could be exposing yourself — and all of your assets, including your home — to an accident related lawsuit that could cost you thousands, if not millions.

Uninsured/Underinsured Motorist’s Coverage

Uninsured/Underinsured motorist’s coverage is another area that is often disregarded when auto insurance is sold as a commodity. Do you know what it is and how it works? In a nutshell, when Connecticut changed from a no fault to a tort system back in the 1990's, the legislature determined that folks should have the right to protect themselves against uninsured drivers since their own auto policy was no longer primary coverage for injury. You are able to buy up to two times your liability limit for uninsured/underinsured motorist’s coverage, and to add the conversion option so that the limit you buy cannot be reduced by other payouts. In our experience, the commodity auto policy never includes these valuable improvements. I'll stop now before I put you to sleep, but am happy to give examples of claims paid under this policy, and explain why I think it's important.

What’s Your Deductible?

Deductibles matter on car insurance. If you have a low deductible for comprehensive and collision, and use the coverage for minor incidents, the price goes up. This price increase stays on the policy for three years with most companies. We believe going with higher deductibles makes sense, because for smaller losses, the insurance company collects back the difference in premium increases.

Rental reimbursement or transportation coverage should now be at least $40 a day, as you cannot rent a car for the $20 and $30 limits per day some older policies afford. Towing coverage doesn't belong on an auto policy because using it drives up the rate. Triple A is a better choice if you have a clunker. Did you know that how you pay your premiums affects your rate? Insurance companies now days use what they call predictive or segmented marketing. Everything affects the premium, including late payments. Some companies will even cancel the policy if you are consistently late. And that also affects the cost of the next policy you buy.

To us, auto insurance is totally understandable. To you, it may be irritating, frustrating, and too expensive. It helps to know how it works before it affects you negatively.

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