Auto Insurance contains four main parts, along with a variety of enhancements. The cost of your coverage is dependent on the benefits you choose. Your driving record has a significant impact on your costs, and you may qualify for discounts if you possess certain professional designations. Call now for competitive pricing! Hayek Insurance represents a wide variety of A Rated insurance companies, which means we do the shopping for you! Combine your auto insurance with your home and umbrella coverage for maximum discounts!
How much liability coverage should I have?
It all depends on your situation. The more you have to lose, the more coverage you should have. In addition, a judgment against you may hurt you in the future. So even if you don't have any assets now, it's a good idea to have a suitable amount of liability coverage, so that when your income goes up, and you buy a business or a home, you won't have that outstanding judgment come back and haunt you.
In addition to your auto insurance liability, we also recommend that you have an umbrella policy. Click here for more details.
What happens if you collide with another vehicle and there are no witnesses or police report? In this situation, it is your word versus their word. In many cases, the insurance companies may agree that each of you are partially at fault. Your insurance policy may pay for your damage, while their insurance company pays for theirs. Each of you may have to pay your deductible, and each of you may have an at fault accident surcharge. Seems a bit unfair? We have a viable workaround to this unfortunate situation. Aside from agreeing to take care of your own damage without involving insurance, you may request that each insurance company pay for the other party's damage. This will eliminate the deductible, because you have now exercised the liability coverage of your policy, which has no deductible.
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At what point do you eliminate the physical damage coverage on your auto insurance? In other words, when is it no longer a good idea to pay for comprehensive and collision coverage? When the value of a vehicle drops below the cost of insurance for about 3 years, plus the deductible, you may consider removing this coverage and self insure. In other words, if your vehicle value is $2,000, and your deductible is $1,000, your maximum settlement for a total loss is $1,000. If it costs more than $333 a year for the comprehensive and collision coverage, you might consider removing the comprehensive and collision. If you need help deciding, just give us a call!
What deductible is best?
Compare the difference in cost, and the difference in your auto insurance deductible (comprehensive and collision), and weigh that against how long it takes to make up the difference in your auto insurance premium. Call us to help you decide! 800 860 8835