Just give me the basic Auto Insurance
I really don't like the phrase apples to apples comparison. How many apples are there? How many types of automobiles are there? Alright, now maybe you see my reason. I drive a 2017 Chevy Traverse. You may drive a 2000 Ford F-150, or BMW. Do we need the same insurance? Probably not. I drive 25 miles a day and you may drive 25 miles a week. Our exposure and risk is different.
Did you know Colorado state minimum requirements are $25,000/$50,000/$15,000? Those were established in 1968 and have not been revisited. What is the cost of the average vehicle on the road today? Do you think $15,000 will replace it? Do you think that $25,000 is enough for medical expenses if I am injured in a crash? I might lose time at work and my family will want to make sure the bills are paid.
Is $25,000 enough? Most crashes cause some level of injury and the victim is allowed three years to file for settlement on that. Your insurance policy will pay up to the limits of the policy and then you are responsible to pay the difference up to and including death of an individual. Will $25,000 be enough? I don't have any assets so it's fine, just give me the minimum.
The court can order up to 40% of your income to be garnished for the rest of your life until you have paid the difference of a claim. Do you know that it is usually more affordable to get four times that state minimum in coverage? In most cases to double the limits to $50,000/100,000/50,000 is less than $15/month more. When you get to $100,000/300,000/100,000 it might be the same price or less because now it shows the companies you are more responsible. $250,000/$500,000/$100,000 will qualify you for a $1 million dollar umbrella.
The umbrella which will protect your liability for an additional $1 million and you have legal representation, pretty affordable retainer on a lawyer if you ask me. Protect your family, your future, and your assets. Don't go for the minimum coverage, go for the best that will protect you in any situation.
Give us a call here at All About Insurance for a no obligation insurance check-up. Our number is 970-292-8116.
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4007 South Lincoln #440
Loveland, CO 80537
(Located in the Loveland Tech Center)
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