I have full coverage on my vehicle – so I’m good, right?
Typically, full coverage includes collision coverage and comprehensive coverage. Collision coverage is an optional add-on to comprehensive – although, usually, it isn’t optional if you are still paying on your car because the loan company or bank usually requires you to have this coverage. Loan companies require borrowers to carry full coverage on their vehicles- collision and comprehensive – because they want to be certain that if the car is damaged or totaled, they can get their money back from what they gave you as part of your loan. Comprehensive insurance coverage help pays for damage to your vehicle not covered by collision. Examples include damage or loss due to theft, vandalism, falling objects, fire, storms, flood, and certain other natural disasters.
Collision coverage helps pay for damage to your vehicle if you hit another vehicle, another vehicle hits you, or you are in a rollover accident. Take note that in accidents with animals, insurance companies make it rather confusing, this is part of comprehensive coverage, rather than collision coverage. So having full coverage auto insurance may not be the same as having an amount of coverage which covers the full amount of your potential risk. The amount of coverage you need is related to the amount of assets you have and the amount of money that you can afford to pay for auto insurance coverage. But shelling out more money to obtain higher limits of coverage may also be good idea, it can protect you in case the driver who injures you does not have enough coverage to compensate you for your injuries and damages. In this scenario you can use your underinsured coverage.
Stated simply, when considering car insurance option, the issue is to decide how much you can afford to pay in the event of an accident without causing financial hardship. Optional coverages will pay you for your losses whether or not you caused the accident.
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Have you been injured in an auto accident? If so, look no further than Kalfus & Nachman for trusted Norfolk personal injury attorneys who won’t leave you in the dark. We will ensure you are as informed and comfortable as possible until your case is resolved. Our legal team is reliable, available, and willing to resolve even the most complex of legal issues. All it takes is one call to get the legal counsel, care, and representation you deserve. To speak to a member of our team, please call us at (855) 880-8163.