As I'm sure you know, everyone with a car is required to have insurance on it. However, attaining a deep understanding of auto insurance coverage is the last thing on our minds when we start driving. And as life continues, it may remain that way. Why bother educating yourself about it now? One primary reason is you make better decisions when you are well informed. This post will focus on explaining two coverage terms of your auto insurance policy, Bodily Injury Liability and Medical Payments.
Bodily Injury Liability Coverage is required to be on your auto insurance policy. In an accident that IS your fault, this coverage covers the cost of injuries to the other person! Medical Payments Coverage is not required to be on your auto insurance policy. It covers medical expenses due to injuries (yours or your passengers) from an accident, whether it is your fault or not. Medical Payments also covers you as a pedestrian if you are injured when a vehicle hits you. Take Away: The Liability portion of your auto insurance policy protects the other person, so you are not held liable to pay for their injuries. What about me? you may ask. Suppose you don't have health insurance or have high premiums on your health insurance. In that case, you may want to add Medical Payments coverage to your auto insurance policy!
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Price isn't the only thing to consider when shopping for quality insurance. Still, it is an essential factor to most people! So, we have listed some discounts you may not know about to lower your auto or home insurance premium. (Discounts vary by company) Let's get to it!
1. Bundle- Having more than one policy with the same company often leads to savings! 2. Good student discount- Have a school-aged driver on your auto policy? Submit their grades for a possible discount. 3. Defensive driver discount- Have you taken a defensive driving course in the last year? Submit the certificate to your agent for a possible discount. 4. Driving monitoring app- Many companies offer a discount for safe driving after monitoring your driving through an app. Make sure you clarify with your agent if that discount will be adjusted if your driving was less than stellar. 5. Security System- Submit your monthly statement from your security monitoring company like ADT for a possible discount on your home insurance. 6. Roof- Have you replaced your roof recently? Make sure you update your home policy—newer roof=lower rate. Final Thoughts: Insurance rates fluctuate. Get a quote once a year with an agent who has access to many companies to ensure you have the best coverage at the lowest rate possible! 'Til next time! |
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