For some people, buying insurance is a no-brainer. To them, insurance rates are the most important consideration when buying a policy and benefits take a back seat in the decision making process. Take auto insurance as an example.

If you’re buying a car with the aid of a car loan from a financial institution, they’re going to require that you include collision and comprehensive coverage as part of your policy. Having these two items as part of your coverage helps protect their financial exposure in the event that your car gets wrecked or stolen. If you let that coverage lapse you can be sure they’ll tack it back on and add the cost to your car payments. They’ll also charge you a lot more than you were paying before you let your policy lapse.

Liability Coverage

Every car driven in NC is required to have liability coverage, whether the vehicle is financed or not. This coverage is to protect others in the event that they’re injured in an incident that you cause. State law requires minimum amounts of liability coverage of $30K bodily injury for one person, $60K for all persons and $25K for personal property. These benefit amounts are all per accident.

When you think about it, though, these minimum amounts don’t come close to a realistic amount of money that would be needed to cover the liability charges you would face as a result of a serious accident that you cause. You’d be better off carrying five or ten times the minimum amount of coverage for liability or, smarter yet, carry the minimums but add a one or two million dollar umbrella policy. This would ensure you’re getting the best value for your insurance dollar.

How to Get the Best Value

Experts agree that, because insurance companies change their policies and insurance rates so frequently, policyholders should consider updating their coverage at least every couple of years. When dealing with an independent insurance broker such as Tom Needham Insurance Agency, you have access to some of the finest insurers in the country and you also have a partner willing to do the work necessary to find you the best coverage at the best price. Now, especially with so much time at home because of the Covid-19 lockdown, take a good look at your current policies and let us help you find the best value for your insurance dollar.