Five Auto Insurance Mistakes to Avoid at All Costs
Come armed with knowledge, and you will get the best auto insurance deal for you and your vehicle. However, go into it with only the slightest grasp of what you should be looking for, and it could cost you. Therefore, you need to know what to look out for.
Avoid Making These Five Common Auto Insurance Mistakes
Some of the most common mistakes that people make when it comes to auto insurance include:
Not understanding the coverage you need or have already purchased.
As a vehicle owner, you should know what coverage you need and what you already have. You should feel free to shop around for auto insurance. Just be cautious. Insurance companies do not have your best interests in mind. Remember, these companies are first and foremost concerned with making money.
Mistakenly believing that you are covered for everything.
Not all auto insurance policies are the same. Despite what you might be paying in deductibles and premiums, different policies will cover different things. Make sure you know what is in your policy. For instance, do you have Personal Injury Protection (PIP)? Although it is required in Texas, you can be tricked into signing out of this common protection policy. The same is true of coverage for underinsured or uninsured motorists (UM/UIM coverage).
You take the minimum coverage required by your state.
The minimum coverage will not cover all potential hazards on roadways. A decent policy can help cover medical bills, funeral costs, and other expenses associated with a motor vehicle accident. For this reason, you must avoid taking a policy with minimum coverage.
You choose Med Pay instead of PIP.
You should ensure your policy includes PIP coverage. PIP coverage can help pay for many expenses that occur after a motor vehicle accident involving injuries. On the other hand, Med Pay covers hospital bills, but not lost income. Med Pay is also subject to subrogation. This means you will have to repay Med Pay benefits if you obtain a settlement. PIP coverage is not subject to subrogation in Texas.
You focus only on price.
Do not just go for the lowest deductible. Find the policy that best suits you, even if you have to pay a little more. It will be worth it in the end if something happens. The Texas auto accident lawyers at Mike Love & Associates, LLC are dedicated to the community. If you have questions about your insurance policy, we may be able to help you find answers. You may also contact us for a free consultation if you or a loved one was harmed in a car accident.