Trying to interpret your auto insurance policy can feel like reading a book in a foreign language. What is full coverage, anyhow? No worries, we are here to help you understand coverages and the importance of being right-sized in your insurance package.
Let us help you determine the proper amount of coverage unique to your vehicles and lifestyle. Depending upon your threshold when it comes to paying for a deductible at the time of an accident, your deductible can be increased in order to save you money on your monthly premium.
Insurance is designed to protect you up to your limits in a worst case scenario. If your car is damaged or destroyed by fire, theft, accident or other covered event, you will want to get back on the road quickly. Having the right auto insurance will be imperative to get you back in the driver’s seat. Additionally, your policy may also provide protection against medical and legal expenses resulting from injury, loss of life, or property damage caused by an accident involving your vehicle.
When you pay an insurance premium, you are entering into a contract between you and the insurance company. In exchange for your premium payment, the insurance company agrees to pay for specific car-related financial losses during the term of the policy.
While there are many coverages for your vehicle that you can choose from, “full coverage” does not exist. Our Dallas team can help you understand which coverages may offer you and your vehicle the right amount of protection.
What is required by law?
In Texas, to drive you must carry both liability and no-fault coverage:
- Liability coverage – to pay for losses you cause others
- No-fault coverage – to pay you and your passengers for medical and related expenses caused by injuries from a car accident, regardless of who is at fault
While these coverages are mandatory, they do not pay for losses to your vehicle. Opting for Collision coverage and Comprehensive (other than collision) coverage will pay for losses to your vehicle in an auto accident or if there is damage to your vehicle by theft, flood, vandalism, etc.
Collision insurance coverage pays for damage caused to your vehicle in an automobile accident. Standard collision coverage will pay for any repairs up to the fair market value of your car. Collision coverage usually also comes with an insurance deductible. It’s the amount of money you pay toward repairs before your collision insurance kicks in. The higher the deductible you’re willing to pay, the less the collision coverage will cost.
Comprehensive Insurance (Other than Collision)
Did you know that in 2013, Texas reported the most wind and hail losses in the United States? If you have lived in Dallas for any length of time, you may be familiar with the hail storms that roll through town potentially damaging your car and windshield. By choosing to have comprehensive coverage on your vehicle, the insurance company will cover the cost of the repairs up to the fair market value of your car, less your insurance deductible.
Comprehensive insurance also covers theft, vandalism, and usually other events such as flood, hurricane and fire related events. If you financed your vehicle, more than likely this will be required by your lender or lease holder.
Ricart Insurance Agency: Insurance is our passion. Call for a quote today at 469-759-9802.
Other Optional Coverages
- Roadside Assistance
- Rental Car Coverage
Did you know?:
Every 44 seconds a motor vehicle is stolen in the U.S.
Average Collision Claim in 2013
Approximate percentage of Uninsured Motorists in Texas