Audio Version: Let Me Hear It!
As you know by now, our goal for The $ense is to share important, relevant, articulate and sound financial guidance. While we strongly encourage you to heed each and every delicious morsel of our advice, the reality is… it’s optional. That is, until we talk about auto insurance. When it comes to insuring your car, it is required by law that you purchase at least some coverage. So, we feel safe in making the assumption that you have auto insurance. We also feel pretty safe in assuming that, unless you are an insurance agent, staring at your declarations page will do little to help you understand what it means or if you have the proper amount of protection. So, instead of recommending that you get coverage (we’ll rest on the law for that), we’ve created the chart below to help you decode your existing coverage and determine if it’s enough.
What You Want to Know… |
Look at Your… |
Make Note of… |
And, Ask… |
What covers physical damage to or theft of my car? |
Collision Coverage and Comprehensive Coverage |
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What covers injury or damage I caused to others? |
Bodily Injury Liability/Property Damage Liability Coverage
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What if the other driver doesn’t have insurance? | Uninsured/Underinsured Motorist |
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What if I need to cover medical expenses and my health insurance company is taking too long? | Medical Coverage |
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