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FULL COVERAGE INSURANCE

FULL COVERAGE INSURANCE

 

Full Coverage insurance, as it is typically called and sold in Kansas by unknowing or insincere insurance agents, isn't really full coverage on you or your automobile. There are four areas of your insurance policy you need to understand and improve to have yourself fully covered in the event of a collision or accident involving you and your vehicle.

  1. COLLISION AND COMPREHENSIVE COVERAGE

If you have purchased any vehicle recently, or had one repaired, you know that the costs associated with this are going up every year. Yet many agents will not tell you that you are not fully protected unless you have enough coverage to pay off your vehicle's loan if your car is totaled and beyond repair. Many people have borrowed the entire value of the car they purchased and when they drive it off the lot it loses value below the amount of their loan. Then they have their car totaled in an accident but only have insurance that covers the fair market value. The solution to this situation is to purchase Gap Insurance that pays off the loan if you get into this situation so that you don't start over again in the hole.

  1. LIABILITY COVERAGE

This form of insurance protects you and your assets in the event that you are negligent in causing an accident and will pay up to a certain amount. Minimums are usually $25,000.00 for damages to other persons caused by your acts. However, if you were sold a basic full coverage policy and you seriously hurt someone else, you could end up in a lawsuit where that person tries to take some of your assets for their damages claim against you. With the cost of medical growing every day, it doesn't take long for someone to have a serious claim against you that could cost you a lot of money out of your pocket. Instead, you should purchase as much of this type of coverage as your agent sells because of its' protection of your assets. It is really cheap for most people to go from a $25,000.00 policy to a $500,000.00 or more. Check with your agent and you will be amazed that it will only cost you pennies per day to get this additional protection. Most serious auto accidents usually result in damages well in excess of $25,000.00.

3. PIP OR NO FAULT COVERAGE

This type of insurance coverage pays for your medical care and lost wages no matter who was responsible for the accident. With the cost of medical care rising to record highs, the minimum policy limit of $4,500.00 that is often sold by agents just isn't enough to cover much medical care. An emergency room visit and an MRI just about takes all of this amount and if you need surgery you are going to be out of luck. It is extremely cheap to increase this policy limit with your agent to $27,000.00 per accident and wages to $1,500.00 per month. These are the amounts you can get from most auto insurance companies and some sell even greater coverage. Don't skimp here or you will find yourself without money to get yourself back to health and cover your real lost wages when you miss time from work.

4. UNINSURED AND UNDERINSURED COVERAGE

If you are involved in an accident with someone who is negligent and you are seriously hurt, your claim may often be more valuable than the most insurance the negligent driver may have. In that event, you are considered underinsured and when you receive a policy limits offer from the negligent party you have to carefully proceed to collect underinsured benefits for additional damage not covered under the policy limit offer. You collect those additional damages from your own insurance company. However, if you purchased minimal policy limits insurance you are going to be in trouble and probably won't collect any underinsured benefits even though you have paid for it. Ask your agent to sell you at least $500,000.00 of underinsured coverage so that if you are truly injured by an uninsured or underinsured you can be FULLY COVERED for this accident. As you may have noticed in recent news stories there are a lot of people in Kansas driving around with little or no insurance and these are the risk takers that can cause you a lot of harm if they hit you without FULL COVERAGE.

BONUS COVERAGE:

UMBRELLA POLICIES

Did you know that for usually under $20 a month you can purchase an Umbrella policy that will cover you no matter where you have an accident it will act as an UNINSURED/ UNDERINSURED policy that can cover claims as much as a MILLION dollars. A million dollars worth of insurance seems like a lot but with the cost of today's medical procedures and surgeries it really isn't. If you have a million dollar umbrella you will be covered for a lot more "storms" than most when it comes to auto accidents. And it really is cheap for the level of protection it provides you from all of those other drivers out there that don't know or care about their responsibilities.

If you are covered with all of the above insurances to the maximum limit you can afford, then and only then can you possibly say that your agent has you fully covered and if you can't afford the maximum limits as I have described above you are running a serious risk of not being fully compensated for all of your damages in an auto accident claim.


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Location: 300 W Douglas Avenue | Wichita, Kansas (KS) 67202 | 1-316-263-0001 | 1-888-263-0001 | Email Us