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Protect Your Purchase: How Much Car Insurance Do You Really Need?

Protect Your Purchase: How Much Car Insurance Do You Really Need?

Are you looking to buy insurance for your new vehicle? If so, you aren’t alone. In 2019, there were more than 17.1 million new vehicles sold in the United States!

Buying a new car, truck, or SUV is an exciting event in your life but when your emotions settle down it’s important to remember that you need to protect you and your vehicle! Read on to learn about car insurance and what you need.

Bodily Injury Coverage

You should buy bodily injury car insurance coverage to protect you and your family members that are injured in the event of an accident. It’s important to note that you must list each family member on your policy so that they are eligible for coverage.

It’s recommended that you carry $100,000/$300,000 bodily injury insurance coverage. This means that an insurance company will cover up to $100,000 per person per accident and up to $300,000 in total per accident. An insurance services company will help you decide the best level of coverage for your needs.

Property Damage Coverage

Whether you are driving your vehicle or permit someone else to do it, you need property damage insurance. This covers you for damage to your vehicle and other real or personal property that you damage during an accident.

For example, if you hydroplane your car and crash into another vehicle and a light post, your property insurance should trigger to cover the costs of this damage.

Medical and Personal Injury Protection Coverage

Medical and personal injury protection (PIP) are car insurance coverage types you can’t afford to go without. It can also be against the law not to have it. If you live in a state like Florida, you must have a minimum (and maximum) of $10,000 in PIP coverage.

This insurance covers the costs of medical expenses but can also include lost wages or funeral costs as a result of injuries suffered in an accident. 

Uninsured and Underinsured Coverage

Buying uninsured and underinsured coverage is crucial to protecting yourself if you or a loved one are injured by someone else in a car accident.

For example, if you or a listed driver are injured by another driver, that driver may not have enough insurance coverage to pay for your injuries. It’s also possible they don’t have insurance at all!

Paying for this insurance helps give you peace of mind that you will be covered regardless of the other driver’s insurance situation. 

Wrapping Up: Buy Car Insurance Today

Car insurance is an essential part of protecting yourself and your family while enjoying your new vehicle. By taking the time to learn about the different kinds of insurance and how it works, it will give you confidence that you are making the right decision.

Are you interested in learning about other helpful personal finance tips? Check out our blog post section for more tips and tricks to start putting to use in your life today!

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