When is Full Coverage Auto Insurance a Must-Have?
Figuring out car insurance can be a bit of a headache. One minute, you're bombarded with ads telling you to load up on coverage, and the next, your friends are telling you to keep it bare-bones and save a few bucks. So, what's the best choice? As with many things in life, the truth is usually somewhere in between.
When should you really consider full coverage auto insurance? By full coverage, we mean auto liability (a required coverage), along with comprehensive and collision coverage. Here are a few situations where going for full coverage is a smart choice:
Financing or Leasing
If you're in the middle of financing or leasing, full coverage is often a requirement from lenders. They want to make sure their investment is protected, just in case something happens to the car.
High Replacement Costs
The cost of replacing your car can be steep. Full coverage can help ease the financial hit if an accident or theft occurs.
Daily Necessity
If your car is your lifeline, whether it's for work, running errands, or getting the kids to school, full coverage can be a lifesaver in case of an emergency.
Ultimately, if you need your car every day and can't easily afford to replace it, full coverage is a solid bet. However, if you're driving an older vehicle or have the funds to buy a new one without straining your budget, you might want to reconsider whether you really need it.
This content is from sources believed to be accurate and is for general information only, not tax or legal advice. Consult appropriate professionals for your individual situation. Copyright FMG Suite.
