Each time the statement for your auto insurance arrives, you may be alarmed because of the price. Most insurance companies will give you a printout which breaks down the different expenses of your particular plan. As you read this article, you will understand a little better what you are paying for in your Kentucky automobile insurance and what is really necessary.
As you look at this document, you will see that the major categories in your insurance policy include PIP, or Personal Injury Protection, your liability limits, and your comprehensive coverage. Each of these add to the total amount you pay, and if you are looking to save money, you may question which ones are the most important.
If you live in Kentucky, you must have liability limits of $25,000/$50,000/$10,000. This is the law and you cannot get less or forego this expense. Most people choose to get more coverage. Although it does cost money to get higher limits of protection, this isn't an area where you would want to get stingy. If you get in an accident, you don't want to be held liable for any expenses.
Many insurance critics argue that PIP is worthless. Although it does provide immediate compensation for things like medical bills if the other driver is uninsured or underinsured, many argue that it isn't necessary. However, it is currently required by the state of Kentucky, and by a number of other states. The state minimum is $10,000 which is higher than most other states with PIP requirements.
One of the only places you can look to save money by cutting back your insurance is in your comprehensive coverage. This coverage covers the damages to your car in an accident or non-accident, regardless of fault. If you own your car, you can decide whether or not to have this coverage, but if you owe money on your car, your loan provider will require it.
If you do own your car, you can save money by dropping this coverage, but use discretion. If you drive an expensive car and you total it in an accident, this decision could come back to haunt you because you would have to replace it out of pocket. The only reason you would consider dropping it is if you have a car that isn't worth much. - 14915
As you look at this document, you will see that the major categories in your insurance policy include PIP, or Personal Injury Protection, your liability limits, and your comprehensive coverage. Each of these add to the total amount you pay, and if you are looking to save money, you may question which ones are the most important.
If you live in Kentucky, you must have liability limits of $25,000/$50,000/$10,000. This is the law and you cannot get less or forego this expense. Most people choose to get more coverage. Although it does cost money to get higher limits of protection, this isn't an area where you would want to get stingy. If you get in an accident, you don't want to be held liable for any expenses.
Many insurance critics argue that PIP is worthless. Although it does provide immediate compensation for things like medical bills if the other driver is uninsured or underinsured, many argue that it isn't necessary. However, it is currently required by the state of Kentucky, and by a number of other states. The state minimum is $10,000 which is higher than most other states with PIP requirements.
One of the only places you can look to save money by cutting back your insurance is in your comprehensive coverage. This coverage covers the damages to your car in an accident or non-accident, regardless of fault. If you own your car, you can decide whether or not to have this coverage, but if you owe money on your car, your loan provider will require it.
If you do own your car, you can save money by dropping this coverage, but use discretion. If you drive an expensive car and you total it in an accident, this decision could come back to haunt you because you would have to replace it out of pocket. The only reason you would consider dropping it is if you have a car that isn't worth much. - 14915
About the Author:
Steve Turner is is familiar with valuable knowledge on purchasing auto insurance. Heritage Insruance, Inc. Steve Turner is a valid resource in assessing an insurance policy. Insurance Statement Review
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