Shocking Truth About Car Insurance

Did you know that you might be overpaying for car insurance by carrying things on your insurance policy that you don’t even need?  You could be saving, investing, or even spending that money on something else instead of overpaying month after month. 

We should have learned this in school!


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5 Replies to “Shocking Truth About Car Insurance”

  1. Let me get this straight. So the uninsured motorist and the underinsured motorist coverage is not necessary because the collision and comprehensive will cover what needs to be repaired. Is that right?

  2. Although I agree with most of what this gentleman is saying, there are a couple things to clarify.

    PIP, or Personal Injury Protection, covers additional items such as lost wages from work. It should be an option to consider if a disruption in income causes financial hardship.

    Review your health insurance plan to see if automobile-related injuries are covered, not all do. If your plan has a high deductible, that’s an additional, out-of–pocket expense you have to pay. It’s less expensive to utilize medical payments because that deductible doesn’t apply when filing a claim. It's also considered "no-fault" so it will pay regardless of who is responsible for the accident.

    If you choose to reject UM coverage, make sure you sign the UM Rejection form. Some states require it when you opt out.

    When a lien holder is added to your vehicle, there are restrictions on comprehensive and collision deductibles. Some only allow a maximum of $500 for both. They will call your insurance company to verify you are in compliance.

    For liability coverage, bodily injury of 30/60 is too low to cover another person's losses. A recommended amount is 100/300 or at least 50/100.

  3. My insurance agent was amazed that I knew about the breakdowns of insurance coverage.  He said that he wished more people realized they didn't need personal injury coverage if they already have medical insurance because it would save them a lot of money!  This video is extremely powerful; I'm going to share it with all of my family and friends.  Thanks for the knowledge!

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