Why Minimum Coverage For Auto Insurance Is Risky

Millions of drivers every year get new insurance coverage for their cars, and when they do, they are presented with a variety of choices in terms of the level of coverage and any types of extras they may need. Naturally, many drivers will gravitate towards the minimum coverage that they are legally allowed to drive with, thinking that the need for better coverage is slim, and they’d rather save money.

While saving money is an understandable goal, this minimum coverage approach increases your chances of trouble down the road. It may even wind up being more costly to take this corner-cutting approach. So, what exactly are the risks of only purchasing minimum coverage?

You’ll be uncovered for other uninsured drivers

While you’re doing the responsible thing by purchasing car insurance, even if it’s only the bare minimum, not every driver on the road is making that decision. As a result, if you get into an accident with one of these uninsured drivers, even if it’s not your fault, you won’t be covered. One of the first upgrades beyond minimum coverage is uninsured driver coverage, which will ensure that you’re still covered even if the other driver does not have coverage.

You’ll be out of luck for damages on your car

The minimum coverage you purchase is only the legal protection to make sure that if you are at fault and damage property or another car that your policy will pay for those damages. However, by purchasing the minimum coverage, you haven’t done anything to ensure that damages to your car will be covered in the case of an incident. When you purchase the minimum coverage, any damage to your car will be coming out of your pocket.

You’ll be liable for medical expenses if an accident is your fault

In the worst-case scenario, where an accident is your fault, and the other driver must receive medical care, you are opening yourself to liability and their medical expenses. A policy that goes above minimum coverage can take care of this for you.

You’ll be left stranded without those much-needed extras

Lastly, as minimum coverage gives you no more than it has to, some of the premium add-ons you can attach to your car insurance policy are incredibly useful and could ensure you don’t get left stranded. Roadside assistance, rental car coverage, mechanical breakdowns, and more are the type of additional add-ons you can get that can save you more from costs and inconveniences down the road.

Want to find out more?

Schechner Lifson Corporation can provide assist you with your car insurance policy. With experienced and caring agents, Schechner Lifson Corporation can make sure you’re on the right path!