The basic point of having automobile insurance is to cover your losses in the event of an accident or injury. With that idea in mind, doesn’t it make sense to carry enough coverage to avoid being underinsured? By opting for state minimums or limited optional coverages, you could leave yourself financially vulnerable. At Don Allred Insurance, our professionals are here to work with the good people of Burlington, NC to update policies that provide secure coverage and meet your individual needs.
Minimums Can Fall Short
In North Carolina, every motorist is required to purchase minimum liability coverage with regards to bodily injury and property damage. Drivers must also have uninsured motorist coverage to fill the gap when people don’t follow the rules.
While mandating these coverages is important, the limits are not nearly high enough to meet the prohibitive cost of serious medical care such as surgery, rehabilitation, long-term treatment or a fatality. Even the cost of replacing a new vehicle could far exceed the state’s minimum threshold. Once the auto insurance coverage has been exhausted, you could be looking at costly, protracted litigation. In practical terms, minimum coverage is the equivalent of being underinsured.
Many people forgo taking out additional coverages once they’ve satisfied the state’s requirement. Of course, no one expects to get into an accident and you certainly don’t expect to be at fault. By adding these items to your policy, they could keep you from paying out-of-pocket expenses.
- Collision: This covers accident-related expenses associated with fixing your vehicle.
- Comprehensive: Covers your vehicle for non-crash related damage such as vandalism.
- Towing and Rentals: Damaged automobiles may need to be towed a long distance. That can be costly. And, you will still need to travel while it’s being repaired. Again, this optional coverage can save you out-of-pocket expenses.
At Don Allred Insurance, our professionals are available to update existing policies so that you have adequate coverage in the event of an accident or loss. We are here to serve the Burlington, NC community and look forward to working with you.