Posted Monday, December 5, 2022
I need to be insured! This is what is on the mind of the students shopping for a car and this is the most common phrase when it comes to making a major purchase such as a car, a home/renter, or a valuable asset. What more than most do not understand is the “why” behind the need.
In Indiana it is required, by law, to have Auto Insurance to drive. For first-time drivers, regardless of where you live, the cost will be much higher than that of a 25–60-year-old. Why do you ask? Because the risk of an accident is much higher, and the same rule applies when you are over 60, the risk of an accident increases. Consider too that 1-6 drivers are not insured so carrying your own Auto Insurance is paramount in the instance the other driver isn’t covered then you will be with Uninsured/Underinsured coverage.
Moving onto coverage, the State minimum for auto is 25/50 coverage (know what that means?) Most do not, but those that do have likely been through a claim and had it explained in detail. This means that if you are in an accident the Liability payout will be up to $25k per person with a maximum payout of $50k. In today’s world that seems like a lot of money but won’t go far so I recommend more coverage. The cost isn’t much more, but the peace of mind is.
For Renters, it is often required when your leasing company requires you to have Liability coverage, but you will also want to protect your assets in case of Peril (an accident, catastrophe, etc.) There are a lot of specifics when acquiring Renters Insurance and we highly recommend a detailed discussion with your agent. We are confident that if you look for the “insurance agent near me” you can get a local agent who will get you properly insured.
Also, the other thing to think about is to get a Service Contract for your vehicle. The benefit of the service Contract is that it is a protection plan offered by car dealers that covers mechanical, electrical, or electronic breakdowns or failures for a set period of time after the car is sold. Here you can find more information about the Vehicle Service Contract and the levels of coverage.
Paying for an “Intangible” product isn’t something many people get excited about. However, when the time comes to use your insurance, you will be grateful in more ways than once it is there. Saving on Insurance is easy. Utilize every discount offered by the carrier to maximize savings. The biggest discount for auto is Safe Driver (no tickets or accidents) for Renters it is the Multi Policy discount. One discount you do not want to miss out on though is the Multi Policy discount where you bundle your Home/Renters and Auto together this is significant savings.
Something relatively new to the Insurance world is (Telematics data gathered through GPS and your cars on board diagnostics) this data is given to you for a better understanding of how you drive and is accompanied by upfront discounts as well as an additional opportunity for more discounts with good driving behavior the discounts are up to a total of 15%. Good student discounts can be used from High School into college if you are enrolled in an accredited college or university (a B average or higher is required) it is a great discount so study hard!
Once you are educated on which coverages are important and how much needs covered everything becomes clearer. Understanding Insurance and what it does for you will give you peace of mind knowing your family, assets, and liabilities are covered protecting what you’ve worked hard to save.
Using a local Agent versus an online company is always wise. Going online you can get your bare minimum and at times it is a little faster. However, when the “if” in life arrives and you need support, no better person than a local Agent to come to the rescue to walk you through a claim and make sure no stone is left unturned. The local agent makes everything as simple as the rules allow. A local agent walks with you through the process, the claims, and the questions that follow. Yes, sometimes you might pay a little more, and more often a little less, but the chaos is better managed with someone you can trust to keep you in good hands.
Indy Auto Man is friends with the Gabe Greene Allstate Agency in Carmel or Kokomo Indiana. You can also access their website and you can request a quote by filling out the form on the front page of the site. One of the Licensed Sales Professionals will reach out to go over what you have and what you might need. There is no obligation, all the agency is looking for is the opportunity to help you better understand the “why” behind the need.