If you are shopping for car insurance in Oregon, Washington or beyond, it is important to match your situation with the proper amount and cost of insurance coverage. Doing the right homework on the car insurance you need will help to assure that you are protected in the event of an accident and are not paying more than you need to for coverage.
However, before you even factor in your unique situation, you must make sure that your level of auto insurance coverage at least meets the state requirements. No matter what your individual assets are, you are still required to maintain certain levels of auto insurance coverage pursuant to state law. This includes minimum bodily injury liability coverage requirement as well as minimum property damage liability coverage. Keep in mind that liability coverage pertains to the damaged property of others known as property damage and physical injury to others known as bodily injury. A person needs to be found at fault in an accident and responsible for damages to be liable.
Many if not most well informed people tend to select more than the minimum liability coverage requirements because they are seeking to protect their personal assets in the event of an at fault accident. For example, if you are responsible for an accident and only have minimal liability coverage, then the injured party may decide to pursue you for your personal assets to cover any costs exceeding those paid by your insurance in an accident. This can be extremely expensive depending on the extent of injuries and property damage from the accident.
How Much Auto Insurance Coverage You Need Above the Minimum
There are various option amounts of insurance coverage to choose from that will protect you and your assets above the minimum coverage required under state law. After reading this article, an experienced insurance agent at Fox Insurance Agency in Beaverton, Oregon can assist you with finding competitive auto insurance rates that will protect your assets. Remember finding cheap auto insurance quotes and rates may leave you with inadequate coverage and self insuring the difference.
Personal Injury Protection (PIP)
Personal Injury Protection is often a state required auto insurance coverage and is used for paying for your medical expenses after an auto accident. This could also apply to the passengers in your car. In determining the appropriate amount of coverage to select based upon the available amounts being offered, you will want to take into account any existing health insurance you may have. For example, you may be covered under health insurance you personally own or offered through your employer. However, Personal Injury Protection can be extremely helpful if you find yourself having to take extended periods of time off from work to recover from a car accident.
Uninsured/Underinsured Motorist Bodily Injury and Property Damage Coverage
Even though all drivers are required in Oregon to maintain minimum state coverage amounts, this does not mean everyone complies or has adequate coverage limits. In the event that you are in an accident with another driver deemed at fault who does not have any auto insurance coverage or who does not maintain enough insurance coverage to pay for the damage to you and your vehicle, uninsured or underinsured motorist coverage can help pay damages for your bodily injury or property damage you sustain from the other party.
Keep in mind that the state requirements for auto insurance can be very low, so the other parties insurance may be insufficient to cover the total amount of damage you sustain in an accident. By carrying high enough limits of uninsured or underinsured motorist coverage, you can help to increase your coverage protection in the event the other negligent party has little or no coverage to pay for your incurred expenses. This coverage tends to be less expensive as compared to other related coverages, so it can be a very worthwhile investment to have increased coverage beyond state minimum requirements.
Car repairs after an accident can be very expensive. Collision coverage, which is optional unless required by a lender, is designed to pay for repair damages to your vehicle as a result of an at fault collision incident or an accident where your car sustains damage by another party with little or no insurance coverage, and who is unwilling or unable to pay for your car damage repairs. Collision coverage carries a deductible you select which will require you to choose the amount of money you would first pay toward vehicle repairs before the insurance company would assume their liability.The higher your deductible (amount of money you pay) the lower your insurance premium for this coverage.In determining your need for collision coverage you should take into consideration the value of your vehicle along with the cost of collision insurance and the total amount of money you would be willing to pay out of pocket if you were to personally pay for these collision repairs to your vehicle.
Even if you are not involved in an auto accident, having comprehensive coverage provides coverage to your car for broken windows and windshield, theft, damage from hitting an animal, and other named perils resulting from a non collision event.Comprehensive coverage is relatively inexpensive and is normally required if someone wants collision coverage.
In addition to the aforementioned coverages, there are other important auto insurance coverage options available that should be considered carefully when selecting coverage such as medical payments, loss of use, and towing coverage among others.
Protecting Your Current and Future Assets
While no one ever plans to be the cause of an accident, they happen all the time. If you are at fault for an accident, your current and future assets could be at risk. This is why maintaining a sufficient amount of coverage is vital to protecting you and your family.
In considering whether you have sufficient coverage, you must also take into account the future value of your assets and investments. Without the proper amount of coverage, you could lose everything you have worked to accumulate. Requesting auto insurance quotes from Fox Insurance Agency which is an independent insurance agency can give you the best idea of how you can balance minimizing costs for insurance and getting the right protection.
Contact Fox Insurance Agency in Beaverton, Oregon
To speak with one of our helpful team members about your unique situation and your auto insurance coverage needs,contact us today at 503-277-2300. We are an independent insurance agency serving Beaverton, Portland, and throughout Oregon and Washington. We pride ourselves in offering our clients great service and protection at competitive rates and by being their local and independent choice for their insurance needs. You can request auto insurance quotes for free by calling us today.
The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.