How Much Insurance Do I Need
You probably do not need to spend a lot of money on a Personal Injury Protection policy. You should be covered if you have health insurance and disability insurance through your employer. Just buy the required minimum.
You do need to make sure you have adequate coverage against uninsured and under-insured drivers. It is relatively inexpensive in most states and if you are in a collision with an uninsured driver it will help cover the costs your health insurance will not. If you have decided to carry BIL for $100,000/$300,000, do the same for yourself.
Collision and comprehensive coverage is worth having if you would want to repair or replace your car after an accident. These policies have a deductible (the amount you have to pay out-of-pocket before coverage kicks in) and they pay out based on the current value of your car, not what you paid for it.
Choose the highest deductible you can afford because a higher deductible will significantly lower your premium. You are seeking coverage for major damages to your car, not for every little thing that can go wrong. It is better to spend $500 of your own money on minor repairs every so often than pay an extra $50 a month whether you need repairs or not. Save collision insurance for when you have car repairs that cost thousands, not hundreds. Remember, if you submit a claim for every little thing, your premium will increase.
**If you have an auto loan through Robins Financial Credit Union, coverage is required in the amount of the loan; however, the credit union is also concerned with the deductibles. The minimum is $1,000 for comprehensive coverage, $1,000 for collision coverage, and liability coverage is determined by the member’s needs and the insurance company requirements. **
If you are ready to purchase a vehicle, Robins Financial can help. Learn more about our auto loans. You can also use our Auto Loan Calculator for a quick and easy way to estimate your monthly payment. When you are ready to buy, you can apply for a loan online, or stop by any of our branch locations to speak to a representative about your financing options.
Robins Insurance Services knows you have better things to do than worry about insurance coverage. That is why we make it easy to insure your major investments, whether a new home or car, to give you peace of mind.
- Property Insurance (Homeowners, Condo, Renters, and Flood)
- Vehicle Insurance (Auto, Motorcycle, Scooter, RV, Trailer, and Watercraft)
- Business Insurance (Property, Equipment, Auto, Liability, Farm, and Ranch)
- Pet Insurance
- Travel Insurance
)*Insurance products and services are offered through SWBC. Not NCUA insured, and rate quotes are not guaranteed. Each insurance quote is based on individual circumstances. Robins Financial Credit Union is not affiliated with SWBC. Contact the credit union for membership details.