Your vehicle may be one of the biggest investments you have ever made. Protecting it with a good insurance plan is certainly something worth considering if you don’t want to be stuck paying an arm and a leg for anything unforeseen that may go wrong. But having a standard auto insurance policy may not be enough to cover your own vehicle in the event you are in an accident and need repairs. You will need to have additional coverage to pay for repairs to your own vehicle.
Standard auto insurance policies basically offer liability coverage only. Comprehensive and collision insurance are the best optional coverages to add to your policy to protect your own vehicle. You can also add other coverage that might be needed if you are unable to use your vehicle for extended periods of time due to an accident. For example, you can add rental car expense coverage to pay for a rental while your vehicle is being repaired.
Some carriers offer a diminishing deductible endorsement which reduces your deductible for a period of time that no claims have been filed. So if you have been claim free for a year, your carrier may reduce your deductible by, say, $100. The next claim free year may reduce it another $100 and so on until you no longer have to pay a deductible in the event of an accident.
In addition to coverage for yourself, you can also increase your liability limits to cover third party claims more effectively. Unfortunately, motor vehicle accidents can end up costing drivers much more than you might expect. Having the right amount of insurance coverage is important no matter what type of vehicle you drive.