Whether filing your taxes, setting New Year’s resolutions or planning a vacation, there are certain tasks we complete every year. Reviewing an auto insurance policy is probably not on the top of your annual to do list, however, it is a good idea to set aside a few minutes each year to consider if your policy is still adequately protecting you and your family. Below is a guide to use in order to help you conduct this review.
FITZ TIP: First and foremost, find your policy declaration page. This is usually one of the first pages in your auto policy and it will identify the most relevant coverages included in your policy.
Required Coverages
Each state differs when it comes to the minimum required liability limits. New York State’s mandated insurance requirements include: No-Fault (Personal Injury Protection), Uninsured Motorist, and Liability (for Bodily Injury & Property Damage). While these state minimum requirements are important, it is equally important to make sure you have enough coverage to provide sufficient financial protection for you and your family.
For example, if you have only the minimum liability insurance required by NY, and you are involved in an accident and sued for $1 Million, then you may have to come out of pocket for the difference. This could be financially devastating to you and your family.
Optional Coverages
Two important optional auto insurance provisions include collision and comprehensive coverages. These coverages provide protection for your vehicle if it sustains damage in a traffic accident (collision) or in a non-traffic incident (comprehensive). If your vehicle is new, or has a higher value, then these coverages are important and should be included on your policy. If you have an older vehicle with a lower value, then, depending on your overall financial position, you may be able to get by without either of these coverages.
For example, if your vehicle is worth $1,000 and you have collision and comprehensive coverage with a $1,000 deductible, then you would not benefit from having either coverage. Other optional coverages include loan lease coverage, towing and labor, property protection, and limited property damage liability. If your policy contains these coverages, then you should discuss these with your agent to determine if these are necessary, and what those limits are. It is possible that you may not need one or all of these coverages and, if removed or limits are reduced, you could potentially reduce your premium.
Discounts
Finally, you should check your policy to make sure you are receiving as many discounts as possible. Many discounts are typically available, but one of the most common is a multi-policy discount. Additionally, you could be eligible for discounts related to where you park your vehicle (if garaged), the number of miles you drive and even the safety features available on your vehicle.
By reviewing your auto insurance policy, you can find opportunities to reduce your premium while at the same time enhancing your coverage. After reviewing your policy, stop in or call the FitzGibbons Agency right in Oswego and we can then help you with any questions or concerns, as well as provide alternate quotes to make sure your premium is as competitive as possible. As a Trusted Choice Independent Agency, we are able to compare quotes from numerous insurance carriers. The FitzGibbons Agency is here to help you in this review and get your insurance coverage right where it needs to be.
Auto Insurance can be Tricky! Just Ask Fitz!
John FitzGibbons
FitzGibbons Agency
44 East Bridge Street
Oswego, New York 13126
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