Insuring in style and substance


OJORF-00015450-001It is very significant to go revise your insurance policies over a period of time, to make sure you are not paying coverage than that which is required.

Two factors that i come across when it comes to car insurance is coverage that is not required for physical damage and limits of liability which are less for the current financial status.

Usually when a new or used car is purchased, collision and comprehensive coverage is opted for to protect their car. When cars then get old and their value depreciates, you might end up paying for coverage close to its current price.

In New York, the minimum coverage provided is $25000 for a single person in an accident and about $50,000 for total body injuries keeping 10,000 dollars for damaged property. Since inflation, that increased the cost of cars, the minimum coverage limit had increased as well.

A significant factor to consider when you buy a home is to revise your car insurance limits for liabilities. When you own property that is real, in the society would make you very stable. If negligently you are the cause of someone’s damaged property or injuries that are more than the coverage limits given to you, you are sure to have an attorney run behind you and take an aggressive step if you own an asset, but teenagers are let of with less aggressiveness due to the absence of an asset. It is recommended that you increase your liability limits. For starters, a liability should touch 100-350-50 and nothing less, but it would be appropriate to buy 250-500-100 to get better policies. If you are wondering why home insurance and car insurance is related, the reason is when you have exposed yourself to a home, driving or owning an asset, and you become a target to accident attorneys.

If you were young when you bought your insurance i.e. when you had less assets, net worth to protect, income and you bought an insurance that was less expensive and had low coverage and now if you own many assets that require protection you must go through your coverage for liability.

An experienced agent could guide into replacing the old costs of your home with a tool called the estimator for home insurance costs which looks at size, style, location and the materials that are used at your home. The liability you buy would cover all your home costs without making you pay extra for unnecessary coverage’s.