For married couples, having multiple cars helps to make daily activities easier since both partners are free to travel without being dependent on the other. Bundling both insurance policies for these vehicles into one allows couples to pool their credit scores, incomes, and bargaining power. This can result in much better insurance rates and can sometimes even be combined with a car loan to bring rates down even lower. For couples that want the ideal insurance policy for them, this article will explain some ways to find the right car insurance policy for them.
Types of Car Insurance
No matter what, a couple will need to buy at least minimum car insurance in all 50 states to stay legal. Car owners should factor this in as yet another fixed cost associated with a car loan. Many different types of liabilities can be covered by a policy from the policy holder’s own person to the property of others. Depending on the couple’s financial situation, they may need different policies to fit their needs. Some couples might need minimum coverage just to stay legal while others might need comprehensive insurance to cover high expenses that might be unaffordable if they occur. Before jumping in with a new car loan, couples should always work together to decide what kind of car insurance will be best for their needs.
Deciding on the Right Amount of Coverage
One of a couple’s greatest consideration for a new car insurance policy should be the amount of coverage needed. All states have a required minimum coverage that protects others in the event of an accident. This minimum is usually above $10,000 and closer to $50,000 on average. While this might sound like a lot, the reality is that this coverage is actually quite limited in the event of a catastrophic accident. For example, drivers that are found at fault for fatal car accidents are often sued for amounts in excess of a million dollars. For this reason, it is often important to consider getting insurance that has a higher maximum amount of coverage to protect against potentially-devastating liabilities.
Property Damage Coverage
Car insurance companies usually break down their insurance policies to set specific limits for certain items. One of these is property damage, which can consist of either damage to one’s own vehicle or the property of others. Usually, the most important factor here is protecting the owner from liabilities associated with damaging the vehicle of others. Depending on the policy, property damage protection will usually cover drivers even if they damage non-vehicles such as road equipment, signs, or trees. However, keep in mind that most insurance policies don’t cover anything that occurs off of public roads. This means that hitting another car in a parking lot or damaging property well-off the road can still leave the owner to deal with the damage.
Bodily Harm Insurance
In today’s era of accelerating personal injury lawsuits, carrying comprehensive insurance when most likely to accidentally hurt others is generally a good choice. Car owners should be mindful that nearly 1% of the United States population will die in a car accident. For couples, the chance of accidentally killing another person is collectively doubled. In the vast majority of fatal accidents, multiple cars are involved and living drivers can be found responsible for the death of others. Car drivers should protect themselves against these liabilities by carrying insurance coverage that can cover the hospital bills of those hurt in an accident.
Before making the decision to move forward with an insurance policy, couples with a car loan should carefully compare rates between different companies. National chains get most of the hype but local companies can be a great choice too due to personalized service. Cast a wide net so both you and your partner can enjoy quality coverage for many decades to come.