If you buy online you would think so
The online quote form defaults to minimum limits and excludes Uninsured Motorists
Why?
Deliver the cheapest rate to you
Online quote forms are great if you need minimum limits to be legal
Just search for the cheapest rate on 15,000 of liability
The problem is each insurance company’s policy can be different
You can find the value (what you get) in the policy coverage options
Here are some coverage options your car insurance policy probably doesn’t have
Accident Forgiveness
Most insurance companies don’t offer this coverage
This allows you to have an At Fault accident and not get surcharged (rate increase) an additional amount at renewal
Yes you may get placed into a different rating tier and see an increase but its not going to be as high as an At Fault accident on your record
When you have a clean driving record you have an asset you need to protect
You protect your clean driving record with Accident Forgiveness
Accident Forgiveness is also great for average to below average drivers that have remained clean for 3 years
Locking in the clean driving record is something to consider if your car insurance company does offer the coverage
Better than Average Driver Discount
Car Insurance rates are based on the average driver not the better than average drivers
If you think you are better than average and you have a clean driving you now have the opportunity to prove it to the insurance company
The Insurance industry term is Telematics
It is an app you download on your phone and that’s it
The insurance company will review speed, braking, acceleration and time of driving
You will get 10% off your current rate just to try it
After a few months you can get up to an additional 20% if you really are a good driver
Its not for everyone but for 10% off why not give it a try?
12 Month Rate Lock
Not many companies offer this option these days
Insurance companies want to run your credit and driving record every 6 months and if they filed for a rate increase they want to get the additional amount in 6 months not 12
This option locks in the rate for 12 months so if you get a speeding ticket or accident your rate is not going up in 6 months
Uninsured Motorists
All insurance companies offer this coverage but most drivers decline this coverage
I like to think it was just never explained and once a customer reads “optional” it gets declined
If you are still employed I consider this one of the most important coverage options available to you
Insurance Companies want you to buy low liability limits and reject Uninsured Motorists coverage
Why?
Because it will limit the amount they pay on the policy (limits their exposure)
A few things to consider about Uninsured Motorists
1) When you add Uninsured Motorists coverage to your policy you are adding Liability insurance to every vehicle on the road so you no longer have to worry about uninsured drivers
Most drivers are either uninsured or under insured which is basically not enough to take care of you and your family if the other driver is at fault
When you buy Uninsured Motorists limits of let’s say 250,000 you no longer have to worry if the texting teenager smashes into your vehicle and has enough or has any insurance
You do
You would have 250,000 of coverage for lost wages, medical bills and mental difficulties you may experience
2) Uninsured Motorists is basically disability insurance when traveling in your car
Without it and you miss work and the other driver has no insurance or only minimum limits who is going to compensate you for your lost paycheck?
Miss a week or two hurts but what if you are out of work for 6 months?
If you are employed you must have Uninsured Motorists Coverage
Your ability to earn an income is your most valuable asset so adding Uninsured Motorists helps protect you if you are a wage earner
If you purchase 250,000 of Uninsured Motorists you can qualify for 1,000,000 of additional coverage with a Personal Umbrella policy if you are afraid your ability to earn an income could be limited for years
