Deciding how much insurance or which auto insurance coverage to obtain can be confusing for some people, but it does not have to be. At DePaulo Agency, we suggest that you start by answering the following questions:
What is Required?
While most states require at least liability insurance, some states have no requirements at all. It is important to understand what you must have before deciding what to purchase. In Scotia NY, drivers are required to carry liability insurance, which is:
- $10,000 for property damage per accident
- $25,000 for bodily injury and $50,000 per death per person per accident
For those outside of New York, check your DMV’s website for your state’s requirements.
Do You Own or Are You Buying?
If you own your car, you are free to decide what type of insurance you have beyond the legal requirements. If you are currently buying the car or if it as collateral for a loan, you might be required to carry additional coverage. Be sure to check with your lender.
How Much Is Your Car Worth?
If the value of your car is low, liability insurance coverage might be enough for most people. The more value the car has, the higher the coverage limits you should purchase.
Do You Have Enough Savings for Repairs?
You need to be sure that if you need to repair or replace your vehicle, you have the money necessary to do so. If you do not have enough in savings, you should consider higher collision and comprehensive coverage for your car so you do not end up without a vehicle.
What is Your Net Worth?
Higher net worth individuals have a lot to lose should they be taken to court. The higher your net worth, the more coverage you should consider.
The answers to these questions should give you a good idea of where to start with your coverage. Give DePaulo Agency of Scotia, NY a call today. We can discuss your coverage options according to your needs.