There are several car insurance companies offering budget car insurance policies. They use tactics like low monthly payments and low deductibles to lure us in. We all want to save money on car insurance but at what cost to our protection? The coverage that is offered with these policies is usually insufficient and will leave you holding most of the responsibility if not all for the cost involved in the accident.
Most of the insurance companies that are offering budget car insurance will only supply you with the legal amount required by your state. This coverage amount usually involved the insured being the one who foots the bill for repairs in the event of an accident.
Liability insurance offers little protection to you in the event of an accident. If you are at fault you will be responsible for any damages that your vehicle suffered as well as your own medical costs if any. Your coverage may not be enough to cover repairs to the other vehicle or to cover the medical costs from their injuries. This means that you will be financially responsible for any of this excess and risk losing your home, savings or any assets you might own.
Damages your vehicle encounters that are not your fault but are due to hail, wind, or vandalism will not be covered in your policy and the cost of repair will be yours to bear. car insurance does not pay for damage to your vehicle no matter how it occurred. So if you drive off the road in an ice storm and hit a tree any damages to the vehicle, injuries to yourself, or cost of the tree will be yours to pay and yours alone.
There are too many drivers on the road who have budget insurance and this means if you are insured with the same type of insurance coverage and are hit by them that any repairs or medical costs their insurance will not pay for you will be liable for on your own. You will have no protection for underinsured motorists or uninsured motorists with these lower priced policies. Any type of accident, your fault or someone elses could end up costing you thousands of dollars and put all your assets at risk.
If your car is stolen the policy will not cover any costs to replace it. Most of the time you will never see the car again and will have to purchase a new one using your own money. In the rare occurrence you receive the vehicle back it will usually be severely damaged and this too will be your responsibility to pay for.
The low deductibles that are offered to you are useless since you would never even have a claim that would require you to pay a deductible. The entire amount of repair is yours and therefore there is no need to pay a deductible at all. This is a tactic used by the car insurance companies offering budget policies to make you think you are getting a great deal when in actuality you are getting nothing.
It is not legal to drive without insurance so the budget car insurance companies designed policies only to keep you legal. They offer no real protection to your property or any of your assets.
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