October 05, 2022

Auto Insurance Tips

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When it comes to auto insurance, there are cases where the standard coverage isn’t enough. And it always seems to be in those margins where we need the coverage the most.

Fortunately, there are types of insurance for just about every situation that can crop up.

CHC has a look at three potential holes in a typical auto insurance policy and how you can close them up.

  1. Driving a New Car

The old adage says that a vehicle’s value drops in half when it’s driven off the lot, but that’s not quite true. A new vehicle does lose over 20% of its value in the first year, however, so if you’re in an accident early on, you could owe more on your loan than the cash value of the car.

To rectify this, you’ll want GAP (Guaranteed Assed Protection) insurance, which covers that difference if your vehicle is deemed a total loss.

  1. Accident With an Uninsured or Underinsured Driver

More and more people are driving without insurance, and it can make for a difficult situation if you’re in an accident with one of these motorists. You could be stuck paying bills yourself for your injuries or if damage is done to your property—through no fault of your own.

Uninsured and Underinsured Motorist coverage, however, is available on most policies, so if this is something you want for a little more peace of mind, you can talk to an agent about it.

  1. A Need to Protect Personal Assets

If you cause a crash and exceed your limits, you risk any personal assets that can then be used to pay for others’ injuries and damage to their car. But by adding an umbrella policy to your coverage, you can have extra protection of your personal assets and future assets if the liability goes over your initial limits.

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