You keep both hands on the wheel at all times and always follow at least three seconds behind the driver in front of you. You are proud of your spotless driving record and intend to keep it that way. Since many insurers consider you low risk, you wonder, “Do I still need full coverage auto insurance?” At Patriot Insurance, we know how tempting it can be to forego coverage you think you will never need; but what if an unexpected turn of events occurs and you find yourself with your car totaled? How would you manage the financial consequences without adequate protection? Continue reading to learn more about the importance of full coverage auto insurance even for the safest of drivers.
What is Full Coverage Car Insurance?
To begin with, there is no such thing as “Full Coverage”. However, full coverage is generally recognized as an insurance policy having both collision and comprehensive coverage in addition to your liability coverage. Together, they provide a broad range of protection for your vehicle and your financial well-being.
Collision helps pay for repair or replacement of your vehicle if it is damaged or lost in an accident. Perhaps you consider yourself a safe driver at low-risk of needing to file a claim. Maybe you assume that any accident you are in would be the fault of another driver and automatically covered by the at-fault party’s liability insurance. In a perfect world, that might be the case, but reality says otherwise. Approximately 1 in 10 Minnesota drivers is uninsured. What if your car is hit by one of them? Statistically speaking, drivers can expect to file a collision claim once every 17 to 18 years on average.
The data in the preceding paragraph does not take into account the likelihood of filing a claim for other types of property damage not caused by a car accident. Comprehensive insurance pays to repair or replace your vehicle if it is damaged or lost by other means outside your control, such as fire, vandalism, theft, severe weather, falling objects, and wild animals. Unfortunately, your safe driving record does nothing to prevent you from exposure to these types of risks.
If you found yourself responsible for repair or replacement of your own vehicle, would you be able to afford it? Do you have sufficient funds in your savings account, or would you have to take out a loan to buy another vehicle? Since the average annual full coverage premium is only a fraction of the value of most cars own in Minnesota, it is easy to see why so many drivers in the Blaine area choose to keep full coverage on their vehicles indefinitely.
You May Qualify for Lower Rates
Fortunately, your safe driving record may qualify you for lower rates – especially if you have a have not filed any claims recently. Keep in mind that the definition of ‘safe driving’ can vary from one insurance company to the next. What one company may consider an elevated risk, another may consider low risk. That is why it pays to shop around.
Here at Patriot Insurance, we help Minnesota drivers compare rates on full coverage auto insurance from multiple carriers. As an independent agency, our allegiance is to our customers – not the insurance company. That is how we help you find the most competitive rates on the coverage you need. We can also show you how to further lower your costs by raising your deductibles or qualifying for special discounts, such as multiple-policy bundling discounts.
For more information about full coverage auto insurance or to request your free quote, contact our office today. We look forward to serving you soon.