When it comes to auto insurance, not all policies are created equal. Check out the list below to see what you need in car insurance.
1. Enough liability coverage: Lawsuits aren’t as uncommon as you might think, and they have the potential to wipe out many people’s net worth or future earnings. That’s why most people will want to have at least $100,000 of liability coverage. You might also consider a Personal Catastrophe Liability policy, which adds an extra $1 to $5 million of liability coverage to your homeowners as well as your auto insurance.
2. Uninsured and underinsured driver insurance: One in seven drivers do not have any auto insurance while many others are underinsured. If you are injured by an uninsured, underinsured or hit-and-run driver, you could be left paying out of pocket for your medical care and time away from work. To protect yourself against these scenarios, talk with an insurance agent about uninsured and underinsured motorist coverage.
3. Insurance to rent a car after an accident: Have you ever thought about how you’d get around if an accident landed your regular car in the shop? Unless you’re willing to take public transportation, beg for rides or hoof it, it’s a question worth asking.
Fortunately, there is coverage for a rental car while your regular car is being repaired as the result of a covered loss. At ERIE, it’s known as Transportation Expenses. This coverage applies to two types of auto claims: collision claims (which result from physical damage to your vehicle caused by rolling over or hitting another vehicle or object) and comprehensive claims (resulting from something other than collision, such as fire, theft or vandalism). Coverage varies by state, so make sure to talk to an Erie Insurance Agent to learn what works best for you.
4. Endorsements that let you customize your coverage: Everyone’s risk factors are different. That’s why you’ll want the option of adding additional coverages to your policy. Just a few offered by ERIE include Transportation Expenses, the ERIE Auto Plus℠ Endorsement that includes a diminishing deductible and the New Auto Security Coverage Endorsement that protects your new vehicle against depreciation for up to two years.
5. A great rate that’s reliable: Your insurance company should offer you an affordable rate. (Just know that the cheapest isn’t always the best choice.) It should also try to help you keep that great rate. ERIE helps you do that with the ERIE Rate Lock® feature*. (In New York, it’s the Rate Protect℠ policy**.) Even if you have a claim, your rates won’t change until you add or remove a vehicle from your policy; add or remove a driver from your policy or change your primary residence.
6. Claims service you can count on: Over the years, ERIE has earned numerous accolades for outstanding claims service. Some of the ways ERIE helps deliver industry-leading claims service to Customers include maintaining local claims offices in each state; typically only calling on outside claims adjusters during catastrophes; and investing in industry-leading claims training through initiatives like the Technical Learning Center.
7. The backing of a financially sound company: One way to find out if your company is financially sound is to check the rankings from Ward and A.M. Best that are released each year. In addition to earning an A+ rating from A.M. Best and ranking among Ward’s Top 50 performing property/casualty insurers, ERIE also earned kudos for being among America’s 50 most trustworthy financial institutions.
8. A knowledgeable local insurance agent: It’s no secret that insurance can be complicated. To simplify things and get trusted advice, it’s a good idea to work with an insurance agent you trust. An Erie Insurance Agent is an insurance professional in your community you can count on to help you get the right coverage at the right price.
*Not available in North Carolina or New York. Limited to three years in Virginia. ERIE Rate Lock® does not guarantee continued insurance coverage. Insured must meet applicable underwriting guidelines. Premium may change if you change policy coverages, deductibles or pay plan. Patent Pending.
**With first accident forgiveness, there is no rate increase for your first paid claim. See policy for specific terms and conditions. Applicant must meet applicable underwriting guidelines. Visit erieinsurance.com or your local ERIE Agent for information regarding availability, terms, conditions, exclusions and licensure information. ERIE Rate Protect℠ is offered by Erie Insurance Company of New York, (home office: Rochester, New York).
Read the full story from Erie Insurance: “What You Need in Car Insurance“