Insurance isn’t really a “buy it and forget about it” type of product. Insurance should be dynamic—evolving and accommodating all the changes in your life as they occur, because in order to provide adequate protection, your policy must reflect your current levels of risk, need and exposure.
When you have children, many of your insurance needs will change, including your auto insurance needs. For instance, you might consider changing the:
Deductible: The deductible on your policy is your out-of-pocket responsibility for each incident. While before you might have had a high deductible in order to keep premiums low, now that you have a child it is a good idea to drop the deductible so that you don’t have to worry about having the cash set aside to cover your burden of the damage and instead can expect more benefits from the actual policy.
Bodily injury limits: With more passengers in the car, there is more risk of bodily injuries. Changing your limit increases the likelihood that you will be able to get the money for proper treatment from your policy.
Uninsured motorist coverage: If your state doesn’t require uninsured motorist coverage, then you may have opted to skip this important benefit. Now that you have a child, you should rethink this since you have increased the amount that you have at risk. You see, if an uninsured motorist hits you and causes damages, you have little recourse to seek reimbursement for these damages unless you take them to court and attack their personal assets, assuming they have any. Uninsured motorist coverage ensures that you receive payment from your own insurance company if you sustain damages by an uninsured driver.
Comprehensive coverage: In order to save money, many people opt for just the minimal, state-required auto insurance coverage. But as a parent, you now have more responsibilities. You also have little people who depend on you to have a mode of transportation to take them to recitals, practices, birthday parties and more. Comprehensive coverage ensures that you can replace or repair your vehicle in the event of damage caused by an act of nature or theft.
When you become a parent, your whole world changes. It’s no longer just your budget, it’s your family’s budget, too—and it’s no longer your Chicago auto insurance policy, it’s your family’s policy. Provide them with the right protection and make sure to include their needs in the policy.
Make sure your Chicago Auto Insurance agent is there for you in the event of an accident. Contact us at Oxford Auto Insurance today!
No comments:
Post a Comment