Help me understand my car insurance policy
We are asked this question all of the time, “Help me understand my car insurance policy” at Capital Insurance Agency of Raleigh, LLC. A quick reference of insurance terms. Let’s start with the state minimum requirements which are $30/$60/$25. This means the following: The Insurance Company will pay the following:
$30,000 per person in an accident for bodily injury
$60,000 per accident for bodily injury
$25,000 for property damage per accident.
Regarding the deductibles for collision and other than collision aka comprehensive coverage many people question how much deductible should I have? This is going to depend on your personal budget, and how much you can afford. Our deductibles range from as low as $50.00 per claim to $ 1,000.00 per claim. Just know the lower the deductible the higher your monthly rate will be. Industry standard is $500.00 deductible. If your car is being financed your lien holder is most likely request either $250.00 or $500.00 deductible.
Rental car coverage on your car insurance policy is coverage for you to have access to another car to drive while your vehicle is being repaired. The insured has a choice to choose from $15.00 per day rental car coverage up to $45 per day rental car coverage. Usually $30 per day is the average coverage and it usually cost an average of $15 per 6 months on an average car insurance policy.
Roadside assistance is also included on some car insurance policy. This helps our the insured if the car breaks down. This type of coverage provides towing to the nearest gas station or another location the insured chooses, unlocking cars in the event of a lockout, changing a tire, and much more. This type is coverage is usually around $2.00 or less per month on average.
Medical payments is for you the insured. The BI - bodily injury is for those who are injured in an accident you are at fault. Medical payments range from $1,000.00 per accident to $5,000.00 per accident. This money can be used to pay for your ambulance ride to the hospital after an accident, your physical therapy appointments, and follow-up appointments with your primary care physician.
Call us today for a free quote. Let us see if we can save you some money on your car insurance today.