Choosing The Right Health Insurance PlanChoosing The Right Health Insurance Plan

About Me

Choosing The Right Health Insurance Plan

Hello, my name is Eric Coleman and I've written this blog to inform others about health insurance. Purchasing this type of insurance can be confusing, but it is very important that people know exactly what their insurance policy covers. When I was ready to purchase my health insurance, I didn't have any idea about what type of coverage I needed. Before I visited an insurance agent, I did hours and hours of online research to learn insurance terms and to find out about the kinds of policies that are available. The insurance agent also answered my questions so that I would fully understand what I was buying. Since getting the right health insurance is so important, I decided to write this blog to help others understand what type of policy they need and what is covered.


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When To Increase Auto Insurance Coverage

Lowering your auto insurance coverage may be a way to lower your premiums, but there are also cases where it's best to increase your coverage or buy additional coverage. Here are some of those cases and why they may necessitate an increase in coverage:

When You Upgrade Your Car

The value of your car is the most basic guide for auto insurance coverage limit, at least as far as collision and comprehensive coverage is concerned. For example, if you bought comprehensive coverage for your car when it was new, the same coverage may be superfluous if you are still driving the same car a decade later. This is because the value of the car would have fallen significantly after that time. The reverse is also true in that if you have been driving a low-value car with minimal collision or comprehensive coverage, you should consider boosting those two coverage if you upgrade to a more valuable car.

When You Acquire More Assets

Buying car insurance liability coverage is a great way of shielding your personal assets from the victims of your accidents who may come after you with accident claims. However, such victims can still come after your personal assets if your auto insurance coverage doesn't compensate them adequately. This may not be of too much concern to you if you don't have significant assets that accident victims can lay claim to. However, when you do acquire such assets, say significant bank savings or real estate property, it's time to boost your liability coverage to protect them too.

When Your Risk of Accident Increases

Auto liability coverage is arguably one of the most important coverages for car owners. If your car is damaged in an accident, it's up to you to decide whether to fix it immediately or wait for a financial windfall. However, if you accidentally damage another person's property or cause injury to another person due to your negligent driving, it's not up to you to decide when to compensate them – they will need immediate compensation through their car insurance.

That is why you need to increase your liability coverage if your liability coverage increases. You know your liability exposure has increased if:

  • You have modified your car to increase its speed and power
  • Your teenage child has started driving
  • Your work commute has lengthened

As you can see, it's not wise to continue renewing the same coverage year in year out. There are times where you need coverage modification to enjoy maximum protection at reasonable rates.