Full Coverage Auto Insurance, is it worth it?
My auto insurance company mailed me a letter the other day saying that it’s time for me to renew. I’ve been with them for a while now and every time I expect to see a lower insurance quote than I did the year before and each year I am left disappointed. Sometimes that quote is the same amount I’m already paying and often times it’s a little bit more. But never less. You’d think that there’d be some kind of loyalty and rewards they could offer long time customers like me and cut me some slack on the price. How naïve of me.
I feel like I should and can be paying a lot less than I am currently so I went through my policy to see if I could stick with the same company but just take some things out of my agreement in order to cut costs.
It got me thinking; Do I really need full coverage car insurance?
I’ve been driving forever and haven’t had an accident in years, in any way shape or form. No big crashes and no little knocks, yet I’m covered for things that are extremely unlikely to happen. I called up my insurance company and told them about the changes I wanted to make and to see what kind of discount it would net me. I removed a lot of coverage that I had but the drone on the other end of the phone told me that the savings I would make but would be so low as to be pointless.
Rather than renew over the phone, I waited for a few days and mulled things over. I still have a few weeks left of coverage so there’s no rush on my part. I realised that even though I’m unlikely to ever have to make a claim for the majority of things that I’m covered for, it is nice to know that I am covered for them. If anything were too happen, no matter how rare or how crazy, I would be ok. The insurance company would take care of it. Unlike my friends who bought very cheap car insurance no deposit, but have almost zero coverage.. I looked to it here: https://www.autoinsurancemonkey.com/very-cheap-car-insurance-no-deposit-quotes/ but decided against it. Even if it was cheap.
Now, I might not stick with the same company, but I think that I’ll try and cut my costs in other ways when I renew rather than cutting down on my full coverage.