Each month, most insurance companies send out a statement to each insured, letting them know their insurance levels. As you receive this statement, you will discover that they break down the premium in to specific categories, letting you know where your money is going. This article will give you information on how to assess this and see if you can save money.
As you look at this document, you will see that the major categories in your insurance policy include PIP, or Personal Injury Protection, your liability limits, and your comprehensive coverage. Each of these add to the total amount you pay, and if you are looking to save money, you may question which ones are the most important.
It is the law in Kentucky to have minimum liability limits of $25,000/$50,000/$10,000. You cannot dip below these limits, however most people decide to have their limits much higher. The average person should have limits of $100,000/$300,000/$100,000 to protect themselves adequately. Although this increases your premium, this is not a good place to look to save money, if you do it could come back to haunt you.
One of the most heavily debated areas is PIP. It is heavily debated between experts whether or not this is important and whether it should be legal. Regardless of what you think is right, it is required to have $10,000 in PIP by the state of Kentucky. This is expensive, but there is nothing you can do about this part.
One of the only places you can look to save money by cutting back your insurance is in your comprehensive coverage. This coverage covers the damages to your car in an accident or non-accident, regardless of fault. If you own your car, you can decide whether or not to have this coverage, but if you owe money on your car, your loan provider will require it.
If you do own your car, you can save money by dropping this coverage, but use discretion. If you drive an expensive car and you total it in an accident, this decision could come back to haunt you because you would have to replace it out of pocket. The only reason you would consider dropping it is if you have a car that isn't worth much. - 16928
As you look at this document, you will see that the major categories in your insurance policy include PIP, or Personal Injury Protection, your liability limits, and your comprehensive coverage. Each of these add to the total amount you pay, and if you are looking to save money, you may question which ones are the most important.
It is the law in Kentucky to have minimum liability limits of $25,000/$50,000/$10,000. You cannot dip below these limits, however most people decide to have their limits much higher. The average person should have limits of $100,000/$300,000/$100,000 to protect themselves adequately. Although this increases your premium, this is not a good place to look to save money, if you do it could come back to haunt you.
One of the most heavily debated areas is PIP. It is heavily debated between experts whether or not this is important and whether it should be legal. Regardless of what you think is right, it is required to have $10,000 in PIP by the state of Kentucky. This is expensive, but there is nothing you can do about this part.
One of the only places you can look to save money by cutting back your insurance is in your comprehensive coverage. This coverage covers the damages to your car in an accident or non-accident, regardless of fault. If you own your car, you can decide whether or not to have this coverage, but if you owe money on your car, your loan provider will require it.
If you do own your car, you can save money by dropping this coverage, but use discretion. If you drive an expensive car and you total it in an accident, this decision could come back to haunt you because you would have to replace it out of pocket. The only reason you would consider dropping it is if you have a car that isn't worth much. - 16928
About the Author:
Steve Turner is knows valuable knowledge on purchasing auto insurance. Heritage Insruance, Inc. Steve Turner is a credible resource in assessing an insurance policy. Insurance Statement Review
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