I spoke to a group of people today about car insurance, specifically what a typical Texas policy includes and how to determine the right amount of coverage for each person. I enjoyed the interaction and questions that arose from the presentation and felt like everyone learned how to better evaluate their car insurance needs.
There are a number of options that go well beyond what most people think of when they want “full coverage” car insurance. Here are six options worth knowing about.
There are a lot of different options available on a Texas car insurance policy. As I’ve written in the last two posts, anything after liability coverage is strictly optional as far as Texas law is concerned. This week we’ll look at some of the more common coverage options in the third part of our series on car insurance coverage.
Last week, I wrote about the one required coverage on any Texas car insurance policy. It is liability coverage (see https://wiseinsurancegroup.com/car-insurance-one-coverage-required-texas/). I’m going to continue on the theme of car insurance coverage this week as we look at two more coverage types which are Uninsured Motorist and deductibles.
What does a car insurance policy in Texas cover? That can vary from person to person. There is, however, one type of coverage every car insurance policy within Texas must have, and that is liability coverage. Over the next few weeks, we’ll take a look at the different types of coverage available on car policies in Texas, as well as, some discounts you should be aware of. We’ll first start with liability coverage.
In the past week, I’ve had two conversations with two different clients. Both clients were involved in accidents where they were hit by the other driver; one was rear ended by a commercial vehicle and the other was struck by a car that changed multiple lanes in order to attempt making the exit. The question both clients asked was the same, “How should they file their car insurance claim?”
My youngest son was involved in a car accident about 10 days ago. The good news is he was not injured although he is a little sore from the airbag deploying and sustained some minor cuts from flying glass when the driver’s window shattered. It could have been a lot worse. His mom called me to let me know he’d been in an accident and that he was not hurt. She also asked me a question related to filing a car insurance claim that is worth sharing.
When it comes to car insurance and college kids every parent should discuss a couple of topics with their student. These topics have financial ramifications in that they can increase or decrease what you pay for car insurance. Let’s revisit permissive drivers and car insurance discounts.
A client called me last week to add a new car to their car insurance policy, bringing the total number of vehicles on the policy to three. I added the car to the policy, then emailed them the ID card for the new car along with the new annual rate for their policy. They were a little surprised at the rate and wanted to know why it increased as much as it did with the new car. I reviewed their rate with my other carriers and verified the new rate was in-line with them. The cost of their new vehicle is the biggest factor that impacted their new rate.
Consumer Reports released a study last week which was published online that appeared on Yahoo and various other websites. It’s one of the most interesting articles I’ve read on car insurance pricing from a consumer organization in some time. The conclusion of the Consumer Reports study is blue collar drivers pay more for car insurance than do white collar drivers. The amount of the difference isn’t trivial either; it’s $681 a year more on average nationally.
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