If you lease a car, you won’t be able to drive it off of the lot with liability-only car insurance. If you outright buy a brand new car, then you wouldn’t want to entrust it to just liability auto insurance. However, in some cases, such as when you own a car that isn’t worth what it once was, liability-only insurance may help save you from paying unnecessarily-high insurance costs. To determine if lowering your auto insurance coverage is a good idea, speak with the insurance experts at the Jeff Van Matre Agency about the specifics of your situation.
The Details of Liability Auto Insurance
Even if it’s the only coverage you acquire, you’ll need at least a limited liability plan (and a license) to operate your vehicle on the streets of Texas. In the event that you’re involved in an accident, and you’re at fault, liability coverage will protect the other driver from the costs of damage, and from medical bills if the other driver and passengers are injured. The damages and injuries on your end, though, will be solely your responsibility, which is an important consideration when deciding.
When to Consider It
The age and value of your car, and the amount of emergency money you have stashed in case you have to pay for repairs, are perhaps the most vital influences on choosing liability coverage.
If your car has over 100,000 miles on it, and its value is significantly less then when you bought it, then paying the same amount of insurance that you paid at the time of purchase may be costing you money. Older cars are typically less expensive to fix, and paying out of pocket when needed may save you money compared to paying higher premiums. Reduced insurance costs can also help you save more and purchase a newer vehicle later.
ABOUT YOUR CARROLLTON INSURANCE AGENCY:
With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets and put your mind at ease. To learn more, visit us online, or call our Carrollton office today at 972-492-8500.