Is Optional Insurance For You?
You probably already know that you must meet the minimum amount of insurance required by law or by your lender. However, did you know there's a wide range of optional insurance you can add to further protect your vehicles and passengers? While many of them are not for everyone, they may be useful especially if you have a certain type of vehicle or unusual circumstances. Here are four types of optional insurance that may help you out of an unusual situation. Not all insurance companies offer these insurance in all areas.
Towing and roadside assistance:
Most insurance companies offer optional towing and roadside repair coverage for a minimal cost. This coverage will reimburse you if you need to have your car towed or if you need services such as a jump start and possibly even lockout services. Coverage either covers part of all of the costs. If you have an older car that is prone to breakdown or you tend to lock yourself out often, this coverage may be a good fit for you.
Medical insurance:
Medical insurance coverage will pay out any time you are injured due to a car accident no matter who is at fault. This includes single-car collisions and rollovers. Generally, between one and five thousand dollars of coverage is offered. Though this probably wouldn't cover all of your medical expenses, it may cover your health insurance deductible. This insurance may be good for those with high deductible health insurance.
Optional equipment:
This type of insurance adds additional coverage for any upgrades you've done to your vehicle such as an upgraded sound system or other electronics. It may also cover any other personal effects that are stolen from your vehicle. This insurance may give you piece of mind if need to keep extra equipment in your vehicle, such as if you have a mobile office, or you've spent a lot of money on upgrades.
New car replacement:
Many insurance companies now offer coverage where if your car is totaled, you can get a new car of the same make or model as long as the accident occurs before the vehicle has reached a certain number of miles or years old. If you are worried something happening while you're still making payments or after you just put a lot of money into your car, then this might give you some piece of mind especially if you normally drive in an area with a high number of accidents. Be aware that this insurance only pays if your car is completely totaled and irreparable.
Optional insurance is just that-optional and not required by law or by lenders. However, if you have unusual circumstances and you want additional coverage for piece of mind, these types of coverage may be for you. For more information about these and other types of optional insurance, and whether they are right for you, contact your auto insurance agency for more details and information.
For auto insurance, contact a company such as Nelson Insurance Agency.