Texas requires all drivers to have $25,000 in property damage coverage and $30,000 to $60,000 in bodily injury coverage for each accident. The legal requirement for auto insurance only covers liability; it does not cover vehicle repairs or medical costs. Although it is affordable, it is rarely enough. Being at fault for a two-vehicle accident will probably cost more than your basic insurance limits. If you cause serious injury to another motorist or passenger, $30,000 to $60,000 won't cover it. not to mention the worth of your own car and your own well-being.
In the event that you caused the accident, and your insurance will not fully cover the expenses, you may be required to pay the remaining sum and can be sued for the remaining amount.
The people whose policies frequently cancel are served by insurance companies that offer minimum auto insurance. They write people who are expensive to insure and don't have much money to spend on coverage. They market themselves and are selected based solely on the low cost of their basic coverage responsibility. None of these elements—family-friendly service, high-quality insurance coverage, or customer satisfaction—determine why customers pick low-cost auto insurance providers or agencies. Shouldn't there be more considerations than only pricing in a significant decision?
These companies frequently offer minimal coverage for low premiums in an effort to increase profits, yet almost all of them charge fees. Asking about the fees will help you compare the premium with fees to higher coverage with fees if you do obtain a quote for the state's minimal coverage.
Cheap insurance companies and brokers can frequently provide low prices on auto insurance by having an EXTREMELY high deductible. Generally speaking, comprehensive insurance is required if you have a loan on your automobile or truck. Since the lender actually owns the property, you are often required to pay for comprehensive insurance as well as the car they lent you.
You then have a collision while trying to locate the lowest comprehensive car insurance. You're protected, therefore, there's no problem, right? Yes, you're protected, but since your policy has a large deductible, you'll need to come up with $2000 to $4000 before you can even begin having the car fixed.