Cheap and cheerful auto insurance in Hudson may be harming your wallet.
From bundling policies to buying a safe car, every motorist looks to save a dollar where they can. Even though many factors determine the price of one’s auto insurance in Hudson, many knock down coverage until they reach their desired spending limit. While this can work in favor for your wallet (in the short term), it may be doing more harm than good.
Here’s why cheap auto insurance may not be worth it!
Higher deductibles mean higher out-of-pocket expenses. One of the easiest ways to save on car insurance is to raise the deductibles. Doing so will increase the cost of filing a claim as you’ll have to pay more out of pocket. Bear this in mind when choosing your policy.
You’re putting your assets and earnings at risk. Available limits can seem staggeringly high. Possibly even beyond the levels of damage that you imagine you might inflict. Even so, you’d be surprised at how fast these limits can be reached and breached. Accidents can total up to hundreds of thousands of dollars. If you only have the state minimum of $25,000 per person of bodily injury liability insurance, and you cause another driver $40,000 worth of medical bills, you’ll be responsible for the remaining $15,000!
Dropping uninsured motorist coverage can be even riskier. If someone with no insurance or very little insurance damages your car, you could be left to pay significant expenses. Uninsured and underinsured motorist coverage protects you in these situations to that you don’t have to face high costs on your own. Choosing a cheap car insurance policy without this coverage is a financial risk.
An experienced agent can help you to choose the right amount of car coverage that’s right for your wallet. Talk to our professional team at Lofgren Agency in Hudson, New York to get started!