North Carolina Auto Insurance
How to Determine How Much You Need
It’s easy to take driving for granted, but it’s probably one of the most dangerous things we do. Auto insurance is another thing you should have, and most states actually require it. Check with your state’s insurance department for more information.
Liability Insurance: The Basic Coverage
Most states require that you have a minimum amount of liability insurance for accidental bodily injury and damage to other people’s property. Liability insurance is typically set at three: for example, 25/50/10 describes coverage of $25,000 per person, $50,000 for accidental bodily injury and $10,000 for accidental property damage.
Some states with no-fault insurance laws also require personal injury protection insurance. If your state does not have minimum insurance requirements, you will probably have to prove that you have enough assets to cover damages caused by an accident.
Other things to consider:
- If you have an auto loan, you may need additional coverage. Financial companies generally require that you have full and collision coverage as a condition of your loan.
- Evaluate whether comprehensive and collision insurance is worth the expense. Collision insurance protects against damage to your vehicle as a result of a collision with another vehicle. Comprehensive insurance protects against damage resulting from events other than a collision (such as theft, vandalism or fire). Look at the value of your car in the Kelley Blue Book compared to the cost of premiums and deductibles for these types of insurance.
- Think about increasing your deductible, the amount you would have to pay in the event of an accident. Higher deductibles mean lower premiums.
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