What to Consider When Purchasing Auto Insurance

As with every purchase, you’ll want a policy that fits each of your needs when buying car insurance. As you go through the process of choosing your coverage, consider all aspects of your life, such as your family’s circumstances with budget and risk tolerance. At Shepard Walton King, we want you to be fully educated and have created a list of what to consider when buying auto insurance.

Know Your Money

A basic rule of thumb when purchasing car insurance is: the higher your salary and net worth, the more you can lose if found liable in an accident. Ask yourself how much salary your household earns, which assets you have and how much in savings and equity you hold. The more you are valued, the more coverage you’ll be better off with.

Consider Your Car

If you own your vehicle (not loaned, financed, etc.) and it has a relatively low value determined by its original cost and model year, then you might want to consider whether or not you need comprehensive or collision coverages. However, if you lease or financed your car, then your lender may require you to get comprehensive and/or collision coverage.

What’s Your Health Insurance Situation?

Your auto insurance may provide medical payments for you and any other passengers. If you don’t have health insurance, adding medical payment coverage onto your auto insurance policy may be a smart decision.

Don’t Forget the Children

Are your little ones about to hit the driving age? If they are, you may want to purchase higher limits of liability coverage. Younger drivers are more inexperienced on the road and may be higher risk, so play it safe and purchase the insurance needed to put your mind at ease.

For All Your Insurance Needs

Feeling overwhelmed by the process of purchasing auto insurance? Don’t worry, the professionals of Shepard Walton King are here to help. We’ll help you determine which coverage plans best fit your needs so you can take to the road with no worries in mind. For more information about our insurance services, contact our office in McAllen today.

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