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So You Think You Have “Full Coverage”

Full Coverage Insurance

In terms of insurance coverage, there is never enough, so when insurance agents hear someone say that they have “full coverage” it has a similar effect as nails on a chalkboard. This article will explain some of the common insurance myths and facts about insurance. Understanding these basic elements will certainly help you to understand where gaps in your coverage may be to see if additional coverage is necessary to protect you and your family.

Myths About Full Coverage

The most common myth about insurance is that it exists. When most people or insurance agents reference “full coverage” they are speaking about a specific set of coverages. For you automobile, full coverage may mean liability, comprehensive and collision insurance. In the state of Nevada the minimum insurance required by any individual is liability insurance. Adding comprehensive and collision insurances will protect your finances against physical damage to your vehicle caused during an event outside of a collision. Collision insurance covers exactly that, the broadest coverage despite what causes the damage to your vehicle.

What’s Not Included in Full Coverage

Individuals with “full coverage” generally don’t understand that there may still be areas that they are financially responsible for should a claim be made. Most motorists don’t understand that roadside assistance, as an example, may not be listed in the features of their policy. One lesson you don’t want to learn the hard way is what coverage you didn’t have that you thought you did. While towing and other roadside services may be covered under your policy it is better not to assume. Here is a list of coverages may not be automatically included in your “full coverage” auto insurance package.

Uninsured/Underinsured Motorist

Easily overlooked is the lack of insurance that other drivers may have. Some agents may drop this coverage from your quoted rate to help reduce your monthly premium and win your policy. Make sure that you have coverage in case the other party doesn’t. Since the only required insurance policy is liability it is best to assume that this is the only coverage other drivers have. The addition of this coverage to your policy will likely only increase your monthly premium slightly, but when it comes time to use it, you will be glad you kept the box checked on this one.

Gap Insurance

Most people that recently purchased a brand new car will assume that gap insurance is included in their “full coverage” policy. The truth is that unless you request it, it may not be. A great agent like the ones at EINSURE will offer this coverage, but don’t leave it to chance. Gap insurance will make up the difference between what your car is worth, and what you still owe on it, which is likely a lot for the first several months after a vehicle purchase.

Car Rental

Depending on your policy limits you may not have a car rental for as long as you need one. Every policy is different, so be sure to look into the limits in your policy. At EINSURE we offer car rentals with many of our policies, so if this matters to you, be sure to ask.

OEM Endorsements

One of the less well known facts about insurance is that they don’t use parts from auto manufacturers. The aftermarket parts they ask repair shops to place in your vehicle may not be up to your standards, but it’s part of how they keep their costs down. Some insurance companies offer an OEM Endorsement for a slight additional charge, to use parts only directly from the manufacturer.

What You Don’t Know Can Leave You Liable

With so many different options in car insurance and policies from one provider to the next it is likely that your “full coverage” policy doesn’t include them all. It is also likely that you don’t need every type of coverage available, so sit down and talk with your insurance agent, at least once a year, to discuss you current needs. See if a policy is really right for you, or if you should add a coverage you don’t already have. Your auto insurance agent should be able to explain the benefits, features and associated costs of your policy, and what choosing a higher deductible might exclude for you.

Have questions? Comment below to speak directly to an insurance broker in Las Vegas. Follow this blog for more information about auto, home, life and other insurances, and be sure to keep up with EINSURE on Facebook.

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