Getting the minimum car insurance required in Peoria, AZ may save you money on your monthly payments, but it could hurt you in the long run if you do get in a car accident.
The minimum coverage may not provide enough protection in the event of an accident, because many accidents surpass the minimum limits. In Peoria, AZ, the minimum limits are $30,000 total per accident for bodily injury coverage and $10,000 per accident for property damage. If you have significant assets, you will be on the hook for any additional costs that are not covered by the minimum insurance. You could even be required to pay these damages out of your future paychecks, which is why it makes sense to have more that the minimum level of coverage. The best rule of thumb is to be covered for an amount that is the total value of your assets, which includes the vale of your home, car, and savings.
Not only could you be on the hook for more money, especially if you cause the accident, you also won’t have any insurance to help pay for your car. Collision coverage is the type of insurance that will pay for damages to your car, and Arizona does not require that you have this coverage. If your car is damaged by some event other than an accident, or if it’s stolen, you won’t have comprehensive coverage to help pay for those costs either. If you are leasing or have payments to make on your car you may be required by the lending company to have both collision and comprehensive, but the state will not require it. An agent at Schaller & Thomas Family Insurance can help increase your insurance limits, depending on your risk
Contact Schaller & Thomas Family Insurance to get a quote on car insurance.
