When getting insurance for the first time or renewing your insurance you may be considering the real value of collision coverage. Collision coverage can be included in your yearly premium or you can opt out of this coverage.

So, is collision coverage worth it?

The idea of saving today often outweighs a potential future benefit. If everything works out according to plan you won’t need to rely on your insurance ever. However, if you are found to be at fault for an accident and don’t have collision coverage, you pay ALL your repairs out of pocket. The truth of the matter is that car parts are expensive to replace.

We hear about car accidents daily on the news and we see them when driving to and from work. Yet, we don’t think it will happen to us. We feel happy taking on the minimal amount of insurance coverage and saving a few bucks, but are we costing ourselves more money in the long run?

In my opinion, it is simple, get the collision coverage. The short term savings of opting out of collision coverage are not worth the potential monetary costs of future repairs, especially in newer vehicles. Not to mention the frustration that comes after being involved in an accident and then realizing you didn’t have collision coverage. This realization can sometimes be worse than the fender bender itself.

Another option to save is to increase the amount of your deductible. The deductible is the amount you have to pay before insurance will cover the rest of the repairs. With a higher deductible payment you can reduce the amount of your coverage payment.

We all think that we are the exception, that we are attentive drivers, with tons of experience and there is no way an accident will be our fault. The truth is that accidents happen. Shell out a bit of extra dough now and know that you are avoiding financial hardship and a great deal of frustration in the future.

If you have had the unfortunate experience of being in an accident, contact me for a free ½ hour consultation to discuss your options caia@hemmerlinglaw.com or (250) 448-7200.

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