Americans do love their bargains. Getting a good value for their hard earned money is important. There are, however, times when cheap does not equal a good deal. Auto insurance is required in Maryland so it makes sense that individuals would think that if they simply find the cheapest quote, then they are set. They have met the minimum requirements set forth by the state and have saved money in the bargain. What could be better?
A Reality Check
It turns out that lots of things could be better than basing your decision on auto insurance on the lowest quote you receive. While it is understandable – and even noble – to want to save money, cutting corners on the wrong items could cost you greatly in the long run. Here’s how.
Minimum Coverage Isn’t Always the Best Coverage
Maryland, like other states, stipulates that vehicles must be insured to meet a minimum of coverage. These minimums cover bodily injury and property damage. The important thing to remember, though, is that this coverage only covers the other party. That is, the minimum insurance required by the state that allows you to legally drive on the roads of Maryland provides absolutely no protection for your own belongings.
No One Plans to Get Into an Accident But It Happens
Even if you are the most careful of drivers, extenuating circumstances can lead to accidents. While having an accident is devastating enough, the additional stress of having insufficient insurance coverage so that you cannot even replace your car or pay for your medical bills can cause you to become financially destitute.
Before signing up for that cheap auto insurance, take a few minutes and carefully go over the type of coverage it provides. Are your best interests – both short and long term – addressed in the insurance policy? If you are unsure, think twice before signing up for that particular insurance plan. A skilled agency can craft insurance coverage that meets your needs and your budget.