Our Auto Insurance Guide: From Full Coverage to Liability, A Complete Guide
Auto insurance is more than just a piece of paper; it ensures your peace of mind and financial security when you hit the road. It also protects you and other drivers, and some insurance is legally mandated. There’s no way around it… auto insurance is important.
The Streller Agency team is always ready to answer questions for our clients, but we also know that knowledge is power. So, we’ve created this guide to help all drivers understand everything from liability insurance and coverage amounts to deductibles and discounts. Whether you're a new or seasoned driver, understanding the intricacies of auto insurance coverage is essential for everyone.
If you are looking for auto insurance or are considering changing your policy, contact our team today. The Streller Agency team is here to be your resource as you consider all your car insurance options.
Auto Insurance Coverage Types
While auto insurance coverage is a trusty companion on every journey that gives you protection, it’s also a legal contract. Auto insurance is a contractual agreement between you and your insurance provider, protecting against accidents, theft, and unexpected events.
Different components and types of coverage often confuse drivers, especially young drivers. Let's look into the core components:
Liability Car Insurance
Liability insurance can be thought of as the foundational type of coverage. This coverage is mandated in most states– including Oklahoma. Liability shoulders the financial burden of injuries and property damage when you're deemed at fault in an accident. If you drive without liability coverage, you are breaking Oklahoma law.
Collision Insurance
This coverage covers the costs of repairing or replacing your vehicle after a collision, regardless of who bears the blame. Most drivers choose to have collision insurance in some capacity because the cost of repairing or replacing your vehicle after a crash can be pricey. Collision coverage becomes especially important if you own a newer or more valuable car.
Comprehensive Auto Insurance
Comprehensive coverage extends the umbrella of protection beyond collisions. It shields your vehicle from non-collision events such as theft, vandalism, natural disasters, and more, delivering a heightened sense of security.
Classic Car Insurance
If you're the proud owner of a cherished vintage or classic car, specialized insurance is on hand to safeguard your prized possession.
When selecting the right auto insurance coverage, it's essential to consider your unique circumstances. Consider your vehicle's value, driving habits, and financial standing. By carefully evaluating these aspects, you can chart a course toward the most suitable level of coverage. Many people choose to personalize their policies to include rental cars if they are in an accident and their vehicle needs to be repaired or other personalization to their policy. The Streller Team can discuss all the options available after we prepare your auto insurance quote.
Car Insurance Coverage Amounts
Auto insurance is not a one-size-fits-all solution; it's a personalized shield that takes various forms to cater to different needs and budgets. Let's explore the diverse options:
Minimum Coverage
This type aligns with your state's minimum insurance requirements, typically regarding liability insurance. It's a budget-friendly choice but comes with limitations on protection.
Standard Coverage
Standard policies strike a harmonious balance between cost and coverage. They often encompass liability, collision, and comprehensive insurance, providing a well-rounded protection package.
High-Risk Coverage
High-risk coverage steps in for individuals with a history of accidents or traffic violations, though it comes at a higher premium.
Full Coverage Car Insurance
While "full coverage" isn't an official insurance category, it generally refers to a comprehensive package that includes liability, collision, and comprehensive coverage. It offers all-encompassing protection.
Understanding the specifics of each type of coverage is crucial, as it allows you to tailor your auto insurance policy to your unique needs and circumstances. Whether you're seeking the most affordable option or comprehensive protection, there's an auto insurance coverage type that's right for you.
The Process For Getting Auto Insurance
Choosing the right auto insurance coverage is akin to navigating a map; it requires understanding your unique circumstances and constraints. Our team is happy to help you as you walk through this process, but we know some people prefer to take in the information, research, and then reach out to insurance teams. Here’s the process we recommend:
Evaluate Your Needs
Start by assessing your needs and priorities. Consider the value of your vehicle and your ability to cover potential repair or replacement costs out of pocket. Think about your driving habits and the likelihood of accidents or incidents. Your financial standing is also crucial; you'll need to choose a policy that fits comfortably within your budget.
Look Around
Choosing the first available quote may leave you missing out on savings. Take the time to explore rates and policies from different insurers to uncover the hidden gems. There are many local insurance teams in the Edmond and Oklahoma City area. We believe we’re among their best, but we know it can be insightful to look around. Each insurance company has different pricing models, so as you compare multiple options, make sure you’re comparing apples to apples.
Bundle Policies
Many insurers, including the Scott Streller Agency, extend discounts when you bundle your auto insurance with other policies like home insurance or renters insurance, making it a cost-effective choice. Bundling can result in significant savings and simplifies your insurance management.
Ask Questions
Don't hesitate to seek clarification from your insurance agent regarding any terms or conditions that perplex you. They are there to serve as your guide through the insurance landscape. Understanding the fine print ensures you know your coverage and responsibilities fully.
Annual Review
As your life evolves, so do your insurance needs. Regularly review your policy to ensure it remains aligned with your requirements. Significant life changes such as moving to a new location, changes in driving habits, getting married, or having children may necessitate adjustments to your coverage.
Auto Insurance Discounts
Beyond selecting the right coverage type, several ways exist to maximize your auto insurance savings. Insurance providers often offer various discounts that can significantly reduce your premiums. Here are some standard discounts to look out for:
Multi-Policy Discount
Bundling your auto insurance with other policies can lead to substantial savings. Combining your home, renters, or other insurance policies with your auto insurance often results in a multi-policy discount.
Safe Driver Discount
Maintaining a clean driving record suits your safety and wallet. Many insurers offer discounts to drivers with a safe driving history, which means no accidents or traffic violations.
Good Student Discount
If you're a student with good grades, you may be eligible for a good student discount. Insurers often reward young drivers who excel academically.
Defensive Driving Course Discount
Completing a defensive driving course can enhance your driving skills and may qualify you for a discount. These courses are usually available online or in person.
Anti-Theft Device Discount
Equipping your vehicle with anti-theft devices such as alarms or tracking systems can reduce the theft risk and qualify you for a discount.
Low Mileage Discount
You may be eligible for a low mileage discount if you don't drive your vehicle often or have a low annual mileage. Less time on the road often translates to a lower risk of accidents.
Payment Discounts
Some insurers offer discounts for policyholders who choose to pay their premiums annually or via automatic bank withdrawals. These options can result in cost savings over time.
Understanding Automotive Insurance Deductibles
It is also important to understand auto insurance deductibles. A deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in. Deductibles come into play in the event of a claim, such as an accident or damage to your vehicle.
Choosing the right deductible amount is a balance between risk and premiums. Here's how it works:
Higher Deductibles
Opting for a higher deductible means paying more out of pocket when making a claim, but your premiums will be lower. This can be a cost-effective choice if you're confident in your ability to cover the deductible in the event of an accident.
Lower Deductibles
Conversely, selecting a lower deductible results in higher premiums, but you'll pay less out of pocket in case of a claim. This can provide peace of mind, knowing you won't face a substantial financial burden if an accident occurs.
The deductible amount you choose should align with your financial situation and comfort level. It can reduce your ongoing premium costs if you have significant savings and can afford a higher deductible. However, if a high deductible would strain your finances, it's wiser to opt for a lower one, even if it means slightly higher premiums.
More Than Just a Policy with Edmond’s Best Insurance Team
As you research and look for auto insurance, remember each person’s needs differ. Your choice of coverage, deductibles, and discounts should align with your unique circumstances and priorities. Take the time to assess your needs, compare quotes, and ask questions to ensure you make the right choices for your situation.
When you choose a car insurance policy, you’re also choosing the insurance team that comes with it. At the Streller Agency, we’ll be here for you every step of the way. Request a quote today.
