Insurance Adjuster Inspecting Damaged CarRegardless of what state you live in, it's likely that you are required to have at least the minimum coverage for car insurance. If you ever get into an accident and only have minimum coverage, you will quickly determine that minimum coverage isn't always enough to take care of liabilities resulting from an accident. The following are a few things to consider to determine whether you have enough insurance or not.

Take A Hard Look At Your Personal Assets


Although your auto insurance company is your financial partner following an accident, your insurance policy has financial limits. In fact, you can consider the financial limits "buckets" that cover certain types of accidents. Once you've reached the limit in each bucket, then you have to cover the costs.

By taking an assessment of your current financial situation, you can determine whether or not you can afford to pay for the costs associated with a wreck, using your savings. Since 62 percent of Americans have less than $1,000 in savings, the best option you have is purchasing more auto insurance from your insurance provider. By purchasing more insurance from your provider, you reduce the amount of money you have to contribute if you are in an accident.

Consider Who Is Driving Your Vehicles


It's natural to want to save money on your car insurance. As a result, many people purchase insurance based on an optimistic assessment of their financial situation. However, when you have other people driving your vehicles, risks are far too great to simply purchase the minimum insurance.

In fact, if you have a teen driver, then you should have more insurance coverage. Individuals between the ages of 16 and 24 are more likely to cause an accident while using their cellphones than older individuals. If your teen is in an accident and causes a wreck, then you are responsible for ensuring that the other driver is made whole. Even if your teen didn't cause the wreck, damage to your vehicle could be significant — which could possibly make you personally financially responsible.

A car accident can happen at any time. Although saving money is great, it's important that you have adequate coverage just in case the unthinkable happens. Simply getting the minimum auto insurance coverage may leave your household on the hook for hefty insurance settlements. The easiest way to avoid these costs and protect your nest egg is to have more insurance coverage.

Get the coverage you need. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Chicago IL auto insurance.
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