The minimum coverage requirements for auto insurance vary from state to state. In Missouri, every driver is required by law to have a reliable method of paying for the costs of damage or injury to another driver after an auto accident. Most drivers fulfill this requirement by purchasing the minimum required liability insurance. All Missouri drivers are required to purchase and maintain at least $25,000 for bodily injury per person, $50,000 for total bodily injury when multiple people are injured and $10,000 for total property damage. Missouri also requires drivers to hold uninsured motorist coverage for bodily injury. You are not required to have uninsured motorist coverage for property damage. If you live in a state other than Missouri, talk to your agent about what's required for your state.
2. Do I need full coverage or just liability insurance?
While a minimum liability coverage may be all that's required in your state, there are other options to consider. Being involved in an accident can be extremely costly. In the event an accident does occur, you may find that the minimum coverage required in Missouri doesn't adequately cover the damages. Collision coverage will pay for damages to your vehicle after a collision with another car or object. Comprehensive coverage helps cover the costs of damage resulting from an event other than an accident, such as severe weather or a fire. Other coverages to consider include personal injury protection, rental car reimbursement and emergency roadside assistance. If your vehicle is financed, you may be required to obtain additional insurance above the minimum for your state. Talk to your Lake of the Ozarks insurance agent about your options and what's best for you and your situation.
There are several factors that go into determining the cost of your auto insurance premiums. These factors together are called your "risk assessment." This risk is based on age, sex, occupation, where you live and how long you've been driving for. For example, first time drivers and those with criminal records are considered higher risk. The higher your risk, the higher your premiums will be. In addition to the cost of your premiums, it's important to understand what your deductible will be. The deductible amount will also be a determining factor in the price of your premiums. The lower your deductible, the higher the premiums will be. Talk to your insurance agent about your risk and what that could mean for the cost of your insurance.
4. Are there any discounts that can save me money?
Many insurance companies offer discounts for a variety of different things. These discounts could lower your monthly premiums, making your auto insurance more affordable. If you are a student, you could be eligible for a good student discount based on your grades. Other discounts could include a good driver discount or a discount for bundling your auto insurance with your home insurance under the same insurance carrier. The great thing about working with Insure the Lake is that we are an independent insurance agency. This means we have contracts with a variety of different insurance providers and can shop around for the best value for you!
Depending on your situation, you may have other questions to ask your insurance agent before purchasing an auto policy. This is one of the many reasons you should consider using an independent agent, rather than an online company. With an independent insurance agent at the Lake of the Ozarks, you'll get the personal service you deserve. You'll have one contact instead of calling an 800 number and getting a new person each time. For all your Lake of the Ozarks insurance needs, give us a call at 573-348-2794.
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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
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