Full coverage insurance is required by lien holders to protect them in case anything happens to the vehicle. Full coverage in many cases, insures that the company who puts in a significant amount of money will not be at a loss if something happens to your car and you default on the loan agreement. In the state of north Carolina liability is required by law, and full coverage is required as part of most loan agreements. Many people choose to drop their full coverage after they fulfill their loan agreement to save a little on the difference of cost. It may seem like a way to pinch pennies but keeping full coverage, even when not required can end up saving you significantly.
- The difference in cost is not significant, in fact the better your driving record the less the cost in general. It is not that much more to keep your car fully protected, so why not go above the minimum.
- When an accident does occur, the last thing you need to worry about is whether or not you are protected. If you have full coverage, chances are that you are indeed protected (check your terms when you purchase insurance). This means you can focus on healing your body and repairing your car, not the regret that you will also have to pay out of pocket for repairs.
In the end the cost of a new car is going to be significantly more than the cost of insurance. Contact us at Young Insurance to discuss your insurance needs to make sure that you are fully covered no matter the situation. We serve Raleigh, NC and the surrounding areas.