The Importance of Personal Auto Insurance

Whether you drive a practical sedan or a luxury SUV, you need personal auto insurance to keep you, your vehicle, and your passengers safe on the road.

You can’t predict when a car accident will happen, but you can use personal auto insurance to ensure that it won’t make a dent in your savings account. Learn more about the common coverages included in personal auto insurance and how Southpoint can find the right policy for your vehicle.

What Is a Personal Auto Insurance Policy?

Personal auto insurance policies cover the risks that individuals face when they own and operate a motor vehicle. The financial repercussions of a car accident can be devastating, which is why almost every state requires residents to carry personal auto insurance. Individual car insurance coverage pays for property damage, bodily injury to other drivers, and personal injury to you or your passengers.

There are multiple coverage components that you can include in your personal auto insurance policy, depending on your state’s requirements and your individual needs:

  • Liability coverage: Because liability coverage protects other drivers, it is mandatory for drivers in most states. Bodily injury liability pays for injuries to other drivers that you or your family members cause while driving. If you damage another person’s car during an accident, property damage liability coverage pays for repairs. Liability coverage also pays for defense and settlement costs if you get sued after a severe accident.
  • Medical payments or personal injury protection (PIP) coverage: Medical payments coverage pays you or your passengers’ medical bills after an accident. PIP coverage is broader than medical payments coverage—it pays for both medical bills and lost wages if you or your passengers miss work after an accident.
  • Collision coverage: Whereas liability coverage pays for damage to other drivers’ vehicles, collision coverage pays to repair your car after a collision. You are responsible for paying a specified deductible after filing a collision claim.
  • Comprehensive coverage: If your vehicle suffers damage due to a natural disaster, theft, falling object, or animal, comprehensive coverage pays for repair costs that exceed your deductible.
  • Uninsured and underinsured motorists coverage: Car insurance may be required in most states, but that doesn’t mean every driver has it. If you get hit by an uninsured or insufficiently insured driver, your coverage will pay for your vehicle damage and medical payments.

Save Money by Bundling Home and Auto Insurance

If you own a nice car and a high-value home, your insurance premiums can be hefty. However, our insurance company partners offer premium discounts if you bundle your home and car insurance. The Southpoint team can help you find affordable personal insurance that keeps your most important assets safe.

How Much Does a Car Insurance Policy Cost?

Personal auto insurance premiums vary based on your insurance company, vehicle, driving history, credit score, and zip code. If you own a valuable new car and have significant financial assets that you want to protect, you might opt for an expensive auto policy with high limits. Even if you choose the minimum limits and your car is a decade old, your auto insurance premium will be steep if you have a bad driving record and your credit history is poor.

Auto insurance premiums vary by state, so you might pay more in your state than a driver across the country with a similar vehicle and driving history. If you’re trying to find the best car insurance rates in your area, it might be best to enlist the help of an insurance agent. At Southpoint, our industry experts know the car insurance requirements in each state, and we can identify coverage risks you might not have considered previously.

Finding the Right Personal Auto Policy

Car insurance is complicated, and it can be challenging to know if the minimum coverage amounts in your state will be sufficient for your needs. You might regret purchasing the cheapest car insurance policy if you get in a major accident and are held accountable for thousands of dollars in damages. With so many car insurance companies out there, how can you know which one will offer the best protection?

At Southpoint, we help individuals assess their risks, weigh their options, and purchase a personal auto policy from a trusted carrier. If you drive a luxury car and need higher limits than most companies offer, we can find competitive quotes from carriers that specialize in covering valuable vehicles. Our team can also help you save money by combining your auto coverage with renter’s insurance or homeowners insurance.

Tired of Overpaying for Auto Insurance? We Can Help

American drivers waste billions of dollars on car insurance each year because they don’t know how to find the coverage they need. Southpoint has the resources to shop around for extensive auto coverage, negotiate your policy premiums, and customize your limits. Our team has long-standing relationships with the most recognizable auto insurance brands, and we use those relationships to find deals that aren’t available anywhere else. Contact us today to request a personal auto insurance quote.

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