General Insurance Overview

First order of business with insurance policies is to have as many as possible with the same company or agency.

This alone will save you money, time, and hassle. You should receive a “multi policy” discount by doing this which could be as much as $100 to $200 per year, depending on the number of policies.

Secondly, review your deductibles on each policy. If it is low, $100 to $500, consider raising it to a higher level.

Check how much you can save then decide if you are comfortable having the higher deductible. Raising the deductible will save you money. A $100 deductible costs more than a $500 deductible. Lastly, examine the small “add on” items in each policy. They do not cost much by themselves but together over time can add up to some decent money.

One such item is towing in your auto policy. Ask yourself — since I have been driving, how often have I been towed? Chances are not many, if ever, but you still pay for this “add on” option. Armed with these general cost savings suggestions, you are now ready to take a more critical and in depth analysis of the following types of insurance policies.

Car Insurance

This is one area that generally has a state mandated minimum liability coverage amount. Given that fact you have to decide how much coverage above the minimum you need. Generally speaking you should not have more insurance than your Net Worth. Net Worth is defined as the total value of what you own minus the total value of what you owe. Basically you are buying auto insurance to repair your vehicle in case of an accident or as a defense against a lawsuit that could bankrupt you. If you have a high Net Worth, above $1,000,000 USD, you should consider an “umbrella policy” to protect all of your assets. It would be best to consult your insurance agent or financial planner for advice.

The normal cost items in rank from high to low are:

  1. Bodily Injury
  2. Collision
  3. Uninsured Motorists
  4. Property Damage
  5. Comprehensive
  6. Personal Injury
  7. Medical Payments

The larger the liability amount, the more you will pay. Seeing as this is usually the largest cost driver in your auto policy, it should be reviewed at least annually to see if the amount is still appropriate.

Once you have determined the liability amount, review the deductible. The higher the deductible, the lower your cost. A $500 deductible costs less than a $100 deductible.

Don’t let the insurance agent or company dictate your deductible. Determine what level of deductible you can afford and are comfortable with, and select that amount. Next examine the age and value of your vehicle. If it is 10 years old or older, it may make sense to drop comprehensive or collision or both. Checking Consumer

Reports, they provide a guideline that states: if the annual premium for comprehensive and collision are 10% or more of the “book value” of the vehicle, consider dropping the coverage. As an example, if your vehicle is worth $6,000 and you are paying $600 or more per year for both comprehensive and collision, it may be time to reduce your costs by cancelling that coverage.

You can check your vehicle value at Kelley’s Blue Book website, If you are uncomfortable cancelling the coverage, then raise the deductible to the highest level you are comfortable with.

One last area of auto policies to review is what I call the “bells and whistles” section.. These are small cost items like rental cars, towing, etc. That over time do add up. If you don’t need or want them — drop them and save some money.

Benefits of a Comprehensive Insurance for Cars

If you have arrived at the parking lot and have been left in shock not knowing what to do because your car is missing, your mirrors have been stolen, your car has been scratched or you accidentally ran over a cyclist, ouch!

Today we want to tell you some benefits of having comprehensive insurance for your car because precisely, these policies cover damages caused by traffic accidents or theft, as well as injuries caused to other people.

But, what is comprehensive insurance for cars?

It is a voluntary contract through which the owner of a vehicle transfers to an insurance company the risks associated with driving a vehicle, such as damages due to traffic accidents, theft of the car, damages caused to third parties property, and death or injuries caused to third parties as a consequence of a traffic accident in which the insured is responsible.

Well, in a few words, you will be protecting your family, your patrimony, and your car against any accident or unforeseen event that may happen while you are driving.

What benefits do I have with all-risk car insurance?

Definitely, as its name suggests, you will be protected against all risks. You will be able to drive your car around the city with peace of mind because this insurance is designed to assist you at all times and in any eventuality that may occur with your vehicle.

Keep in mind that insurance companies have different plans and these include certain coverages depending on each insurer. Also, there are differences between the amounts to be covered and/or the conditions of operation.

But, in general, all risk insurance for cars has coverages such as legal assistance, tort liability, total or partial loss of the car due to damage, total or partial loss of the car due to theft, which we will explain below.

1. Non-contractual civil liability coverage

No one is exempt from suffering a traffic accident and causing damages to third parties. One of the benefits of comprehensive insurance for cars is the protection against this type of cases and it is surely one of the most important coverages of automobile insurance.

2. Total loss or destruction of the vehicle due to damage

One of the benefits of having comprehensive car insurance is this coverage. When your car loses its technical-mechanical operation capacity, that is to say, it is obliged to cancel the registration, the insurer response for all or part of the commercial value of your car, according to the plan you have purchased.

3. Partial loss of the vehicle due to damage

In this case, when the car does not lose its technical-mechanical operation and does not require the cancellation of the registration, the insurer guarantees an economic indemnity or the repair of the car in case of a collision or other event that affects the vehicle.

4. Total loss of the vehicle due to theft

In case your car has been stolen, the insurance company will respond with a monetary indemnity for the commercial value of the vehicle or, depending on the case and the type of insurance, they will replace the car with one of the same characteristics as the one that was stolen.

5. Partial loss of the vehicle due to theft

The insurance company will respond for the part of the car that was stolen. It can also make an economic compensation for the value of the stolen part.

But keep in mind that, the maximum value of the compensation paid by the insurer depends on the commercial value of your vehicle at the time of the loss.

Other benefits of comprehensive car insurance

Some insurers have additional benefits such as:

  • Locksmith
  • Car repair shop
  • Towing
  • Battery replacement
  • Chosen driver
  • Light courier
  • Valet parking

Make sure you purchase comprehensive insurance with an insurer that offers different plans, so you can choose the one that best suits your needs.

Make sure you purchase all-risk insurance with an insurer that offers you different plans, so you can choose the one that best suits your needs.

So whether you are a beginner or an expert, whether you have an electric or hybrid car, whether you love adrenaline or prefer to enjoy the scenery, with our help you can find the solution you are looking for with the peace of mind you need, because for every driver there is an insurance policy to suit your needs.

Remember that all risk insurance is designed to accompany you before, during, and after any eventuality that may occur with your car.

Would you like to receive more information about our tailor-made comprehensive insurance? Now you can communicate with us through the comment below, to answer all your questions.