So you want to add full coverage to your Missouri auto insurance policy?
First off, let’s be clear, there is no such thing as full coverage.
If Not Full Coverage, Then What?
In Missouri, you are required to carry Liability and Uninsured Motorist coverage on your auto. Understand, these two required coverages do not protect you if you suffer injuries or physical damage to your auto.
Liability: Pays for bodily injury and property damage if you’re found at-fault in an accident.
Uninsured Motorist: Protects you and your passengers should you suffer injuries due to some else’s fault and they do not carry auto insurance.
Comprehensive and Collision are most often referred to as Full Coverage. You have the option to purchase them in addition to your liability coverage.
Comprehensive (also known as Comp) is going to provide coverage to your vehicle if you hit an animal, experience a hail storm, fire, theft, or vandalism.
Collision will repair or replace your auto if it is damaged in an accident. Whether you’re at-fault or not, Collision is going to help you fix the damage. So if there is multiple vehicles involved or you happened to back into a light pole at the grocery store, Collision coverage will make your auto whole again.
What Full Coverage Is Not
Full coverage does not include the following:
- Underinsured Motorist
- Medical Payments
- Roadside Assistance
- Car Rental Reimbursement
Or any other fringe benefit for that matter.
Be clear with your insurance agent what it is you want to cover.
How Does the Deductible Work?
Comprehensive and Collision are subject to separate deductibles.
Let’s say you carry a $500 deductible on both Comp and Collision.
Driving home at night you run into a deer. The deer does $3,000 of damage to your truck. You are responsible for the first $500. Your insurance company will pay for the remaining $2,500 to repair your truck.
The Bottom Line
Take yourself back to the mid 1990’s. The days of Michael Jordan and the Chicago Bulls. Jordan, possibly the best to ever play the game.
He had a coach. Someone that guided and taught him.
Don’t take on insurance by yourself.
Find a coach. An insurance coach. A person that is willing to take the time to help you understand what and why you’re buying.
If you would like to create a game plan, click here and we will schedule a time.