What is the Most Important Thing to Consider When Buying Auto Insurance?

Whether buying auto insurance for the first time or looking for better policy terms for your Burlington, NC household, our team at Don Allred Insurance is here to help. Auto insurance is one of the few types of insurance mandated by state law, but that doesn’t mean you should jump into the first policy an insurance agent offers. A lot is going on with these types of policies, and it is important to look at the options. Sometimes you want to cut to the chase and want to know that one thing, the most important thing to consider when buying auto insurance. If so, consider our team’s answer below:

What is the Most Important Thing to Consider When Buying Auto Insurance?

Short Answer: When researching policies, reviewing and understanding the deductible amount associated with a given policy is very important.

The deductible amount is the out-of-pocket expenses the policyholder must pay before the insurance company behind the policy begins paying costs related to a claim. A low deductible amount means you will pay little in the event of a claim, and a high deductible amount means you will have to pay a significant amount out-of-pocket.

The deductible amounts your insurance agent will offer and the ones you eventually decide upon will set the stage for several aspects of your policy. Foremost, deductible amounts change the premium rates, with generally high deductibles equating to lower monthly premiums. However, this also means you will be paying a lot more to cover damages and any other medical expenses before your policy kicks in in the event of an accident. Thus, you will need to assess your own personal risk tolerance, how much value you place in your vehicle, and your monthly budget. 

Learn More With Oliver Insurance

Our team is here to help you find the right balance of deductibles and premiums in your Burlington, NC auto insurance policy. Contact us today to get started insurance shopping.