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Understand Texas Insurance Requirements
Know what's mandatory. Bodily Injury and Property Damage Liability coverage (BI/PD) must be purchased if you own a car. It pays for injuries or other damage you cause in an accident, up to the policy limits. Insurance companies must offer you Personal Injury Protection (PIP)coverage, but you may reject it in writing. PIP pays for some medical expenses, lost wages, substitute services and funeral expenses that result from an accident involving member or your household, passengers and others driving your car.
Optional coverages offer important protection. Uninsured and Undersinsured Motorist Bodily Injury coverage (UM/UIM) pays for injuries caused by an uninsured, underinsured or hit-and-run driver. Uninsured Property Damage coverage (UMPD) pays for damage to your car, caused by an uninsured driver. Comprehensive and Collision coverages protect your car from damage, theft or other loss that's not caused by another driver. Higher deductibles can save you money.
Keep Your Insurance Current
15% of the cars on the road in Texas are uninsured. So, the Texas Legislature created a motor vehicle insurance verification system, called TexasSure. It matches your vehicle identification number (VIN) to a database of Texas insurance policies. You must show an insurance ID card when you register your car or have an accident.
If you drive without insurance, you can be fined up to $350 for a first offense and up to $1,000 (with a 2 year driver's license suspension) for repeat offenses.
The Minimum Is Not Enough
Understand when to buy more. Texas minimum limits are 25/20/25 which is $25,000 per injured person, up to a total of $50,000 for everyone injured in an accident, and $25,000 for property damage. The minimums will increase to 30/60/25 on January 1, 2011.
Minimum limits will keep you legal, but the amount of coverage you buy should match the financial risk you face if you're responsible for an accident that's not covered by insurance. If you own a home, you'll want to protect your investment by buying higher limits.
Where Does My Premium Go?
Ever wonder how your premium payment is divvied up? Here's a ballpark sample based on an average Joe with an average policy.
Do an Annual Auto Insurance Inspection
Invest a little time. Save a lot of money. Every year, take some time to get out your auto insurance policy and compare current marketplace rates to the price you're paying. If you have your insurance policy handy, it should take less than 10 minutes to complete an online application for a quote, so you can make sure you have the right coverage at the right price.
Why not start your auto insurance inspection now by comparing rates by phone or online at Insurance.com?
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