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UPDATED: Feb 29, 2012
It’s all about veterans. We want to help you make the right coverage choices.
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Buying car insurance for veterans should not be that difficult. However, there are some things that you need to compare before you make your final decision. Make sure that you are getting enough coverage to fully cover your car and your family without going overboard. In addition, in the process, make sure that you are getting all of the discounts that you deserve, including discounts to thank you for serving the country.
The Right Kind of Car Insurance for Veterans: Too Little, Too Much or Just Right
Having too much insurance does not make sense because it will not mean that you get more money in the event of an accident. Having too little also does not make sense because it means that you will not be covered correctly. There are ways to make sure that you have the right amount of car insurance for veterans.
- Compare book value of your car with the cost of a similar car at a dealer. A dealer can also help you determine the value of your car.
- Consider the many ways that you use your vehicle and how much it would cost to pay for alternative means of transportation for all of those trips.
- Do you have a lien on the car in question? If you do, the lien holder might have a set policy for the type of insurance that you must carry until the lien is removed. In most cases, that policy will say that at least collision is carried, however it is strongly suggested that you add collision as well.
What Happens if You Do Not Have Enough Car Insurance for Veterans?
Imagine you have the lowest amount of insurance that you possibly could carry. It is a rainy Saturday and you have just had an accident. After the process of reporting that claim and getting police reports, exchanging insurance info and all of the other steps, it is time to settle the claim.
Since you have only minimal coverage, you are about to find out a number of very hard facts:
- The lowest costing insurance is liability only policies. You have no coverage for your own vehicle’s repairs or replacement. That cost will be all on you.
- The policy you chose was the state’s minimum only. The other person’s car is valued at several thousand dollars more than what that coverage allows. You will have to make up the difference.
- Injuries at the time of the accident will require emergency room treatment as well as follow up care. The insurance will only pay a portion of those costs leaving you to pay the rest.
- If the injured party is not satisfied with the settlement or thinks that you will be unable to satisfy your obligations, they might sue you.
As you can see, the expenses can really rack up fast if you do not have enough insurance on your vehicle.
Why Too Much Car Insurance for Veterans Makes Little Sense
Some people think that car insurance is one of those things where you buy as much as you can possibly afford. However, that is not always the case:
- The insurance company will only pay the value of the car, regardless of how much insurance you have opted for.
- That extra cost you are opting for may result in premiums that are too expensive for your budget.
Discounts on Car Insurance for Veterans: Starting with the Obvious
- To lower the cost of better coverage, there are a number of discounts that you can qualify for. The more discounts that you can receive, the lower your premium.
- Obviously, you would qualify for a veteran’s discount. This is available from a number of different insurance companies.
- Good driver’s discounts could potentially be a discount. The number of years that you should be accident and ticket free will vary by company and might be three to five years.
- Safety equipment may also give you a discount.
- Your age and marital status may give you a lower cost for your insurance.
- If you have enrolled in certain programs after or during your military service may entitle you to insurance discounts.
- Buying additional insurance policies from the same company may also lower the cost of your insurance.
- Choosing to reduce or eliminate paper completely typically reduces your insurance costs. Bills, reminders and other notifications can be sent to an email address. Some companies also send text messages with this information.
- Signing up for automatic bill paying can also reduce the fees and the overall cost of insurance as well. This cuts the cost for the insurance company.
- Using an insurance company’s web site is typically easier and may cost less than going through an agent. This is because an agent might make a number of suggestions that will cost extra.
- Not buying add-ons that you do not need will keep your costs lower.
The Different Types of Car Insurance for Veterans
There are several types of insurance that you should consider. These include:
- Liability – the lowest level of insurance. Typically required by most states, but not all, it covers the other party’s vehicle or property only.
- Comprehensive – coverage that covers both parties’ vehicles, personal properties and more. Comprehensive covers events that include damages caused by crashes with wild animals, rocks and more. Covers glass breakage.
- Collision – Covers both vehicles but only in the event of an accident. It does not cover in the case of a run in with a deer, for example. It typically does not cover the cost of glass breakage.
Additional Coverage That You Might Ask for
When buying car insurance for veterans, there are additional coverage items that you might be interested in adding. These can include:
- Towing or roadside assistance – With some companies, this can be a pay only as you need it service which brings its cost down substantially.
- Car rental reimbursement – If you have a damaged vehicle, how will you get to all the places that you still need to go?
- New Car Upgrade – This policy, not offered by every insurance company or available in all areas, will guarantee you a car that is either newer than your car (typically, one model year newer) or more valuable than the car you have lost.