From Food to Toilet Paper: 13 Life Necessities You Should Never Skimp on
You may be tempted to use the bare minimum car insurance required by the state you live in. You’ll save plenty, until you get in a car accident.
We can use Florida as an example. In the Sunshine State, legally you’re only required to have $10,000 worth of Personal Injury Protection and $10,000 for Property Damage Liability insurance.
Meaning, if you were to get into a car accident with someone driving a $40,000 Lexus, you may find yourself responsible for that $30,000 balance, after your property damage coverage takes care of the other $10,000.
Tip: Comparison shop. Talk with insurance agents but also consult brokers who don’t work for any particular insurance company. You may be surprised to find another company is offering more coverage for less money.
Originally published at www.debt.com on July 5, 2018.