With the increasing number of articles and tips on how best to lower premiums, this article may seem to be running in the wrong direction. Let's be honest with ourselves, premiums are already high enough and increasing limits is the last thing anyone would want to know.
While we hold this point of view, let's not forget it's all about getting good premium deals without compromising on the quality of the policy, right? The limit set for payment for damage or loss could in actual fact, not be enough if such circumstances arise. Well here are few reasons why you should want to increase your limit for Auto Insurance.
While it may seem the current limit is enough, you may want to reconsider if you always have multiple passengers in your vehicle most of the time. This is because the limit payout may not be enough.
For instance, if you have a limit of $50,000 for all injured parties involved in a particular accident, this may be sufficient if you have one or two passengers in the vehicle. The same cannot be ascertained for multiple passengers with severe degree of damage or loss.
Policy with Multiple Drivers
With just you as a driver on a policy, you have some level of control on accidents. As the number of drivers increases on your policy, obviously you have to agree this raises the risk of having an accident. If this doesn't cut it for you, then...
Increasing Medical Costs
With each passing year, medical expenses are on the rise. So your current limit may not be sufficient to cover medical costs for everyone involved in the accident, if and when it occurs.