My car is fifteen years old: Do I need more than auto liability coverage?

Most states require drivers to carry auto liability insurance as a minimum. However, this doesn’t mean that you won’t be required to carry more than the minimum. If you finance your car, your lender will likely require you to carry full coverage auto insurance. Also, if you have a late-model car, it may be wise to invest in full coverage insurance even if you’ve paid it off. The repair of a late-model car can be really expensive, making auto insurance a wise investment.

Our Windgate Insurance Agency Inc. team is committed to helping New Windsor, NY drivers understand the benefits of auto insurance. 

What is Auto Insurance?

Auto insurance is designed to provide both financial and liability protection for drivers. It’s a contract between you and the auto insurance company that has preset limits and guidelines in terms of what’s covered. If you have an accident, auto insurance can pay for the repair or replacement of your vehicle, depending on the type of coverage you have.

Auto insurance can also cover damage to someone else’s car as well as bodily injury coverage if someone is physically harmed as a result of an accident that you’re liable/responsible for. You pay a monthly premium to maintain your coverage. Also, auto insurance can provide coverage for non-moving accidents, vandalism, and theft, depending on the type of coverage you invest in. 

My car is fifteen years old. Do I need more than auto liability coverage?

Generally, full coverage auto insurance may cost you more than the value of your car if your car is ten years old or more. The amount you pay annually in insurance premiums may likely exceed the value of your car. This means that if you were in an accident, the cost of repairs would probably exceed your car’s value, making it a total loss.

Your insurance company probably wouldn’t pay for the repair or replacement of your car as a result. If your annual premiums don’t exceed the value of your car, your premiums may be almost fifty percent of your car’s value.  

We Are Here To Help!

If you have questions regarding the best coverage for your car, call us at Windgate Insurance Agency Inc. We’d be happy to help you explore your options in New Windsor, NY and surrounding areas.