If you have less auto insurance than you currently want (or need), it is a good idea to consider upgrading. If you already have insurance, upgrading your policy is going to be a simple process and fortunately won’t take much time. In order to upgrade your coverage, all that you need to do is call your current insurance company and tell them that you would like to add more coverage to your policy.
Don’t get upgrading confused with switching car insurance companies though – they are two different things. If you want to switch your insurance AND upgrade your policy, it’s going to be a little bit more complicated. This particular article is geared specifically on upgrading an existing policy so that you have more overall coverage. If you want to see what other companies are charging for various policies, be sure to use the form at the top of the page to get some free quotes and compare the prices.
Why should I upgrade my car insurance coverage in the first place?
A lot of people make an upgrade to their policy simply because they lack the coverage that they want or need. All it really takes is having one bad experience with inadequate coverage (e.g. getting your car vandalized and not having a comprehensive cover) to make a person want to upgrade. Another example of a time someone would probably want to upgrade is if they had to pay for excessive collision damages out of their own pocket. In this case, the person without enough insurance may realize that they would be better off being safe than sorry.
Most common auto insurance upgrades include:
Comprehensive insurance – As you already should know, comprehensive car insurance involves getting advanced protection from theft, vandalism, animal damage, and Acts of God. For most people with expensive vehicles, it would be a wise move to upgrade to having fully comprehensive coverage. If some freak incident happens and causes damage to your car, you will be compensated and will be able to get things fixed without having to spend a dollar of your own money.
Collision coverage – There are a lot of people that assume they have adequate collision coverage, when really they have a miniscule amount. If you want to know the fundamental differences between this and comprehensive, read the article: “comprehensive insurance vs. collision insurance” to find out more information. If you aren’t sure whether you are already buying enough collision protection, call your insurance company and ask what is recommended.
Medical coverage – Another aspect of insurance that is common to upgrade is medical coverage. If anyone is injured in an accident and they need hospital treatment, provided you are “at fault,” the money will come out of your insurance. If their total bills end up being over $100,000 and you only were insured for $30,000 worth of medical, you will have to pay a lot of money to the victim out of your own pocket (which is very unfortunate).
Will the cost be a lot more expensive if I upgrade my car insurance?
Yes, most people notice a price increase.
Most people definitely notice a significant change in price when upgrading. In other words, the price is literally guaranteed to increase. Anytime you buy more coverage, your insurance company will expect you to pay more money because they will have to compensate you for more money if accidents occur or if you have to file a claim. Generally the two most expensive aspects of coverage to upgrade are both comprehensive and collision because the insurance company takes on significantly more risk.
Minor upgrades are less costly
One of the most minor upgrades that you can make this day in age is adding roadside assistance to your policy (if it isn’t already included). The roadside assistance option basically means that you will receive free assistance (from your insurance) anytime you need servicing because you are stuck (e.g. your car breaks down) on the side of the road. This assistance could only be a few extra bucks per month on your policy. However, upgrading your coverage limits and overall coverage is going to cost significantly more. Since each insurance company operates differently, it is best to contact your specific insurer to ask how much an upgrade would cost.
Is it possible to downgrade or reduce my car insurance coverage?
Yes, if you want you can definitely eliminate certain aspects of your insurance and/or reduce your limits. If you wanted to, you could opt for the most minimal requirements (as set by your state). For most people, it is smart to have a fully comprehensive policy, but others don’t like the idea of paying an insurance company their hard earned cash for extra coverage.
It is pretty easy to downgrade your insurance policy these days. If you know you want to lower your coverage, just give your insurance company a call and explain what you can do in order to reduce your costs. They will likely give you some good suggestions about various aspects of coverage that you may not need as much as others.
Additionally, if you really wanted to, you could switch insurers. In order to find out which company is offering the lowest insurance rates, you can use the free tool at the top of the page – just enter your zip code and you’ll get a free quote!
Who should upgrade their insurance?
Anyone that feels uncomfortable with the current amount of coverage that they have should upgrade. If you just bought a new car and don’t have a great policy, you are not going to want to pay for damages out of pocket. If you don’t know whether you should upgrade or not, consider talking with an agent and having them explain what you could do as far as upgrades are concerned. Most drivers aren’t totally familiar with all of the insurance options available and speaking with an agent will certainly help!