What You Don't Know Could Hurt You ... Financially

As our founder (my dad) always said, "You buy insurance to pay for potential losses you can't afford to pay for yourself." So learn about what your auto insurance coverages will pay for and what they won't pay for.
Budgets…Don't Cut Here
We've all been there… just starting off in life with so many items tugging on your budget. You don't have your dream job YET, but it should pay the bills. But you've got an apartment, and it needs some furniture and it has those utility bills that come due at the worst times. You've got a good car but it needs a few repairs and of course you need insurance to protect against the unthinkable… an accident. As you look at all your expenses you can't help but hear a lizard or one of his buddies say you won't believe how much you can save on auto insurance; or you hear Flo tell you for the 100th time to "Name Your Own Price". While it may seem like a nice idea to name your own price for car insurance, are your really getting the insurance you NEED when you pay the price you WANT?

Measure Twice, Insure Once
Before you start cutting coverage to save on insurance do some homework and learn as much as possible about auto insurance now, because when you need to use it, it's too late. Nerd Wallet has an article that explains What Those Confusing Car Insurance Terms Really Mean and the Oklahoma Insurance Department has a great FAQ on automobile insurance laws specific to our state. As you look at these or other sources for information, concentrate on learning about deductibles and when you will have to pay them. A Deductible is the portion of the repairs you will have to pay to repair your car if 1) You have an accident that is your fault, 2) You have an accident caused by someone without adequate or any insurance, or 3) Your car is vandalized, has storm damage, or experiences some other comprehensive loss. Not knowing when any of those things may occur means you have to set your deductibles to an amount you have saved in your emergency fund. If you don't have that amount, lower your deductible to an amount you have saved.

Don't Be That Person
We've seen it too often: Someone is hit by an uninsured motorist and the car isn't drivable. They have to use their collision insurance to cover the repairs (No, uninsured motorist coverage doesn't cover this loss). So they borrow a car or catch a ride with co-workers for the time it takes to repair their car but when the repairs are complete they don't have the deductible to pay for their portion of the repairs.

Words to Insure By
As our founder (my dad) always said, "You buy insurance to pay for potential losses you can't afford to pay for yourself." So learn about what your auto insurance coverages will pay for and what they won't pay for. If you can't afford to pay for the gaps, pay a little more each month in insurance premiums to reduce those gaps to what you can afford.

For more information about avoiding the pitfalls of the wrong insurance when you have collision repairs, see your insurance agent or other insurance professional.

Information in this and other articles on this site is provided as general information only and should not be construed as legal or financial advise. The staff at Paintmaster Collision Center is trained in the art of auto body repair, painting, estimating and other related skills and have decades of experience dealing with auto body insurance claims. However, they are NOT trained or licensed to sell insurance or to provide legal advise so don’t make any decisions based solely on information found on this site.