Building on one of our previous blog posts, “Ten Secrets Insurance Companies Don’t Want You to Know When You Are Negotiating a Settlement,” many insurance companies know how to take advantage of you when you’re in a time of need, simply put. When it comes to deciding on insurance coverage the list of considerations, full coverage, collision coverage, do I owe on my car, rental coverage, lien holders, deductibles, and the list goes on..and on..and on. In order to help you get through the weeds, FWH has put together a few items to consider when deciding on insurance and understanding when and where your full coverage will have you, well, covered. First thing is first, full coverage DOES NOT cover everything. THE REAL FACT IS, full coverage isn’t a coverage in itself. It’s a phrase generally used to designate a number of coverages that provide a good amount of protection: specifically liability, comprehensive, and collision coverages.Liability helps pay for damage you cause in an at-fault accident, while comprehensive and collision can help repair damage to your car (or replace it altogether). It’s a robust package of protection, yes – but it might not provide all the protection you need. And that’s why “full coverage” can be misleading. In the state of Kentucky, full coverage does include up to $10,000 medical payments coverage. Full Coverage does not include:
Uninsured/underinsured motorist coverage (UM/UIM)
Emergency road service coverage
Customized parts and equipment coverage
Rental car coverage
Gap coverage (aka auto loan/lease coverage) If you encounter an issue with an insurance company, err on the side of caution and contact Foreman Watson Holtrey, LLP for a free consultation.