Reader’s Question:

I’ve saved up enough money from my new job, and I’m planning to get the best SUV money can buy. I don’t want to hold back on the insurance, and I don’t care how much I’ve got to pay as long as my car is going to be well insured. How do I know what’s the best vehicle insurance I can get?

Albert

Denver, CO

It is understandable that you want your prized SUV to as well-protected as possible. However you may not want any insurance company to know this fact. Just think over carefully what you need, and that will define the best vehicle insurance policy you can get.

Liability vs. Coverage
Liability deals with compensating for damage that you may deal to others, while coverage deals with compensating for the damage that is dealt to your car. If the protection of your future SUV is your priority, you may want to increase the coverage on your car’s safety. This includes collision, comprehensive, uninsured/underinsured, loan-lease or GAP, and towing coverage.

Deductibles vs. Premium
You can make a choice to either reduce your monthly premiums by raising deductibles, or increasing premiums by lowering deductibles. If you have a sufficient amount of money in hand and consider yourself a safe driver, raising deductibles is a smart choice. If you’re short on cash in the bank or if you don’t have confidence in your driving skills, then it may be smarter to prioritize getting more coverage over paying a lower premium.

These two sets of factors are the basic stuff that you may want to consider in choosing the best vehicle insurance policy for your new SUV and for yourself.