How To Buy Car Insurance: 4 Simple Steps

Posted by on Oct 30, 2023 9:46:00 AM

When you think about protecting your belongings, your mind may automatically go to home and auto – two things that generally require insurance. But there’s insurance for so much more beyond that: renters’/tenants’ insurance, condo, umbrella, boats, jewelry, weddings & events, travel, and motorcycle insurance. 

There is also umbrella coverage. Umbrella coverage provides additional protection on top of your home and auto policy(s) for lawsuits. We often hear doctors express concern about getting sued for malpractice. Malpractice insurance is extremely important, but in our view, doctors should also be very concerned about getting in a car accident and getting sued. Once the other party in the accident learns that they are a doctor, many people see dollar signs and an opportunity to profit from the situation. Frequently, they will sue for injuries and damages. This is where an umbrella policy can help.

Obtaining car coverage can be a lot to navigate, and if you are just graduating from dental school or a residency program, this may be the first time that you will need to obtain your own coverage. As you start to evaluate your options, it’s important to know what this process entails.

Today, we’d like to share some information regarding choosing car insurance.

Especially if you are just graduating from your dental program, this may be the first time you need to obtain your own car insurance, separate from a parent’s policy, for example. 

 

4 Steps for Buying Car Insurance

1. Determine Your Car Insurance Policy Coverage Options

The cheapest policy may not be the one you need. Inexpensive plans may not provide collision coverage, which pays for damage to fix your car after an accident. They may not offer comprehensive coverage that includes windshield, glass, vandalism, flying objects, fire, and theft. 

Vehicle liability insurance and property damage coverage are required in every state except New Hampshire. If you lease or have a loan on a car, you may need gap insurance. It covers the difference between what your vehicle is worth and how much you owe after a theft or total loss.

If you already have car insurance, you should review your coverage amounts periodically. Your financial situation may have significantly changed since you originally purchased the policy. As mentioned above, if you are in a car accident, you may have a potential lawsuit on your hands. For this reason, it’s important to max out your coverage and even consider adding an umbrella policy for additional coverage.

2. Review the Financial Health of the Insurance Company 

Basically, this means making sure it will be around to pay claims. The best deal on car insurance won’t look like such a deal if your insurer isn’t able to pay on your behalf.

3. Compare Several Car Insurance Quotes

Keep in mind that prices provided online, by phone, or directly with a reputable agent can vary greatly for the same level of coverage. Insurance scores, type of vehicle, price to repair after an accident, and where you live all determine the price of car insurance.

4. Ask About Discounts

This is not the time to be shy. Ask to find out how you can reduce your insurance rates. Insurance companies provide discounts for all kinds of things, including but not limited to:

 Also, payment plans can make a difference in how much you pay.

 

Buying Car Insurance as a Dentist

Make sure you choose the right car insurance policy for your needs and peace of mind. As a dental professional, it’s likely that you’ll need additional types of insurance. Property and casualty insurance, term life insurance, malpractice insurance, and disability income insurance are considered top priorities for common exposures dentists face. 

To discuss your insurance needs, contact us today.

About Treloar & Heisel

Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service. Insurance products offered through Treloar & Heisel, LLC.

 

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