Deductible Reimbursement Insurance
September 2nd, 2008Question: Is my new insurance policy a good deal? (Progressive)?
I just got new auto insurance and it seems too good to be true because I’ve been paying $300/month prior to this for just my fiancé and I. It’s through Progressive and here are the details:
BODILY INJURY & PROPERTY DAMAGE LIABILITY
BI $100,000 EACH PERSON – $300,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY – $50,000 EACH ACCIDENTMEDICAL EXPENSE $5,000 LIMIT PER PERSON
COMPREHENSIVE ACV LESS $100 DEDUCTIBLE
COLLISION ACV LESS $500 Deductible
LOAN/LEASE PAYOFF COVERAGE
25% OF THE ACTUAL CASH VALUERENTAL REIMBURSEMENT $600 PER OCCURRENCE
UNINSURED/UNDERINSURED MOTORISTS
BI $100,000 EACH PERSON/$300,000 EACH ACCIDENT
PROPERTY DAMAGE $50,000 EACH ACCIDENTThe policy is only $100/month for both of us. We’re under 25 and not married so is this good coverage?
Thanks!
Thanks for all the info and yes, It’s forreal. I was surprised too. Switch
Answer: It is not bad, but you might want to up the property damage to at least 100,000. If you were in an accident that was your fault and totaled your car and an expensive Mercedes or BMW it could easily be more than 50,000 in damage. The company will only pay that amount and will come after you for the difference. You might raise your Comprehensive Deductible to 500 and see if that won’t help offset the difference in premium.
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