Auto Insurance Add-ons To Consider

We all look forward to getting value for money when putting funds in any investment. That said, car insurance is no exception to this rule. When you purchase your car insurance, you would want optimal coverage. But do you know how to get maximum coverage? 

Add-ons are the first thing that comes to mind when purchasing well-rounded auto insurance. But before getting far, let’s see the minimum auto insurance you need in Kentucky. 

Car insurance in Kentucky

Most Kentucky drivers know that auto insurance is mandatory, but do they know the minimum coverages required by the state? When you partner with Sharp Insurance & Financial Services, Ashland, KY, we shall explain to you the below mandatory car insurance that Kentucky drivers should carry.

  • Bodily injury liability with a minimum limit of $25,000 per person and a minimum of $50,000 per accident.
  • Property damage coverage with a minimum cover of $10,000 per accident.
  • Uninsured/underinsured motorist coverage and PIP insurance coverages aren’t mandatory, but the car insurance company has to offer you, but you can reject them in writing.

With mandatory auto insurance requirements out of our way, it’s time to see the add-ons you can consider in your auto insurance.

Roadside assistance

Ever stalled in the middle of the road? It can be frustrating. There are many reasons you would get stranded on the highway — talk of a flat battery, mechanical breakdown, running out of gas, puncture, and so forth. And because breakdowns are part of car ownership, you may want a roadside assistance cover to bail you out when the unthinkable happens to your vehicle.

Loss of personal belongings

While you will incur an additional premium when considering this cover, the cost is worth it, considering the loss you might suffer if you lose some of your personal stuff. Imagine losing your laptop or phone? It will undoubtedly dent your pocket to replace.

Depreciation waiver cover

In case of an accident, you will receive full reimbursement for the parts replaced without subtracting the depreciation aspect. This way, you don’t have to folk out additional cash from your pocket to cover the difference.

Need auto insurance in Kentucky? Please don’t look beyond Sharp Insurance & Financial Services located in Ashland, KY. We take your auto insurance needs seriously. As such, while we ensure you have the minimum coverage, we will talk you through add-ons and optional auto insurance coverages you can consider for maximum protection.

Kentucky Auto Insurance FAQs

According to the official government website, the State of Kentucky is "cracking down" on uninsured motorists in 2020. Sharp Insurance & Financial Services makes purchasing and keeping insurance easy and convenient. We service the area of Ashland, KY, and the surrounding counties. If you have any questions about insurance changing in Kentucky in 2020 we will be happy to clear things up for you.

FAQs About Auto Insurance in KY

  • What measures are they taking as part of the "cracking down" of uninsured motorists?  First, owners of personal vehicles that are registered but without insurance will receive notices that inform them that their registration will be revoked if they do not show proof of insurance in a timely manner. Then if they do not comply their registration will be revoked to reduce the number of uninsured drivers on the Kentucky roads. 
  • What auto insurance is required by the State of Kentucky? Bodily injury and property liability are required as the bare minimum requirements but going beyond liability is not much more and it protects the driver greatly. 
  • Can I purchase insurance today to meet the state requirements before my registration is revoked? Yes, the sooner you send in your proof of insurance the less chance you will have of having your registration revoked in KY. We will provide proof the same day you purchase your policy and you will have peace of mind knowing you are legal in the eyes of the law and protected in case of an accident. 

Sharp Insurance & Financial Services provided quality insurance services to Ashland, KY and the surrounding areas. We will be happy to answer any other questions you may have about insurance in the state of Kentucky in 2020, give us a call or drop by today. 

Do Teen Drivers Make Your Policy Cost Increase?

So, your teenager just started driving and now you are searching for insurance options but are worried about how adding them to your policy will affect your premiums. This is a very common situation and naturally raises many questions about insurance coverage and the effects they will have on the arrangement. 

Adding A Teen Driver

It shouldn’t come as a surprise that teen drivers are going to make your policy premiums increase significantly. That is because teen drivers represent a much higher risk of accident due to their inexperience as a driver. If you are planning to add them to your policy there are a few things to consider first. If they have an accident, it will count against you on your policy which can impact your ability to maintain your coverage. In addition, you will also be required to pay a significantly higher premium once they are added. Over the course of time, the cost to provide coverage will decrease but expect changes in your cost and you will also assume some risk based on their driving record. Consult your insurance agent about either getting a separate policy or discuss the impact of your current policy before making a decision. 

Working With An Agent To Get Teen Coverage

If you are unsure how to proceed when it comes to getting your teen driver insurance coverage, you should consult an experienced auto insurance agent to get a better insight and learn what your different options may be in your situation. Individuals who are interested in insurance coverage for their teen in the Ashland, KY area should check out Sharp Insurance & Financial Services. They can assist you with finding policies that meet your needs as well as helping with any future claims.

Secure the insurance coverage you need for your teen driver in and around the Ashland, KY area by working with Sharp Insurance & Financial Services.  They can give you peace of mind you need to keep your teen driver safe on the road. 

What Happens if I Dont Have Auto Insurance?

Driving a car is a very important responsibility that all people need to take seriously. While most people are aware that they need to carry auto insurance at all times, others may wonder what would happen if they stop paying for auto insurance and no longer have coverage. If you do not carry auto insurance, several things could happen to you and your vehicle.

Loss of Driving Rights

If you stop paying your auto insurance bill, one thing that could happen to you is that you could lose your right and ability to drive. All drivers in the Ashland, KY area are required by law to carry at least the minimum amount of liability auto insurance at all times. If you do not carry this amount, you could face pretty significant penalties if you are ever pulled over and caught driving without insurance. These penalties can include significant financial fines, loss of driving privileges, and even imprisonment if you are a routine offender.

Out of Pocket Expense

If you are involved in an accident and are determined to be liable but do not have auto insurance, you still will be responsible to repay the other party. Since you do not have auto insurance, there is a chance that these expenses could be very significant. Furthermore, a court order may force you to enter into a repayment plan.

Since having auto insurance is so important, those that are looking for a new policy in the Ashland, KY area should meet with the Sharp Insurance & Financial Services company to discuss their auto insurance needs. Sharp Insurance & Financial Services will be able to help you better understand the possible penalties and drawbacks of not having auto insurance in place and will help you get into a new auto insurance policy.

Car Collision Coverage in Kentucky

A typical car collision policy will go beyond your vehicle to include temporary vehicles that you own, cars not in use, and newly-acquired cars. The collision coverage is reasonably limited to the actual cash value of your car and will require a deductible to be paid before receiving your benefits. In instances where higher deductibles are required, your premium will be lowered, but the amount paid out of your pocket increases in case of a liability.

What will not be covered by Collision Policy?

Damages resulting from the following sources will not be covered by collision insurance: Vandalism, storms, natural disasters, being hit by animals, fire, hail, flood, falling objects, and theft. Such dangers can be insured by purchasing the comprehensive coverage.

Why you need Collision Coverage

Before purchasing collision coverage, you should figure out why you need it in the first place. Also, you should use available online resources such as Edmunds and Kelley Blue Book to estimate the value of your car to know the extra amount you will pay for collision coverage. After approximating the car’s value, you can easily make an informed decision in regards to whether you need collision coverage and how much you should pay for it. As per Sharp Insurance & Financial Services, which is based in Ashland, KY, it is wise to cover new and expensive cars, but as they get old, you can drop the coverage since the car’s value will have decreased significantly. 

Collision coverage is an important policy, especially if you are dealing with newly-acquired or vintage vehicles. With this policy, you will receive financial compensation if your vehicle is involved in a collision thus easing your financial burden. However, to ensure that this policy works in your favor, you should visit Sharp Insurance & Financial Services which is based in Ashland, KY. They will help you approximate your car’s worth and whether you need collision coverage.