The quick answer? Most likely, yes. In Mesa, AZ and surrounding areas, lenders typically require borrowers to have comprehensive auto insurance to get a car loan. Precision Insurance Team provides this guide in navigating this important coverage.
What is a Comprehensive Insurance Policy?
Comprehensive insurance is sometimes called “other than collision” coverage. It pays to repair or replace your car if it’s stolen, vandalized, or damaged by fire, hail, flood, or another covered event.
Comprehensive insurance is optional in most states, but as we mentioned, it’s typically required in Arizona if you have a car loan. You can find out more about the requirements with the Precision Insurance Team.
Lenders Require Comprehensive Insurance for a Reason
Your car is collateral for your loan, so the lender can repossess your vehicle if you can’t make your payments. To protect their investment (and yours), lenders want to ensure you have insurance if something happens to your car.
Comprehensive insurance is the best way to do that since it covers many potential risks. If you only have liability insurance, it will only cover damage or injuries that you cause to others—not damage to your own vehicle.
Remember that even if your lender doesn’t require comprehensive insurance, it’s still a good idea to have it. After all, you don’t want to be stuck with an enormous repair bill or have to replace your car if it’s stolen or vandalized.
Are There Any Add-ons I Want to Consider?
There are a few add-ons to consider when getting comprehensive auto insurance in Mesa AZ, such as:
- Rental reimbursement: This pays for a rental car while your vehicle is being repaired after a covered event.
- Roadside assistance: If you break down, this pays for towing and other emergency services.
- Custom parts and equipment: This covers damage to any customizations or aftermarket additions to your vehicle.
Give Us A Call
The experts at Precision Insurance Team in Mesa, AZ will help you choose the right coverage and add-ons for your needs.
Buying auto insurance can be quite complicated, especially if it’s your first time. Your decision-making process can easily be clouded by long-standing myths about how auto insurance works. At the Precision Insurance Team, we recommend getting the right information from insurance professionals to differentiate between facts and myths and avoid making wrong decisions when purchasing the policy. With that said, here are the top myths every driver in Mesa, AZ should know about.
Myth 1: Red cars are expensive to insure
The color of your car has nothing to do with your insurance rates. Your insurance company will only ask for critical details about the vehicle, such as the make, model, engine size, year, and body type. Your driving record is also an essential consideration, as well as your address.
Myth 2: If you let someone drive your car, their policy will cover damage if there is an accident
Your insurance follows the car, not the driver. Anyone who drives your vehicle with your permission is part of your car insurance. If they are involved in an accident, your policy will pay for the damages and injuries.
Myth 3: It is more expensive to buy auto insurance when you’re older
Quite the opposite; older drivers are considered mature and more experienced than young drivers. Older drivers are also eligible for discounts depending on their health, experience, and performance on their accident prevention course. Older drivers are less busy, which means they drive less compared to young or new drivers.
Myth 4: High tech features on your car mean lower premiums
Not always the case. Some features such as a GPS that helps locate a stolen car may reduce your premiums, while some may increase. Adding highly advanced features to your vehicle can be expensive to replace or repair, which may automatically increase your premiums.
Looking to buy auto insurance in Mesa, AZ? The Precision Insurance Team can help take you through the entire process. Contact us for more information, queries, or new policy discussions.
Every driver in Arizona is required to have insurance for their vehicle. The insurance policy that they choose must meet a number of required minimums under state law. However, there are other types of coverage that can be added as options. If you need auto insurance, call us today at Precision Insurance Team in Mesa, AZ.
The state requires your policy to have three different minimum coverage amounts that pertain to liability. The first is an amount for one person who becomes injured in an accident. The second is a set minimum amount of coverage for everyone who is injured in an accident. The third is a minimum amount for property damage liability. Though there are specific minimums for all of these coverage types, you can add more coverage to each when you get your policy.
If you were to have an accident with someone who doesn’t have insurance, and the accident is their fault, it can be extremely difficult to get the medical bills paid. That’s why the state makes it mandatory to carry insurance coverage for an accident with an uninsured or underinsured driver. This protects you against someone else breaking the law and not having the proper auto insurance.
There are no other types of insurance that you are required to have by state law, but there are several types that can certainly be helpful. Many people add collision coverage to their policy so that their own property damage can be paid for in the event of an accident. There is also comprehensive coverage, which covers you against a wide range of situations.
Cover Your Vehicle
To keep your vehicle insured, give us a call at Precision Insurance Team in Mesa, AZ to find out more about these helpful and mandatory policies.
Arizona is the 11th safest state in the United States to be a driver. Arizona is one of the fastest-growing states, and more drivers mean more collisions. Having a good auto insurance policy can take the sting out of having an accident. At Precision Insurance Team in Mesa, AZ, we strive to help our clients improve their coverage while lowering their liability risk. We are locally operated, which helps us to know our clients better.
In Arizona, basic auto insurance means liability coverage of 25/50/15. You must have coverage of $25,000 per person for injuries from an accident, with a total for the entire accident of $50,000. $15,000 is required for property damage. In Arizona, this extends as far as golf carts, mopeds, and motorcycles. If you don’t keep up your insurance, your motor vehicle registration and license could be suspended. If you have limited assets, this coverage might be adequate to protect you, but if you own a home or have savings, they could be in danger if you have basic auto insurance.
The state says that you have to have insurance to protect other drivers from you, but what about your vehicle? If you have an accident where you are at fault, chances are your vehicle will be damaged as well. Most people count on their vehicles to do everyday activities like going to work, shopping, and running errands. Repairing your vehicle after an accident will fall to you if you have no collision insurance. That could be thousands of dollars.
What if your car is stolen or vandalized? Basic insurance won’t help. For that, you need to have comprehensive coverage. Basic insurance would leave you high and dry.
If you have questions about auto coverage in Arizona, contact Precision Insurance Team in Mesa, AZ.
The Mesa, AZ area is a popular place to visit and live. Those who would like to live here should make sure that they can get around town. A great way to do this is by getting auto insurance. If you do purchase an auto insurance plan, it will include several forms of insurance coverage.
Coverage to Protect Vehicle
One type of insurance you will get when you invest in an auto insurance plan in Arizona is coverage for your vehicle. If you buy a car, you will want it to last as long as possible. The best way that you can ensure this happens is by getting a full insurance plan. If you get a plan will collision and comprehensive coverage, it will protect virtually any scenario resulting in a loss.
Coverage to Mitigate Liability Risk
People that want to drive a car should know that there will always be a risk that they could be found at fault in an accident. If this does happen, you will be responsible for all correlated damages. A great way to offset this risk is by getting an auto insurance plan that will include liability coverage. This will ensure you are protected if there is damage in an accident, and you are responsible for covering it.
Choosing an auto insurance plan in the Mesa, AZ area is a big decision. If you are going to invest in a new policy here, you should call the Precision Insurance Team. Anyone that speaks with the Precision Insurance Team will find that their expert guidance can help you pick a great policy. This will ensure you remain properly covered with protection that is ideal for both you and your vehicle.