By Josh Anish on October 27th, 2011 in Consumers
In an earlier post we gave the blueprint for cheap people looking to skimp on car insurance. We outlined how to cover vehicles minimally. In this post we’ll go the other way, and show people how to spend as much money as possible on car insurance.
Let’s say you have a friend who drives a 2011 Lotus Evora, and is also extremely “proactive” when it comes to prevention and precaution. He packs three toothbrushes on every trip, just in case he loses two. He sends birthday emails a few days early, just in case they get stuck in the interwebs. He even met with an alien abduction insurance salesman before his wife broke it up with a mildly threatening text.
So of course your friend is going to get all the car insurance he possibly can for his 2011 Lotus Evora. And since we’re not in the business of denying people their passions, we’ll lay out everything he can get.
Collision coverage. Covers damage to your vehicle when your car hits -- or is hit by -- another vehicle, or other object. Very basic.
Comprehensive coverage. Insures your vehicle, and other vehicles (in some cases) for losses resulting from incidents other than collision. Includes vandalism and most natural disasters. Also very basic -- collision and comprehensive coverage often mesh to form your “basic” coverage, especially if you are still paying off your car.
Medical Payments Coverage. Med Pay covers the medical costs of everyone in your car in the case of an accident. You say you have great health insurance? Well the overly-careful person wants to make sure that all of his passengers are always covered. Plus Med Pay can cover the deductible on your health insurance.
Personal Injury Protection. Very similar to Med Pay, but slightly more comprehensive. Almost nobody buys both PIP and Med Pay, but our fastidious friend might. PIP goes even further than Med Pay does and covers lost wages and psychological care for those involved in an accident. Med Pay extends to a few areas PIP does not, covering everyone in the car even if they’re not family members.
Auto Repair Insurance. The sanctity of a Lotus is not just challenged by car accidents. They age, just like the rest of us. Auto Repair Insurance will cover our friend's ride against non-accident-related maintenance. No expense spared.
Uninsured Motorist Clause. Our friend would never risk getting the Lotus hit by someone out there tooling around without car insurance. For a few extra dollars a month, he can get uninsured motorist coverage which pays the difference between what the uninsured driver can pay and what you would have been paid had he been insured.
So there you have it, lavish slightly-paranoid people of the world -- all the car insurance you and your 2011 Lotus Evora could ever need. But have faith fine friends, while others may call you spendthrift or obsessive, we might call you... smart.