Auto insurance is risk transference. This means you are transferring the risk of financial loss from an accident to a company for the cost of a premium. You should purchase the amount of insurance you can afford.
If you purchase too much insurance, you run the risk of not being able to make your monthly payments and your policy's subsequent cancellation. And, as a result, you will have no insurance at all. If you do not purchase enough insurance, you run the risk of financial ruin when an accident occurs, when you could have afforded the extra coverage.
Insurance agents are a good source to help determine your insurance needs. They can explain the various types of insurance coverage to you. They can often offer you the types of coverage you are looking for to meet your financial needs. They can also find companies that are flexible when it comes to making changes to your policy when your insurance needs changing.
Insurance agents can give you other pertinent information about insurance companies. Part of their job is to answer questions you might have concerning insurance and the different types of coverage that are available to purchase for your vehicle. They are licensed by the state in which you live and they drive on the same streets you drive on so you should not be afraid to ask them questions.
However, parents are an invaluable source when it comes to getting advice on your car insurance needs. I realize that your parents were most likely raised in a previous generation and the gap from their generation to yours could lead to a viewpoint on life-matters which differ from your standpoint.
A difference in opinion between you and your parents is probably true on many matters. And as a result, this might have led to a decline in communication with them. However, their life experiences and closeness to you make them the perfect candidates to talk you about auto insurance. Their experiences over the years have given them an invaluable amount of wisdom. Also, since they love you, you know that their advice will also come from their hearts (besides their heads).
Besides their wisdom and love, parents may also have a financial interest in you. If you are a dependant or a minor, the state in which you live may hold your parents accountable if you are involved in an accident. As a result, they may require you purchase enough insurance to protect their financial assets as well as your own. And if they want you to purchase more insurance than you can afford, to protect their financial interests, they may help you with your premiums.
When it comes to discussing auto insurance, agents are a good source. However, due to their life experiences, their love, and their own financial responsibility, your parents are an invaluable source. Take a couple of minutes and ask your parents their thoughts on insurance. That couple of minutes might save you a couple of dollars, or a lot more, in the long run.
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