What Kind of Auto Coverage Should You Have?

In Mesa, AZ you are required to show proof of liability insurance or have a certificate of deposit of $40,00 assigned to the Office of the Arizona State Treasurer. Many choose to have liability insurance instead, and it’s important to know the minimum requirements.

For bodily injury coverage, you must have $15,000 per person and $30,000 total per accident. For property damage coverage, you must have $10,000 per accident.

Even though you are required to have a certain amount of liability coverage, you may want to choose other coverage options in order to protect yourself and pay for any repairs you should need.

Collision coverage will pay for any damage to your vehicle that you cause. If your car is new or has some value, then collision coverage may be worth the investment. Comprehensive coverage will pay for any damage caused by other factors like weather, theft or wildlife. If you are financing your car or leasing it, you may be required to have collision coverage and comprehensive coverage. An agent at Lifetime Investments can help determine what’s needed to protect your car.

While some insurance protects your car, medical payments coverage will provide coverage for medical expenses. If you don’t have adequate medical coverage already, this is a good option.

Other optional coverage includes uninsured and underinsured motorist coverage, which will cover both your car and any injuries if you are in an accident with an underinsured or uninsured driver. Even though it is required, some drivers in Mesa, AZ don’t have the right coverage and this will really help you protect both the investment in your car as well as cover any medical payments you may have.

Contact an agent at Lifetime Investments to find the right auto coverage for your needs.

Do You Really Need Commercial Auto Insurance?

As a small business owner in Mesa, AZ, you may have given little thought to the possibility of needing commercial auto insurance for your personal vehicle. If your personal car doubles as a business vehicle, however, you may be lacking protection through your personal auto policy. At Lifetime Investments, we can help you choose the insurance option best suited for your needs.

Here are a few scenarios under which you may need commercial auto insurance for your personal car.

Like many self-employed individuals, you may use your personal vehicle for work purposes. You may deliver food or goods in your personal car to business customers or offer transportation for pay such as Uber services. You may use your truck to haul equipment, goods or supplies for handyman or contractor jobs or drive long distances to visit clients as part of your business portfolio. These tasks make you a candidate for commercial auto insurance. If you have an accident on the road when on the job, commercial auto coverage will protect your business assets so you don’t suffer loss.  

Many personal auto policies come with stipulations that coverage is only for personal use. If you have an accident while using your vehicle for work, your insurer could refuse to honor your claim, leaving you with the responsibility of footing the bill for accident related damages. Depending on the seriousness of the accident, this could cause a major setback in your finances.

Commercial auto policies offer higher limits on property damage and liability coverage to ensure your business gets the protection it needs. You can also include employee drivers, passengers, equipment and goods in your coverage to fully protect your interests.

For greater insight into commercial auto policies, coverage and costs, contact an insurance specialist from Lifetime Investments in Mesa, AZ.