Uninsured Motorist Coverage Is Not Expensive
A recent New York Times’ Your Money podcast had an interview with reporter Paul Sullivan about reviewing one’s insurance coverage. I was surprised to hear him saying uninsured motorist coverage in auto insurance is important but it’s expensive. I had to rewind and make sure I heard it right because that is not my experience. I’ve had uninsured motorist coverage for many years and it’s never expensive.
I found the article Paul Sullivan wrote in New York Times: Time for an Insurance Checkup, as Needs and Options Change. The part about uninsured motorist coverage said (bold emphasis added by me):
Save Money On Auto and Homeowners Insurance with Premium Comparison Surveys
[Updated on July 7, 2009: Added links for Maryland and New Jersey.]
I spent more than 15 minutes and I saved more than 15% on my auto and homeowners insurance. For the same coverage, I saved 25% on my auto insurance and I saved 38% on my homeowners insurance.
A typical "how to save money on insurance" article will tell you to drop collision and comprehensive coverage on older cars, get your good driver, good student, and alumni association discounts, increase your deductibles, insure your car and home with the same company for the multi-policy discount, etc. etc.
I’m not going to repeat those. I assume you already know what coverage you want and what deductibles you are comfortable with, and you already pursued all the discounts. If not, you can search for those articles on the Internet. There are a ton of them.
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Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition by John Bogle
