The Richards Group is one of Vermont's and New England's top retirement and fiduciary advisors

Is it worth it?

The Risks Of Lowering Your Auto Coverage
Dropping some of your coverage—like comprehensive or collision—to the lowest legal level can cut your premium, but it could also put you at serious risk.


Determining Which Coverage You Need

An automobile insurance policy is designed to provide you with a level of protection against property,liability and medical costs if you are involved in an accident.

  • Property Coverage pays for damage to or theft of your car.

  • Liability Coverage pays for your legal responsibility to others for bodily injury or property damage.

  • Medical Coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

  • Underinsured Motorists Coverage pays for property damage and bodily injury caused by another driver whose coverage is insufficient to cover damages suffered.

Selecting the correct liability limits is fundamental.

100/300/50 means you are covered for up to:

  • $100,000 in bodily injury coverage per person
  • $300,000 in bodily injury coverage per accident
  • $50,000 in property damage per accident

Many states have minimum liability limits of 25/50/10, although some states are higher or lower than this. While it may lower your premium, reducing your liability limits to minimum legal levels and dropping underinsured motorists coverage could open you up to substantial risk.


Collision Insurance – Know the Value of Your Car
Your policy will not pay for repairs that exceed the value of your vehicle. For this reason, if you are driving a vehicle that isn’t worth more than a few thousand dollars, it may not make sense to purchase collision coverage.

We’re Here to Help

Accidents happen to cautious drivers, too, and having adequate insurance can save you from serious financial burden should one happen to you.