If you’re considering using Get in the Ring to compare insurance companies so that your Georgia auto insurance bill goes way down, there’s another benefit of comparison-shopping that you may not have considered.
In some cases, you may save enough so that there’s money left for desirable add-ons to your auto insurance policy.
Insurance add-ons may make sense for your Georgia-registered vehicle
Depending on what you add on, it’s likely that, at the end of the switch, you’ll have auto insurance for your Georgia-registered vehicle that’s significantly better, at a lower cost, than where you started.
Lower cost. Better insurance. The dream is real.
Let’s take a look at the kinds of add-ons that might be worth considering for your particular situation, according to Motley Fool and Kelly Blue Book.
Add uninsured or underinsured motorist coverage to your Georgia policy
In Georgia, and in other states, all drivers are required by law to carry insurance at the minimum legal level.
Not everybody in Georgia obeys that law. In fact, in 2021, about 12.4% of all drivers in Georgia had no auto insurance, according to the Insurance Research Council.
21 states require insurance policies to cover for uninsured motorists. In Georgia, though, that is not required.
But just because it’s not required, that doesn’t mean it’s not a good idea to have uninsured (and underinsured) motorist coverage.
According to financial site Motley Fool, “If a motorist gets into a crash with a driver who either has too little or no insurance, that’s a really bad situation to be in. If that uninsured or underinsured driver was at fault but had no coverage, the motorist would need to try to collect from that person personally. And, perhaps not surprisingly, many people who illegally drive without insurance don’t have a ton of assets to pay for losses they cause.”
Many of our customers decide to add this coverage to their policies, to be safe.
Add rental car reimbursement to your Georgia auto policy
If you’re used to jumping into your car and driving anywhere you want or need, it’s hard to imagine how disruptive it can be when your car isn’t there.
If your car is in the shop and the damage wasn’t the fault of another insured driver, you could find yourself depending on the kindness of friends, family, or your friendly Uber driver.
Without rental car reimbursement, many drivers in this situation are forced to do the math: How much does a rental cost, and is it worth it to pay out of pocket?
One way to avoid that is to add on rental car reimbursement to your policy. “It doesn’t cost much — usually a few extra dollars in insurance premiums each month,” notes Motley Fool
“It can sometimes take weeks to get things resolved after a crash, and rental car reimbursement coverage can ensure policyholders don’t have to spend a fortune or go without a vehicle for all that time.”
Comprehensive coverage as part of your Georgia auto policy
This category covers the really unexpected damages to your vehicle. Theft or vandalism, for example.
If you want to be sure that you won’t have to pay the rest of your loan for a car that’s badly damaged or lost completely, comprehensive coverage may be what you’re looking for.
Consider adding gap insurance
As we write this in late summer 2023, new car prices in the United States hit a record average price of $48,334. Used cars also take a bigger bite of the average driver’s paycheck, with an average used car selling price of just over $27,000.
Add to that an average monthly payment of $725 over an average term of 68.6 months according to Nerdwallet and you get a sense of why down payments are dropping on new cars.
Which is where the trouble comes in.
If your car is totaled — if the insurance company decides it cannot be repaired — you’ll get paid for the car’s book value at the time of the accident. If you owe more on your auto loan or lease than the vehicle is worth, you’re responsible for paying the difference — unless you have gap insurance.
Gap insurance is not for everyone. But especially if you’re making a small down payment, you should consider this coverage which will reimburse you for the difference between your insurance company’s payout to you and the amount you owe to the bank or leaseholder.
New vehicle replacement coverage keeps that new car smell
New vehicle replacement is similar in intent to Gap Insurance, but it covers you for the full replacement value of your car, not just its resale book value.
New vehicle replacement coverage helps protect against depreciation. If the insurance company declares your car a total loss, it will reimburse you for the amount it would cost to buy a new version of the car you own — not the depreciated value.
“But you can only get this add-on if you’re the original owner,” KBB reports, “and it’s generally not available for leased cars. New vehicle replacement coverage is typically good for about a year after you buy the car.”
Custom parts and equipment coverage is highly specialized but may make sense for some Georgia drivers
If you’ve really splurged and tricked out the car or truck of your dreams, you may have parts and equipment that are not covered by the average insurance policies. That’s where this add-on takes over.
Examples of the type of upgrades covered by custom parts and equipment coverage include a custom sound system or a custom paint job, typical coverage may not pay for repairs or replacement, especially if your upgrades are expensive aftermarket additions or improvements.
Custom equipment coverage provides added protection for upgrades you make to your vehicle.
Georgia drivers should consider some of these insurance add-ons
Part of the reason why we like to talk on the phone or face-to-face with people after they get their instant quote is that we want to be sure you’re not leaving yourself uncovered for an insurance need that makes sense for your particular situation.
It’s not uncommon at all to find that Georgia drivers in this position can get two seemingly opposite outcomes at the same time: you can save al lot of money and you can have much, much better insurance on your vehicle.
It costs nothing to get started.
If you’re interested in making a change to your auto or home insurance, give it a try. You’ll get a list of insurance companies that are a great match for you, and you’ll hear from an agent who’s ready to help you cut your insurance costs dramatically while possibly improving your coverage.
Want to give it a try?
