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Many people think that they can only afford minimum coverage when shopping for auto insurance. However, the question should be "Can you afford to have an accident with minimum coverage?"

Many states require very low amounts for minimum coverage policies. In fact, they often do not cover the cost of a reliable used car. If you're in an accident and it's your fault, you will be expected to cover any costs that exceed the limits of your policy. Consider how that would impact you and your family if you suddenly owed someone for an expensive new car that was totaled due to a simple mistake on your part.

Medical expenses can be even worse that property damage. If someone is seriously hurt in an accident and requires an extended hospital stay, most minimum coverage policies will reach their limits within the first day or two. This issue only compounds when more than one person was injured. To make things even worse, a minimum coverage policy will only cover the other party if you are at fault. If you don't have health insurance coverage, you will be responsible for 100% of your own medical bills.

While you're thinking about your own expenses, your car isn't covered by a minimum coverage liability policy. If you choose to purchase one with cheaper coverage, be prepared to purchase another car in the event of an accident. Most people think that this is an acceptable risk because they are a safe driver. However, you may not be able to collect a penny when the other driver is at fault and uninsured. Through no fault of your own, you are now without transportation.

To protect their financial safety, everyone that can afford to increase their coverage should do so. While comprehensive and collision may be a little more expensive, most people can increase their liability limits for only a s

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