A complete understanding of auto insurance options is crucial for drivers in Memphis, TN. At P3 Insurance Solutions, our experts are ready to provide comprehensive answers to any questions about your coverage. Here are four potentially surprising points concerning auto insurance that you should be aware of:
1. Full Compensation Might be Absent After a Total Loss
If you’re still repaying your auto loan, bear in mind that you may not receive adequate compensation from your insurer to clear your outstanding loan if your vehicle is deemed a total loss. Including gap insurance in your policy can prevent a situation where you continue paying for a vehicle you no longer have.
2. Auto Insurance Covers Rental Vehicles
One of the attractive benefits of auto insurance policies is the provision for rental vehicle coverage. When your vehicle is under repair or has been totaled, this component of your policy allows you to use a rental vehicle for a limited period.
3. Basic Coverage Does Not Cover Your Vehicle’s Damage
A basic auto insurance policy typically only includes liability coverage as mandated by law. However, this only covers damage to other vehicles. If you wish to cover damage to your vehicle, you will need to add collision coverage to your policy.
4. Many Policies Offer Roadside Assistance
Roadside assistance is an invaluable perk offered by many auto insurance policies. It saves drivers the out-of-pocket expense of calling a tow truck when they experience a breakdown or an accident.
At P3 Insurance Solutions, we strive to meet your auto insurance requirements in Memphis, TN. Contact us today for a competitive quote!
