Car and Home insurance In Coeur D'Alene, Idaho
The reason individuals carry auto insurance is to protect themselves from financial devastation and loss of income.
It protects them from other people suing them for sums of money larger than they can afford to pull out of pocket, savings and investments.
It will also provide a monetary benefit to the insured if they get injured by another party who doesn't carry any or enough insurance coverage. Sometimes people become totally disabled and can no longer provide an income due to injury in an auto accident.
As you can see this is really meant to be a catastrophic coverage policy that will cover exceedingly large sums of monetary damages. Having the proper coverage in place makes sure that you and your family will never lose your home, investments and income due to any auto accident whether it is your fault or not.
NOTE: A good rule of thumb for filing claims is that if it is not more than 3 to 5 times your deductible it is not worth claiming.
The insurance companies get that money back from you by increasing your premiums over the following 3 years. They know that you will not be able to change insurance companies during that time period. The premium will go up, but not enough to allow you to go to another company.