Here in San Diego, auto insurance is a critical asset when it comes to protecting your self and your vehicle -- but it is no substitute for life insurance coverage. Photo Credit: Blade Kostas, Photos.com
By Cathy Peterson
Throughout Southern California, most of us rely on our cars to get around each day; and here in San Diego, auto insurance is crucial for protection on the road. But while coverage for car damage and accidental injury may seem fairly straightforward, the distinction between auto and life insurance coverage in the case of a fatal accident can be confusing to some policyholders. As noted in a recent NASDAQ report, car insurance is not life insurance: and while the former may prove helpful in allaying some costs in the wake of an accident, it cannot replace the security provided by adequate life insurance coverage.
Auto insurance versus life insurance
Auto insurance is designed to help take care of your vehicle. While some plans may also help cover funeral expenses in the event of a fatal accident, auto insurance is never meant to serve as a substitute for life coverage. Rather, it is meant to return you to your financial position prior to any losses incurred in the accident.
There are different elements to auto insurance packages, including liability insurance, personal injury protection, accidental death benefit and uninsured and underinsured motorist coverage. Each of these covers a different component: for example, liability coverage is intended to help a the victim?s family if you are at fault in an accident, while accidental death benefits help defray death expenses if you or a family member is killed in an accident.
Ultimately, while there are some ways in which auto insurance can alleviate some costs associated with a fatal car accident, life insurance is the only way to make sure your loved ones are protected and provided for ? and a much less expensive and risky route compared to dependence on other motorist?s coverage, success in a lawsuit or any other means of securing funds through auto insurance. The good news? Life insurance can be very affordable, especially if purchased at a relatively young age. For instance, NASDAQ reports that a ?20-year, $250,000 term policy for a healthy 30-year-old costs about $150 a year.? To find out what a term life insurance policy would cost you, get in touch with an experienced San Diego insurance agent for a custom quote.
At Farmers Insurance Poway, we are happy to take calls and provide insurance coverage information and clarification for our San Diego neighbors ? whether or not they hold a policy with our company. Our goal is to take the confusion and hassle out of understanding insurance coverage. To learn more, discuss auto insurance packages in Poway or find out about life insurance coverage options, contact me, Cathy Peterson, at (858) 748-3134, or visit me online at www.farmersagent.com.
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