Ralph A. Schwartz, P.C.

Two big mistakes many car owners make

Ask car owners what the biggest mistake they have made is, and you are likely to get a variety of responses. Some may go something like, "I bought a boring used car when I should have splurged on something my heart wanted," or "I did not think ahead enough and got a car that is too small to fit all of my kids."

For sure, mistakes come in all shapes and sizes, some more obvious than others. In fact, there are two mistakes that many car owners make year after year. In the best cases, they never realize they have made them. All too often, though, they realize their mistakes at the worst of times.

Not reviewing your car insurance every year

One mistake is failing to ensure your car insurance is serving you well every year. Your life situations change, and so does your car. For example, say that when you first bought the car, you were on a tight budget and did not want to shell out more than the bare required minimum for car insurance. In Nevada, the requirement is to have at least 15/30/10, meaning $15,000 per person in bodily injury protection, $30,000 per accident for bodily injury and $10,000 of property damage protection per accident. However, it has been a few years now, and you have gone through several job promotions. You have the money now to better protect yourself, so why not take advantage of it?

Insurance is not "fun" or "sexy" for many people. It is easy to just renew your policy as it is without really thinking about the factors that go into your monthly premiums, but setting aside a few minutes every year could be time wisely spent.

Not getting underinsured/uninsured coverage

The second big mistake is when drivers decide not to get underinsured/uninsured motorist coverage. Even if your budget is tiny, this category is worth spending money on. Too many drivers lack adequate insurance, and you could be out of luck if such a driver hits you. That is, unless you have that underinsured/uninsured motorist coverage.

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