Auto insurance is one of the most important policies to have in your portfolio. There are many coverages available. However, what is the most important? Here are three policy coverages you must have in Colorado.

Liability and Property Damage

Other drivers or property owners can directly sue you for damage without proper liability and property damage insurance. Further, legal costs and settlements due to a vehicle accident can financially break you. Thus, work with a company like Premier Group Insurance in Lakewood, CO to determine the proper liability and property damage amounts. 

Collision and Comprehensive Coverage

The right collision coverage helps repair vehicle damage caused by another vehicle or a stationary object. Meanwhile, you need comprehensive coverage for damage related to fire, vandalism, or natural disasters. 

Without the appropriate coverage amounts, you can’t repair issues that go beyond cosmetic. In other words, you may not have the necessary funds to address mechanical difficulties. Further, you can’t take care of items like hail damage. As a result, you can be left without a car or have to find a way to finance a new automobile.

Gap Coverage

Although it’s not part of a standard auto insurance policy, gap insurance is a must-have coverage. It is critically important if you have a new or pre-owned vehicle you still finance. Without gap coverage, you may not have the needed funds to pay off your car and purchase a new one. Conversely, a gap coverage policy helps pay off the remaining vehicle payments, thus ensuring your financial stability. 

Do you have further questions on the auto insurance coverage you need? If so, contact a representative from Premier Group Insurance in Lakewood, CO for further details.