Your Frisco Auto Insurance Agent
As an independent insurance agent, Parkwood Insurance can get you the best coverage for your daily commuter car. Plus, we also offer classic car insurance, motorcycle insurance, and all kinds of specialty vehicle insurance. From your teenager’s first car to your retirement RV, Parkwood Insurance has you covered.
Why Do I Need Car Insurance?
There are plenty of reasons every driver needs auto insurance in Frisco:
- Texas state law requires a minimum amount of car insurance.
- If you drive a luxury car, your leasing or financing company will require collision coverage and comprehensive coverage.
- If you’re in an accident, car insurance can reimburse you for your medical bills and repair bills.
- If you injure someone while driving, or damage their property, car insurance protects you from a liability lawsuit. (Otherwise, you could lose all your savings paying someone else’s hospital bills!)
Accidents happen all the time. According to TxDOT (The Texas Department of Transportation), in 2017 in Texas there was a reportable traffic accident every 59 seconds. There were 1,852 crashes in Frisco in 2017. That’s over 5 accidents a day just in Frisco alone! If it happens to you, you need to be prepared.
What Does Car Insurance Cover?
Within Texas you are required by law to have the following minimums: $30,000 for Bodily Injury Liability (BI) per person and $60,000 per accident, and $25,000 for Property Damage Liability (PD).
Bodily injury liability will cover any medical bills and related expenses in the event you injure another party in an accident. Due to the high cost of medical care, you want to ensure you do not carry liability limits that are too low.
While property damage liability protects you if you damage someone else’s property unintentionally such as their car, a guard rail or a house property damage liability will compensate the other person for that damage.
Most Frisco drivers consider the legal minimums insufficient. “You could lose things including your home, savings, investments, and other assets to pay for such damages.” Our recommended minimum amounts are: $100,000 per person and $300,000 per accident of BI and 50K of PD coverage.
We also recommend taking out additional coverage so you are fully protected on the road. Other policy options available are:
Collision Coverage: If your car is damaged in a collision. Not covered under BI and PD which are about liability.
Comprehensive Coverage: If your car is damaged some other way, like hail, fire, theft or falling objects.
Property Damage: Suppose you damage someones car in an accident, or a guard rail, house, or some other property that belongs to someone else. This is the part of your policy that compensates the other person for that damage
Bodily Injury Liability: This coverage protects your financial interest in the event you injure another party in an accident and will cover their medical bills and related expenses. Due to the high cost of medical care, it’s dangerous to carry liability limits that are too low. This is something we can help you decide on.
Un-insured & Under-insured Liability: This coverage pays you, in the event that you are injured by another party, and that other party was either unidentified, or they weren’t carrying a high enough limit of bodily injury liability to cover your expenses. This is also a very important part of your auto policy because you have zero control over how much insurance other people are driving around with.
How To Get The Best Car Insurance in Frisco
You can get great auto insurance coverage without having to spend a lot on high insurance premiums.
Because Parkwood Insurance is 100% independent, we can take your current auto insurance policy and compare it with a wide range of insurance providers to see who offers you the best deal possible.
The best part? It doesn’t cost you a penny more to use us. We are compensated by the insurance carriers directly, and work on your behalf to properly cover your needs and exposures, and make sure that there are no hidden gaps in your policy.
No two insurance contracts are the same, and while two policies side-by-side might look the same, the fine print behind the cover page can vary drastically from company to company.
This means you need someone who truly understands policy contracts, like us, to sort through the exclusions and conditions for you, so you can rest easy knowing that you have the best possible coverage at the best price without having to learn legal jargon.
When you have a car, auto insurance is a necessary expense – maybe even a necessary evil! But when you’re looking at how much coverage you need, there’s a difference between “what’s legally required” and “what will protect your financial future.” Here’s what you need to know about car insurance: what’s required, what your auto insurance options are, and how to make the right choices! Automobile Liability Insurance The bottom line: a minimum amount of liability coverage is required by law, but it’s a really good idea to buy more.