Auto Insurance Happy Valley, OR
When you need auto insurance in Happy Valley, OR, get in touch with Schmidt Insurance Group. We will help you find the right amount of coverage to fit your needs and your budget.
Schmidt Insurance Group opened its doors in Lake Oswego in 2019 to simplify the process of buying insurance while providing outstanding customer service. We proudly serve the local Portland area in addition to all of Oregon and Washington.
Our team consists of born-and-raised Oregonians who are specially trained in high-net-worth households and can help you find the exact amount of coverage you need.
Auto Insurance 101
When shopping for car insurance, you’ll have several decisions to make. We’ve provided the following cheat sheet to help you understand the coverage options and how much we recommend you buy.
Liability insurance
Liability insurance covers the cost of bodily injury or property damage you cause to someone else if you’re at fault in an accident. It will help protect your personal assets (such as homes and savings) from lawsuits.
- Do you need it and how much coverage should you have?
Unless you live in New Hampshire, yes, you need it. Every other state requires some degree of liability protection, and it is arguably the most important coverage to have. Requirements for minimum coverage limits differ by state. Oregon requires a minimum of $25,000 liability coverage for property damage caused by the owner/driver of the insured vehicle or the bodily injury or death of one person in an accident, with a maximum of $50,000 per accident. Regardless, a good rule of thumb is to purchase bodily injury liability limits high enough to cover your net worth so that you’re protected against the cost of injuries to others.
Comprehensive and collision insurance
Collision coverage pays for damage to your car that occurs during a collision with another vehicle or object, such as a tree or guardrail, when you are at fault. Comprehensive coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, such as fire, flood, hail, falling rocks or trees, and vandalism.
- Do you need it and how much coverage should you have?
If you lease a car or financed its purchase, your lender will most likely require you to buy this insurance coverage. Otherwise, they are usually not required, but we recommend getting them if the value of your car is more than $3,000. There are no limits on comprehensive and collision insurance. Your insurer will cover the damage to your car up to its actual cash value, after you pay the deductible.
Personal injury protection (PIP)
This coverage provides reimbursement for medical expenses for injuries to you or your passengers.
- Do you need it and how much coverage should you have?
There are 12 states, including Oregon (which requires $15,000 in coverage, per person), that require some form of Personal Injury Protection coverage. One benefit is that it will cover lost wages and other related expenses if an injury leaves you incapable of working for some period.
Uninsured or underinsured motorist insurance
This coverage protects you if the at-fault party in your accident doesn’t have insurance or has insufficient insurance to pay for your damage, medical expenses, and loss of income. Not only does it protect you, but also your family members and other people who are riding in your car.
- Do you need it and how much coverage should you have?
One in eight drivers in the U.S. is uninsured which leaves you at risk. Oregon is one of the states that requires uninsured and/or underinsured motorist insurance. The minimum required is $25,000 per person ($50,000 total per accident). We recommend purchasing limits for these coverages in a similar amount to your bodily injury and property damage liability coverage limits.
When you need auto insurance in Happy Valley, OR, get in touch with Schmidt Insurance Group. Accidents happen. When they do, you’ll be glad you’re protected! Call us today at (503) 206-0881 to explore your options.
