Broad-form insurance is a little-known type of insurance policy that can have a lot of benefits for some drivers. This is because it covers only one driver with minimum liability coverage. This means that everyone else is excluded from having coverage while operating your car. Obviously, this type of insurance definitely isn’t for everybody, but it can pose some major benefits in many situations. Here are some of the best reasons for why you should have broad-form insurance.
You Live Alone
One of the best reasons to have broad-form insurance is if you live alone and don’t plan to drive often or have other people in the car when you do. If no one else is going to drive in your car, there’s no reason to pay for extra liability coverage enabling them to do so. The best part about taking this insurance policy is that the price will go down (everything else will remain the same.)
You Do Not Want To Pay Extra for Insurance
Insurance is one of the more expensive reoccurring payments we have to deal with. They drain your bank account and are unneeded for people who don’t need the extra liability coverage a normal insurance policy would provide. As such, if you see yourself valuing money more in the long term and have no use for the benefits that a regular insurance policy would provide, go with the broad form policy!
You Drive Rarely
Another great reason to have broad-form insurance is if you rarely drive. Having an expensive insurance policy that has all the coverage you could ever want is useless if it won’t be relevant in your life. Even if you don’t drive your car, you probably don’t need a comprehensive insurance plan. Instead, having one that covers only the basics saves you money while giving you the benefits you actually need.
We hope this article has helped you understand the best reasons to have broad-form insurance. If this type of insurance is right for you, consider reaching out to your insurance provider for guidance on how you can set this up in your policy!