Common Mistakes
Okay, let's dive in. The biggest mistakes I see people make with the Coverage Gap Calculator are not inputting accurate information and not understanding the nuances of their specific situation. For example, I had a client the other day who was convinced they had comprehensive and collision coverage, but when we dug into the details, they actually had a high deductible that would have left them in a major coverage gap. They thought they were fully covered, but the calculator showed they'd be on the hook for thousands if their car was totaled.
How to Avoid Them
When you use the Coverage Gap Calculator, it's crucial to really understand your policy limits and deductibles. Another common issue is not accounting for the value of your car. I had someone plug in the wrong make, model and year, and the calculator spit out a wildly inaccurate estimate. You have to input the right vehicle details to get an accurate picture of your potential coverage gap. It's an easy mistake to make, but one that can have big financial consequences if you're not careful.
Best Practices
At the end of the day, the Coverage Gap Calculator is a powerful tool, but it's only as good as the information you feed it. Take the time to review your policy, know your vehicle details, and use the tool thoughtfully. That's the best way to avoid surprises down the road.
