5 Types of Car Insurance Coverage
Car insurance, and any insurance in general really, is confusing to understand. You can end up paying for too much coverage or not enough if you do not properly research your options. Take a look at the following five options to see which one best fits what you are looking for.
1. Liability insurance
The first type of car insurance coverage is liability insurance. In simplest terms, this coverage protects you if you are the party in the accident that is at fault. Liability insurance covers the costs incurred from repairs to property and vehicles as well as medical bills. Most states require by law to have drivers possess some form of liability insurance, albeit very minimal. Consider having coverage above the minimum state requirement, however, as it will provide extra protection that insurance claims cannot cover. If you are a very risk-averse person, consider purchasing a decent amount more than the minimum coverage.
2. Collision coverage
The second type of car insurance coverage is collision coverage. It covers (you guessed it) car collisions. Specifically, this form of coverage pays for repairs for your car. If your car happens to get totaled in an accident, i.e. the cost to repair is greater than the value of the vehicle, collision coverage will give you the value of your car.
When is it good to get collision coverage? Consider it if your car is relatively new or expensive. Therefore, the price for repairs and the like is limited. If your car is on the older side, this coverage would most likely not be worth it.
3. Comprehensive coverage
The third type of coverage is comprehensive coverage. This is for situations not exactly related to a covered accident, like weather damage due to a storm, hitting a deer, a tree falling on your car, a baseball goes through your window, etc. Comprehensive coverage is not exactly necessary but is a good luxury if you can afford it. If you have an easily replaceable car, this coverage is most likely not necessary. Consider this coverage if you have some extra money in the budget and consider yourself risk averse.
4. Personal injury protection
Another type of valuable protection to have in case of a car accident is personal injury protection. Personal injury protection covers all medical bills related to the cost of an accident, no matter who is the party at fault. Some deem this protection necessary. The costs of medical bills nowadays are high. If you prefer to lift that burden entirely and have peace of mind, personal injury protection might be the way to go. Take note though: this coverage may not be available in your state.
5. Uninsured/underinsured motorist protection
A fifth type of insurance to note is what’s known as uninsured motorist protection. State laws mandate that all drivers must be insured if they are to operate a vehicle. Sadly, this is not always the case. Similarly, a situation may occur when a driver might have liability insurance but not enough coverage to cover all costs of an accident. If you are on the wrong end of this situation where the party legally responsible cannot cover the damages related to an accident, you will not get due compensation. Underinsured motorist protection would be most useful in this regard. Moreover, it is commonly inexpensive to add this type of protection. Given the potential protection it provides, it would most likely be a worthwhile investment.
These five common types of car insurance are the most widely seen. Contact your auto insurance provider to see which type of insurance best fits your needs for your situation. This guide provides some tips and pointers but it is best to consult family, friends, and, of course, certified professionals. Drive safe!
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