Car Insurance Quotes- The Coverage Associated with Your Car Insurance Policy
October 3, 2009
Auto insurance policies are made up of different types of coverage. Policies usually have liability coverage, collision coverage, and comprehensive coverage. What does each of these mean? Let's take a look at each one individually.
-Liability Auto Insurance Coverage: This type of coverage is used for taking care of any damage that you have done to others for either bodily damage or property damage, or a combo of both. Liability coverage is a requirement in most states, however, each state's minimum coverage amount can vary. Liability Coverage is used to take care of legal fees, lost wages, medical bills, pain and/or suffering and the repairs associated with the other individual's car.
-Collision Auto Insurance Coverage: This type of coverage is used to replace or make repairs to your own car. This is typically the most costly part of your insurance premium. After an accident happens, the company will assess the damage and make the decision of fixing or replacing the vehicle. If a car is considered "totaled", the company must pay you the actual cash value of the car. This is figured by adding the replacement cost of the car and subtracting the depreciation value.
-Comprehensive Auto Insurance Coverage: This type of coverage is used to pay for costs that were not part of an accident, such as fire or theft. This type of coverage will have a deductible you must meet and the company usually will only pay the amount the vehicle was worth prior to the accident. There are also other types of coverage that are part of your policy.
Personal Injury Protection covers medical expenses if the driver or another covered under the policy is hurt in an accident. This is also known as No-Fault insurance as it pays the medical bills no matter who was at fault in the accident. Uninsured Motorist Coverage is a requirement of many states and covers the costs of injuries you have been in an accident with someone who does not have the right amount of insurance or in the case of a hit-and-run accident. Supplemental Coverage is in addition to your regular policy and can include towing and car rental coverage.
This can be a good option as it is not expensive and helps you out with costs if you vehicle is in for repairs. Now is the time for that extra auto insurance protection. Do not be held responsible for someone else's misfortunes.
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