The auto insurance information provided on this page offers guidelines that can aid you in purchasing auto insurance at the lowest cost available to you.
The future is unpredictable. Unfortunate events may happen to you and to your car, and when it does, it is better that you have prepared for it. Aside from this, most states in the US requires car insurance to be mandatory, that drivers shall have the minimum auto insurance coverage. But to really come prepared is for you to have greater degree of coverage, but of course, this is at your discretion.
Same with all other insurance, you have to pay a premium for auto insurance and when the inevitable happens, the insurance company then will come to your aid and pay for the damages you have brought upon yourself, to your car, and to others as long as it is included in the auto insurance policy you have paid for. Responsible or not of the accident, your auto insurance will pay for the cost of repairs to the damage vehicles, medical expenses for those who have been injured, and the legal fees. That’s the kind of auto insurance information you need to make a good coverage decision.
An insurance policy also exists to cover your vehicle when it would be stolen or vandalized.
Premium and Deductible
These are the two basic terms on auto insurance that you should get yourself familiar with. Premium refers to the amount that the insurance company will charge you for a particular auto insurance policy, while deductible is the amount that you would have to share with your insurance company in paying damages obtained in the accident. To illustrate further, if have purchased a policy with a $200 deductible and the accident had cost a $500 worth of damages, then you are the one responsible in paying the $200 damages while your insurance company takes care of the rest.
What are the different types of auto insurance coverage?
Insurance policies pertaining to vehicles offer different kinds of coverage and with different prices. The following auto insurance information clears up what insurance can can:
• Bodily Injury Liability – This covers medical expenses, pain and suffering, lost wages, and funeral expenses for the people injured in the accident wherein you are legally held responsible. This will also cover the legal fees to defend yourself in the event of a lawsuit.
• Property Damage Liability – In an accident when you are at fault, this insurance coverage will pay for the repair cost of the damage vehicles and any other properties damaged by the mishap such as street lamps, buildings and other infrastructures.
• Collision Coverage – This coverage will pay for the damages to your car and the other party’s vehicle as result of the accident. When you are at fault, the insurance company will reimburse you of the repair costs after you have paid for the deductible amount. When you are not at fault, the insurance company will then seek reimbursement from the other party to pay for the repair costs of your vehicle.
• Uninsured/Underinsured Coverage – This particular kind of coverage will aid you and your passengers in medical expenses after being injured by a motorist who is not insured or underinsured provided that the driver had been held legally responsible for the accident.
Once you have the basic auto insurance information, you’ll be ready to get online insurance quotes and purchase the auto insurance coverage of your choice. With the right auto insurance information, you can ensure you get the coverage you need at the lowest rate possible.