April 30, 2013
Purchasing Insurance About More Than Money
There are more drivers hitting the road every year. With the increasing number of vehicles on the road, crashes will happen. If you get in a car accident, the car insurance you own can make a big difference in how much you have to pay. How can you determine what type of insurance you need and how to buy it? Required coverage varies by state/province but typically includes the following: Liability: Liability pays for the expenses you are responsible for in a car accident, including injury and property damage. Bodily injury damages can include medical fees, and lost wages. Property damage includes car repair costs and loss of use of property. It can also cover your defense and court costs if you are sued. Local laws typically require standard amounts of liability insurance, but higher amounts are available and very beneficial. Personal Injury Protection: This type of insurance pays for all medical treatment for you and other people in your car, regardless of who was at fault in the crash. It is required in some states and optional in others. It can also pay for lost wages, replacement of services and funeral expenses. Local government typically sets minimum amounts. Medical Payments: Medical payment coverage is available in states that are not considered no-fault and will pay no matter who is responsible for the accident. This insurance will pay for all insured person’s necessary medical and funeral expenses resulting from an accident. Collision: Damages resulting from a car accident will be paid for under this type of insurance. Comprehensive: This applies if your car is stolen or damaged by causes other than a wreck, including fire, wind, hail, flood or vandalism. Uninsured Motorist: This pays for repair and replacement costs when an insured person is injured in an accident caused by another person who does not have insurance. Under-Insured Motorist: This pays for damages when a driver with insurance is injured in an accident caused by another person who does not have the right amount of insurance to pay for the total amount of the damages. Other policies, like car rental, are also available. What you pay for auto insurance varies by company and will depend on several factors, such as: *Your selected coverage *Your vehicle’s make and model * Your driving record * Your age, sex and marital status * Where you live Many people consider auto insurance to be a necessary evil, but it can save you from a financial crisis. Review your needs, do your research , and with the help of your insurance agent, choose the option that best suits you. Motorcycle Insurance 44145