Auto Insurance Must-Knows
There are roughly 32 million drivers with no insurance in the United States. This statistic could either be due to ignorance or inability to afford insurance. Getting car insurance isn't easy, but here are some pointers that can help you make up your mind about car insurance.
The contract you sign with your insurance firm protecting you from financial loss when you lose your car to theft or suffer an accident is referred to as auto insurance. The insurer commits to pay for your losses, provided you keep making premium payments. Auto insurance covers damage to your car, liability and medical cost incurred in treating injuries, wages lost, rehabilitation cost, and funeral bills.
Your car insurance policy covers you and your family members. The cover extends to whether you're driving your vehicle or someone else's car with their consent. The cover also provides a scenario where someone else, who isn't on the policy, is driving your car and suffers an accident.
A personal auto insurance policy covers your driving, provided you aren't using the car to make money. If your car is providing transport such as uber, the personal policy will not cover it. Today, however, owing to the changes and necessities in the market, some insurers are lining up supplemental packages with an additional cost for vehicle owners offering ride-sharing solutions.
Requirements by Law
The requirement for auto insurance differs from one state to the next. The law in most states mandates all vehicle owners to have bodily injury cover. This policy covers all the costs accruing from accidents that you cause or that are caused by another person driving your vehicle.
Most states will also insist on property liability. This property damage cover reimburses others who are victims of your poor driving. If your car, being driven by another person, damages another car or property, this cover offers compensation.
Personal injury protection is another policy that's mandatory in many states. This policy covers medical expenses for injuries that you sustain with your vehicle. The policy covers your passengers as well. Lost wages are also covered by the personal injury protection policy.
Other Auto Insurance Policies
Specified perils is a policy that only covers losses that are listed in it. The policy will cover fire, theft, lightning, earthquake, and hail. Civil disturbance, aircraft forced landing, and explosions are also covered.
Comprehensive, collision, and glass coverage are other policies rolled out by insurance companies. Due to the many policies in the market, it's wise to go through them with professionals. Operating without coverage can be deadly and, in some states, criminal.
Contact an auto insurance agent today to learn what you need.