| Top 20 Metropolitan Areas |
|
- New York, NY
- Los Angeles, CA
- Chicago, IL
- Houston, TX
- Phoenix, AZ
- Philadelphia, PA
- San Antonio, TX
- San Diego, CA
- San Jose, CA
- Detroit, MI
- San Francisco, CA
- Jacksonville, FL
- Indianapolis, IN
- Austin, TX
- Columbus, OH
- Fort Worth, TX
- Charlotte, NC
- Memphis, TN
- Baltimore, MD
- Boston, MA
|
|
| |
|
|
Car Insurance Policy Basics |
| |
| If you are licensed to drive, you should know and understand what types of automobile insurance are available to you and the discounts and/or restrictions that may apply. Every motorist is responsible for their own driving and any accident, injury or damages that may result. Obtaining the right car insurance policy is the easiest way to assure that you are protected if such an unfortunate event occurs. While some states do not require drivers to maintain a minimum auto insurance policy, all require some sort of verification of ability to pay compensation costs when accidents occur. Also, most lending institutions will also require proof of full insurance coverage if you plan to carry a loan on the vehicle you drive. Until the loan is satisfied, your vehicle is an asset of the lender and they want to protect their investment in you.
There are three basic types of auto insurance that can be written into your policy. They are liability insurance, collision, and comprehensive coverage. It is important to understand these types of coverage's to be able to select the right plan for you and for your family where applicable.
LiabilityLiability insurance can be broken down into two different basic categories; property damage and bodily injury. Simply put, liability insurance pays when you are found at fault.
- Property Damage Liability
This section of liability coverage is for repairs or replacement of any damages caused to another vehicle or property from an accident where you are the driver responsible for the mishap.
- Bodily Injury Liability
This section of liability coverage is to compensate or pay for any injuries or even deaths resulting from an accident where you are found at fault. This can include doctor’s visits, hospital stays and in some cases, long term care. There is usually a maximum amount that an insurance company is willing to pay according to the coverage listed in your policy.
Collision InsuranceCollision coverage is the portion of your insurance policy that covers the cost of repairs to your vehicle when the accident was your fault. If the cost to repair the damage incurred to your car exceeds the market value of the vehicle, the insurance company may opt to pay you the value of the car and mark it as a totaled vehicle.
Comprehensive InsuranceComprehensive insurance is the portion of your policy that will cover other incidents that may happen to your car not resulting from a collision. It will pay to repair or replace the vehicle in the case of theft, or damages due to vandalism, fire, weather agents (i.e. hail, flood, wind, etc…) and falling or flying objects such as birds or rocks. Some policies do allow you to cover your windshield separately with little or no deductible. There are car insurance companies that also provide comprehensive insurance that includes coverage of lost wages due to personal injury resulting from an accident or medical expenses, as well as funeral costs.
Other Types of CoverageThere are other factors that come into play where auto insurance coverage is concerned. These other types of coverage include things like; uninsured or under-insured motorist insurance, towing insurance, and rental car reimbursement insurance amongst others. It is always a good idea to check with the particular auto insurance agency you are looking into in order to find out what types of additional options they offer. |
|
