The essential types of vehicle insurance coverage - the basics!
The essential types of vehicle insurance coverage - the basics!
Car insurance is not usually as easy as some would likely like it to be. It is extremely important to pick the right coverage for your insurance policy. What is the point of having to pay for a coverage which leaves you underinsured? At the same time, paying for unrequired coverage is really a waste of money. Most people pay too much for auto insurance without even realizing it..
Recognizing the basic principles is extremely important. Firstly, you need to know that your policy is in fact a bundle of many types of insurance coverage. Second of all, there are types of cover which are considered necessary by the state you live in. Personal injury protection (PIP), Property damage liability (PDL) and Bodily injury liability (BIL) coverage is typically mandatory. In different states different minimum limits are required.
Bodily injury liability - you need to bear in mind that BIL gives protection in case you injure or kill another person while operating your car. Its worth mentioning that if another party files a lawsuit against you, as a result of an accident you have caused, Bodily Injury Liability will cover your legal costs. Protecting your personal assets is very important, taking into consideration how expensive a serious car accident can prove to be. BIL is not about your auto, but rather potential accidental injuries to other individuals. If you have more than one motor vehicle, try to keep the BIL coverage the same for all of them.
Property damage liability - this part of the insurance policy is intended to cover other people's property damaged during an accident. If you end up in a position where another party is suing you for property damages you have caused, PDL gives you legal defense.
Personal injury protection - closely related to No-Fault in a few states. It covers the medical costs for the persons in your car, including the driver. Some insurance plans include protection for injuries suffered as a pedestrian.
Industry experts always highly recommend obtaining more cover than the state's required minimum.
Additional Auto Insurance Coverage
Curious about what other types of cover may be beneficial? Well, it all depends on your circumstances, but here are essentially the most common ones:
Uninsured motorist coverage - it doesn't come as a shock that the number of drivers without insurance has increased recently. It can be blamed on the financial state of the country or the lack of social responsibility, but either way you need to look after yourself and your famil. Uninsured motorists coverage is highly recommended and not that expensive in most states.
Comprehensive physical damage coverage - if you want your car to be covered against fire, flood or theft, this is the coverage you need to have. Needless to say, it is barely worth it adding it to your insurance policy if you car doesn't have a lot of value. Having higher deductibles will keep the price of this coverage minimal.
Collision coverage - if you are hit by another automobile or object, or even your automobile hits another car, collision coverage will pay for the damages to your vehicle. Once again, only worth it if you drive a newer motor vehicle and your deductible comes into play.
These are practically the main coverages that you have to have. Decide carefully which ones you want and which cover is not for you. Always go with more than the minimum required and consult an insurance professional if in doubt.
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