subject: Auto Insurance Coverage Recommendations For Acquiring Proper Coverage
[print this page] Anyone who owns a car should have insurance. In fact, in all but a handful of states, having insurance is mandatory before you can register and license your automobile. Besides, having insurance is just a good idea. Here are a few auto insurance coverage recommendations that offer some insight on getting the right coverage.
Before you buy any insurance, you need to consider several factors. First of all, you need to be aware of the legal requirements in your area. Any policy that you purchase will have to meet the minimum amounts of coverage required by law. Once this is done, you will also need to decide if these minimums are enough for your own personal situation.
For example, mandatory insurance laws will only require that you have liability coverage. The liability policy will pay for the damage to property of other people and for medical expenses. Liability coverage does not pay for damages to your own vehicle. If you have a newer on a mobile you will definitely want to consider having it insured. If your car is currently financed, there is generally a stipulation in your loan agreement that says you must have your vehicle covered.
Insurance on your own car comes into it types, called Collision and Comprehensive. These are usually package together, but they can sometimes be bought separately. Collision covers your vehicle in the event of an accident involving another vehicle or an object. Comprehensive pays for losses due to causes such as theft or weather related damage. If your agency offers these individually, it is usually wise to have both.
If you drive an older automobile, you may choose not to cover it for damage. In some cases, the cost of insurance could exceed the value of the automobile over time. This is something you will have to evaluate based on your own personal situation. One option for older cars is to obtain a policy with a higher deductible. This means that you would pay for minor damages yourself, but you would pay a lower premium payment.
Medical coverage will pay for medical expenses caused by an auto accident. This is an area in which people should consider acquiring insurance beyond the minimum legal requirements. Medical expenses for injury treatment can quickly become very expensive. It is important to remember that you may be liable for any costs that might exceed the amount that your insurance will cover.
On this note, it is safe to say that minimum requirements are often very low and having supplemental coverage is always recommended. Just a few dollars more can buy a lot of peace of mind.
by: Lena Shattuck
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