A Look at the Some of the Insurance that One Vehicle Need
It is recommended that every vehicle on the road have insurance and this is a requirement by the law. You find that every state in America has its own minimum required amount that one has to buy and some states do not need one to have auto insurance. It is essential to note that auto insurance has a number of policies that cover you in their own unique way. For you to get the right amount of policies you should request a personal auto quote from your insurance agent. Keep reading to learn more about different types of policies.
First of all, we have liability insurance. It is also referred to as third party insurance and it will cover you when you hurt someone or damage their property. This will cover the hospital bills of the third party, any legal fees and settlement costs. The other thing is that it is subdivided into two that is property damage liability and bodily damage liability. Remember that liability insurance does not cover for people inside your car.
Apart from that, we have personal injury protection. This will cover all the medical expenses incurred after an accident whether you were at fault or not. Apart from that, it also covers the medical bill of anyone who was in your car by the time of the accident. Besides, it is also known as no-fault insurance.
The next policy is collision insurance. Collision insurance will protect your car from any damages from the accident regardless of who was at fault. It is true that sometimes at-fault insurance takes a long time to repair the damaged cars or replace them and if you have your own safety net then you will be bothered by them.
Apart from that, there is uninsured or underinsured motorist coverage. This will mean that you get in an accident with a car that has no insurance policy. This insurance policy will fully cover and compensate you if you get hit by an insured or underinsured drive. It will cover your medical bills, lost wages, and more depending on the insurance company. It is essential to note that with health insurance cover and collision, this policy is not mandatory.
Lastly, let us look at comprehensive insurance. One thing that you need to know is that not all the damages to your car can be as a result of collision or accident. For instance, we have people who lose their cars to vandalism. The good news is that comprehensive insurance will protect your car against non-accident damages such as theft, vandalism or weather damage.
Cited reference: official source