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Wednesday, 6 April 2022

Types of Insurance for Car All You Have to Know About

  Ahamed       Wednesday, 6 April 2022

WHAT IS TYPES OF INSURANCE FOR CAR AND THE MAJOR TYPES OF CAR INSURANCE EXPLAINED

The Major Types Of Car Insurance Explained |types of insurance for car


When you've been in a car accident, it's imperative to have someone handy to help protect your back. An insurance agent will let you know what your options are and even let you know a few instances as to why quickly changing policies might result in major issues; because, having the right policy could make all the difference between receiving or not receiving damages following an unfortunate accident. And with all six types of coverage available - despite what many people believe - there is no one-size-fits-all when it comes down to buying car insurance. It all depends on your lifestyle and factors specific to you as the driver. Should you need assistance navigating these types of choices, contact our team today! We'll be glad to help! and if you wana know about Indian loan interest level.

LIABILITY INSURANCE

Liability insurance is the one type of insurance everyone must carry. It protects other people when you're responsible for an accident. Liability insurance isn't optional, and it comes in many shapes and forms. It's designed to protect you from paying for the consequences of an accident you caused. It pays for the medical expenses, lost wages, and pain and suffering that result when you're held responsible for an accident. Here's a detailed look at the types of liability insurance you need.

THERE ARE TWO SIDES  TO LIABILITY COVERAGE

  1. BODILY INJURY COVERAGE - Bodily injury liability coverage pays for injuries you cause to other people in an auto accident. Bodily injury liability coverage is usually part of a car insurance policy's "liability" coverage. The policy pays for injuries you cause to other people in an auto accident, no matter who is at fault. Bodily injury coverage is optional in some states. Bodily injury coverage also pays for injuries you cause to other people while driving and not just in an auto accident. Bodily injury coverage is optional in some states.

  2. PROPERTY DAMAGE COVERAGE - If you are in a vehicle accident, the insurance you have on your vehicle will not cover the damage to the other vehicle. Make sure you have enough insurance on your own vehicle to cover the cost of repairs or replacement. When you purchase a homeowners or renters policy, or a commercial policy, you may be offered the opportunity to include a special endorsement called property damage liability. This endorsement will cover the cost of damage to the property of others. If you are in a vehicle accident, the insurance you have on your vehicle will not cover the damage to the other vehicle. Make sure you have enough insurance on your own vehicle to cover the cost of repairs or replacement. When you purchase a homeowners or renters policy, or a commercial policy, you may be offered the opportunity to include a special endorsement called property damage liability. This endorsement will cover the cost of damage to the property of others.

COLLISION INSURANCE

Collision insurance protects your vehicle after an accident, even if you were the responsible party in the accident. Collision insurance is usually required for most loans and leases. If you don’t get this type of coverage for your car, your auto lender or leasing company could end up paying for any damage that you cause to it. Note that if your vehicle is financed with a loan from a manufacturer-sponsored bank, contact them directly about obtaining collision coverage.

COMPREHENSIVE INSURANCE

Comprehensive insurance protects your car against  damage not caused by an accident such as theft, falling objects, or natural disasters. It's  usually purchased in combination with collision insurance and, like collision insurance, you'll  be required to get it if you have a loan or lease.

UNINSURED OR UNDERINSURED MOTORIST COVERAGE

What happens if you're harmed by a driver who doesn't have enough insurance to cover all of your losses? What if they are underinsured? It can be frustrating and disheartening especially when it isn't their fault. What would happen if that person sued you for the rest of your money even though you weren't at fault either? Having more than enough insurance is just as important as having the right kind. Otherwise, where would you turn? We recommend you buy additional uninsured and underinsured motorist coverage to help protect your investments! Consider getting these extra coverages because without them, if a driver with inadequate insurance injures you in any way, then what will happen to your health bills and other expenses that stem from being hurt by another party's negligence.

PERSONAL INJURY PROTECTION (PIP)

Let's talk about medical bills. If you're injured in an accident, they can stack up quickly but personal injury protection coverage can help with these costs. It makes your medical bills get paid quickly, no matter who is at fault and it helps with other expenses like lost income or child care should you need to take time off work to recover. Personal injury protection may be required coverage in some states so even if it's not there are many reasons why purchasing this type of protection may be a wise investment on your part as well. It's also an inexpensive way to protect yourself during these critical life situations.

MEDICAL PAYMENTS COVERAGE (MEDPAY)

Most states have the same type of insurance called Personal Injury Protection coverage. But what if you were in an accident with injuries but your ability to work was still intact? Would that prevent you from getting help? For example say you had a tax account. As long as you file, you can be covered for inside damages as well.

There are of course many other types of insurance which could be fitted to a car owner’s needs; for example, something related to the fact that their vehicle might break down at some point during their journey, or in case they are involved in an accident while they are on the road. There also happens to be what we have coined as “flexi-drive packages” available on most car insurance policies and it’s worthwhile to consider these options because it could save you money further down the line.


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