insurance of car: insurance for car ~ Ikhabrinews

insurance of car: insurance for car

insurance of car: insurance for car

Basic personal auto insurance is compulsory by most states and provides you with some financial protection in the event of an accident.  But is this enough?  what are the options?  Learn how car insurance works and what type of coverage is car compare

  Understanding Auto Insurance - The Basics
  Auto insurance is a contract between you and the insurance company that protects you from financial loss in the event of an accident or theft.  In return for paying your premium, the insurance company agrees to pay your loss as stated in your policy.

  Provides coverage for auto insurance:

  Property - such as damage or theft of your car

  l.iability Your legal responsibility to others for bodily injury or property damage
  Medical - Cost of treatment of injuries, rehabilitation and sometimes wages and funeral expenses

 b.asic personal auto insurance is mandated by most US states, and laws vary.  Auto insurance coverage is priced individually (a la carte) so that you can customize the amount of coverage to suit your exact needs and budget.

  Policies are usually issued for a time frame of six months or a year and are renewable.  The insurance company sends a notice when it comes time to renew the policy and pay your premium.

  Wh is.covered by my auto insurance - and under what circumstances?

  Your auto policy will cover you and other family members on your policy, whether it is driving your car or someone else's car (with their permission).  If your policy is not on your policy then your policy is driving your car with your consent.

  Your personal auto policy only includes personal driving, whether you are starting work, driving or traveling.  It will not provide coverage if you use your car for commercial purposes - for example, if you distribute pizza.

  Personal auto insurance also will not provide coverage if you use your car to provide transportation to others through a ride-sharing service like Uber or Lyft.  H.owever some auto insurers are now offering supplemental insurance products (at an additional cost) that extend coverage for vehicle owners providing ride-sharing services.

  Is auto insurance coverage mandatory?
  Auto insurance requirements vary from one state to another.  If you are financing the car, your lender may also have its own requirements.  Almost every state requires car owners to carry:

  Physical injury liability - which covers the costs associated with injuries or death that you or another driver incurs while driving your car.

  Property damage liability - which reimburses others for damage that is caused to you or any other vehicle or other property driving your vehicle, such as a fence, building or utility pole.
  Additionally, many states require you to carry:

  Medical Payment or Personal Injury Protection (PIP), which provides reimbursement of medical expenses for injuries to you or your passengers.It w.ill also cover lost wages and other related expenses.

  When an accident does not happen to the auto driver, who is not auto insurance or in case of a hit-and-run, then you can be banned.  You can also buy under the insured motorist coverage, which will be incurred when another driver lacks sufficient coverage to pay for the costs of a serious accident.

  Even if PIP and unlicensed motorist coverage are optional in your state, consider adding them to your policy for greater financial security.

  What other types of auto insurance coverage are specific?

  While most basic, legally mandated auto insurance covers the damage to your car, it does not harm your own car.  To cover your own car, you should consider these alternative coverage:

  When you result in a collision with another vehicle or other object, the collision hits you with a tree or railing for damage to your car - when you are at fault.While.collision coverage will not reimburse you for mechanical failure or normal wear-and-tear on your car,

it will cover damage from pits or from rolling your car.

  Extensively provides coverage against theft and damage due to an event such as collision, fire, flood, vandalism, hail, falling rocks or trees and other hazards - even from being hit by an asteroid!

  g.lass coverage provides coverage from windshield damage, which is common.
Some auto policies include glass coverage without reductions, including side windows, rear windows, and glass sunroofs.  Or you can buy complementary glass coverage.

  What is interval insurance and do I need it?

  Collisions and sweeping only cover the market value of your car, not what you paid for it - and new cars depreciate quickly.

 If your car is completely stolen or stolen, there may be a "gap" between what is owed on the vehicle and your insurance coverage.  To cover this, you can buy differential insurance to pay the difference.  Note that for leased vehicles, differential coverage is typically rolled into your lease payments.
Next Post »

Subscribe Us