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Auto Insurance is a type of insurance coverage that protects you from liabilities that can result from an auto accident. Auto insurance is insurance for automobiles, trucks, vans, and other road-moving vehicles. Its main function is to provide physical protection against bodily injury or physical damage resulting from traffic accidents and from liability which can also arise out of accidents in a car. Your insurance policy will cover damages incurred by you and/or your car in the event of an accident.
Liability coverage is divided into two parts: bodily injury and property damage. Under the bodily injury part of the policy, your auto insurance company will pay medical expenses and pain and suffering that you and/or your passengers suffer as a result of the accident. In addition, your auto insurance company will pay for your lost wages, the value of your lost personal property, and the cost of your funeral. In the property damage part of the policy, your auto insurance company will pay to repair or replace your automobile, as well as to cover your medical bills and to replace any personal property that was lost in the accident.
There are various types of auto insurance policies in the market. These include bodily injury liability insurance, property damage liability insurance, and motor vehicle liability insurance. Bodily injury liability insurance is the basic policy covering legal responsibility for injuries to other people that occur in car accidents. Property damage liability insurance offers coverage for damages to other people’s property that happen in car accidents.
This type of coverage is rarely required by law in most states. Instead, the states have decided on their own coverage limits and benefits for these situations. For instance, in Michigan, the limit of liability in the personal injury protection is $1 million. Meanwhile, in other states the limit on the property damage liability is higher.
The third type of insurance policy is collision coverage pays for damages incurred in a car accident. With this type of coverage the auto insurance company will pay the repair cost for your vehicle. Collision coverage also pays the cost of replacing your vehicle if it is damaged during an accident. With liability coverage your auto insurance company will pay only the claim amount minus the deductible. With collision coverage on your vehicle is covered for property damage and bodily injury liabilities.
Bodily injury liability coverage reimburses you for any physical injuries to another person caused in an automobile accident. This type of coverage reimburses you only up to the limit of your liability policy. The cost of this liability coverage is calculated by calculating the amount of damages caused to another car and the amount of liability coverage you carry with your auto insurance company. The cost of this coverage is based on the level of coverage provided in your liability policy.
Collision also provides coverage for damage caused to your leased vehicle through damages done by someone else. When you drive a leased automobile of the insurance company does not provide coverage for damages to the vehicle. So the person driving the leased vehicle will have to provide their own personal insurance coverage in order to be adequately covered for any damages that occur in an accident. Your auto insurance company can not provide coverage for damages to the vehicle you have driven or that someone else has driven in an accident. For that issue you will need to purchase collision coverage on your own.
Some of the other policies that your auto insurance policy may include are comprehensive, collision, and personal injury protection. There are many types of policies available that cover various issues. Some policies cover medical costs, while others cover property damage and some provide total coverage. It is important that you understand exactly what is covered in your policy so you do not have any gaps in coverage that can lead to significant claims being made when you have been in accidents. Finding the best car insurance companies that offer the best coverage for your needs can take a little time but is well worth it once you have found the most appropriate policy.
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