The Importance of Life Insurance for Parents
Navigating the many options and terminology of auto insurance
can be overwhelming. This article will explore the different types of coverage
available and help you decide which options are right for your situation.
Required coverage begins with liability insurance for bodily
injury and property damage to others. Other first-party options include
personal injury protection and medical payments coverage. Collision and
comprehensive coverage are optional, but lenders often require them for leased
or financed vehicles.
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Liability Coverage
The most basic form of car insurance, liability coverage
protects you and anyone driving your vehicle with your permission in the event
of an accident. It pays for the other driver’s expenses and damages (up to your
policy limits), as well as your legal fees if there is litigation. Liability
coverage does not pay for repairs to your own vehicle or other property, which
is why you need collision and comprehensive insurance.
Almost every state requires motorists to have some kind of
liability coverage, and the minimum limits vary widely. Bodily injury liability
and property damage liability are the core components of this type of
insurance, and it typically includes per-person and per-accident limits.
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If you get into an accident and are found at fault, the
bodily injury part of your insurance will cover the other driver’s medical
expenses and lost income (up to your policy limits). The property damage
portion of your insurance will help pay for their vehicle or property, as well
as your legal costs if they file a lawsuit. This is why it is important to have
high enough liability limits to ensure you can afford to pay for any resulting
losses.
Physical damage coverage, which is also known as
comprehensive or other than collision, is an optional part of most car
insurance policies. It covers the damage to your vehicle that is not related to
a crash, such as fire, severe weather, theft and vandalism. This is typically a
much less expensive option than collision, and many drivers opt to add it to
their auto insurance policies.
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It is important to note that both collision and comprehensive
coverage only pay up to the fair market value of your vehicle, not what you owe
on your car loan or lease. For this reason, it is sometimes a good idea to
invest in gap coverage. Gap insurance is designed to pay the difference between
what your insurer will cover and what you still owe on your car, and it is
often rolled into your premium payments for convenience. Talk to your agent
about this and other optional coverages.
Collision Coverage
In general, collision coverage pays for damage to your car
resulting from physical contact with another car or object. It covers repairs
or replacement of your vehicle, depending on the policy and whether it's a new
or used vehicle. This type of insurance also usually covers your car's actual
cash value, minus any depreciation. It may pay for a rental car, and many
insurers offer additional add-ons, such as roadside assistance, gap coverage
and accident forgiveness.
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General Liability Insurance
Collision is a common optional car insurance coverage that
can be purchased in addition to bodily injury liability, property damage
liability and uninsured/underinsured motorist coverage, which are required in
most states. It's also sometimes sold with comprehensive coverage, which
includes damage from an event other than a collision with a vehicle or
stationary object, such as a fire, severe weather or theft.
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