Are
you confident that your insurance agent has found you the lowest rates
available? Don't bet on it. Agents usually deal with a select group of
insurers and don't necessarily shop around for the best deals. It's
estimated that as much as 80% of individuals are overpaying for
insurance. you can chose
Different coverage comes at different rates.
Liability coverage pays for other people's property damage or bodily
injury if you happen to be responsible for it. Property coverage
protects you in the event your car is stolen or damaged. Medical
coverage pays for treating injuries, rehabilitation and sometimes lost
wages and funeral expenses. Most states require you to have some type of
insurance coverage, usually just liability.
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Areas of Coverage:
- Bodily
Injury Liability - This covers you for injuries you cause to someone
else. You should get more than the state required minimum to ensure that
you are protected in case of a big accident. People have lost their
homes and savings as a result of accident lawsuits.
- Medical
Payments or Personal Injury Protection - This coverage pays for the
treatment of injuries to the driver and passengers of the policyholder's
car.
- Property Damage Liability - This covers damage that you
may cause to another person's property. (Includes cars, lamp posts,
telephone poles, and anything else you might hit.)
- Collision -
This pays for damage to your car as a result of colliding with another
car, object, etc. There is usually a deductible ($250 - $1000), which is
the amount you are responsible for paying should a claim arise.
- Comprehensive
- This covers loss due to theft or damage from anything besides a
collision (fire, falling objects, explosion, earthquake, windstorm,
hail, flood, vandalism, riot, etc.)
- Uninsured and Underinsured
Motorist Coverage - Covers you if you're hit by an uninsured motorist or
are the victim of a hit and run.
It is recommended that you
have $100,000 of bodily injury protection per person and $300,000 per
accident. If your net worth is more than $300,000, you might want to
consider buying additional coverage. Insurance is meant to protect you
and your assets in the event of an accident, and as such, should be seen
as a positive stride to ensuring your security, and not just another
bill in your mailbox.
Auto Insurance Companies
Auto
insurance companies can be your best friend and your worst enemy. When
you do find yourself in an accident, auto insurance companies can come
to your rescue. Until then, the monthly premiums can add up to a lot of
financial stress. Learn a little more about what auto insurance
companies have to offer below.
Uninsured Motorists Coverage
Auto
insurance companies often offer uninsured motorists coverage. This
insures you and your vehicle against damage and bodily harm, if you are
hit by an automobile driven by an uninsured person. Because your auto
insurance company usually pays for collisions that are your fault,
someone without auto insurance will be unlikely to pay.
Uninsured
motorists coverage also protects you against hit-and-run drivers. Auto
insurance companies provide this insurance to protect you against
unlicensed, uninsured, or hit-and-run motorists. By knowing that you
will be able to fix your car, and recover the cost of medical bills,
uninsured motorists coverage can provide peace of mind.
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