Financial Security and Your Home Insurance Policy
- 1 30, 2021
- |Insurance Brokers
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Every year, more drivers travel our roads and freeways. As this number increases, the chances of a car wreck will also increase. Automobile insurance can be the difference between a small setback and a large hassle. But why do you need to own insurance and just how much should you purchase? Insurance requirements will differ by state/province, but usually include the following: Liability: Bodily injury and property damage that you are responsible for will be covered under this type of insurance. Bodily injury damages include medical expenses, and lost wages. Property damage can refer to damaged property or loss of use of property. If you are sued, this type of insurance can pay for your legal fees. Local laws usually require standard amounts, but larger amounts are available and usually recommended. Personal Injury Protection: This is required in some states and is optional in others. It pays you or your passengers for medical treatment resulting from a crash, regardless of who may have been at fault, and is often called no-fault coverage. It can also cover lost wages, replacement of services and funeral expenses. The minimum amount of personal injury protection is typically set by the state. Medical Payments: Medical payment coverage is available in non-no-fault states; it will pay regardless of who carries responsibility for a crash. If this policy is bought, the insured person will receive payment for all types of medical and funeral expenses. Collision: Damages that occur from a car accident will be covered under this kind of car insurance. Comprehensive: This applies if your car is stolen or damaged by something other than an accident, including fire, wind, hail, flood or vandalism. Uninsured Motorist: Many drivers are breaking the law by driving a car without having the proper amount of insurance. This type of coverage will cover you if one of these irresponsible drivers hit you. Under-Insured Motorist: There are other drivers who have liability insurance that can't cover all the expenses they are supposed to take care of. Under-insured motorist coverage protects you from those drivers. Other types of car insurance, such as car rental, are also available. State Farm Agent Clermont