How Much Auto Insurance Coverage Do You Need ?
How Much Auto Insurance Coverage Do You Need ?
Due to the increase of insurance companies and auto insurance policies, there is a lot of competition. It is very difficult to know which company to use without over paying or being under insured.
If you think auto insurance is expensive, then take a look at the expenses that arises when you have to pay medical bills or repair your vehicle or another person's property.
You should have auto insurance not because the law requires it but because it would save you financially if you are involved in an accident no matter who is at fault.
There is a minimum coverage required by the law but it is always wiser for you to have more than the minimum. Personal injury insurance is a requirement and the minimum differs from state to state. It is designed to cover your medical bills to like up to 80% and about 60% of lost income suffered in the process of your incapacitation. This policy would cover you and other insured in case of accidents.
It is not too expensive to have an uninsured motorist protection and it is well worth it. This would cover you in event of an accident caused by an uninsured or underinsured motorist that leaves you with a medical bill that is higher than your personal injury liability limit. So you are saved from the stress of going after a motorist who is either uninsured or underinsured.
Collision insurance covers you in the event of an accident that is your fault. The policy would reimburse you for the damage and would pay the actual cash value of the car minus the deductible. Comprehensive insurance would cover the damage or loss of your car due to theft or events that are referred to as "acts of god"
Liability coverage would either be single- limit amount or split -limit amount. The most common package that is selected is the split-limit liability.
Split-limit liability- The risk accepted by your insurance company is expressed in terms of the minimum amount that would be covered under the policy per injured person and per accident for all injured.
Single-limit amount. This policy would not limit the amount payable to an individual but only per accident.
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