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Whether you drive a sports car or a station wagon, more than likely that the law requires you to buy automobile insurance coverage. However there are several choices over and above your state’s mandated minimum coverage. Getting supplementary insurance can save you money on repair bills or pay for a ruling against you in the event of a lawsuit.
Knowing the kinds of coverage and their benefits should help you find out what kind of package you want for your own automobile policy. And it could also help you compare the offerings of different insurance carriers. The cost of your policy will depend on the types and levels of insurance that you select, your age and driving record, and a multitude of different considerations.
The subsequent coverage types pertain to different kinds of losses.
Bodily Injury Liability – Covers medical expenses, legal expenses, and judgments against you when you or your vehicle are involved in an accident that results in the injury or death of another person.
Property Damage Liability – Covers damages to the property of others, brought about by you or your car.
Uninsured/Underinsured Motorist (UM/UIM) – Covers the costs related to losses or injury to you caused by an uninsured, underinsured, or hit-and-run driver.
Medical Payments – Pays for the medical expenses of you and your passengers following a vehicle accident, no matter who is at fault.
Collision – Pays for the damage to your automobile because of a wreck, regardless of who is to blame. Collision insurance requires the payment of a deductible by the insured.
Comprehensive Physical Damage – Pays for damage to your car that isn’t the result of an auto wreck, such as theft, vandalism, fire, hail, natural disasters, hitting an animal, etc. Comprehensive coverage also requires a deductible, and will only pay as much as the car was worth before sustaining the damage.
Most states require you to have specific levels of liability coverage, and some mandate UM/UIM coverage. For example, the state of Kentucky requires minimum liability coverage of 25/50/10, which means $25,000 per individual for bodily injury liability, $50,000 per accident, and $10,000 for property damage.
Some states have instituted no-fault rules, which mandate each driver’s own automobile insurance to pay for liability damages, regardless of who caused the accident. Personal Injury Protection (PIP) is expanded medical payments insurance also required in some states. This coverage customarily includes work-loss coverage and a small death benefit. In other cases, both no-fault and PIP coverage may be optional.
Usually, lenders require adequate amounts of collision and comprehensive insurance on a financed automobile. If you drive an older, inexpensive car, then collision coverage may not be worth the expense.
After you find out what is mandatory by law in your state, you will have to decide whether or not you need more coverage to protect your assets. Higher liability limits will raise your premiums, but a serious crash can quickly exceed the minimum requirement for your state. Remember that your personal assets and even your future earnings can be at stake in the event that a court rules against you.
Let us shop for you! Compare rates for Louisville Auto Insurance from multiple carriers and choose the best policy with the right coverages to meet your needs. Get fast, free Kentucky Car Insurance quotes by using our online quote forms.
Hi there! Kostas here, and I am a web marketer. Sometimes I write different articles about our everyday life.