Different Car Insurance Coverage Types
There are multiple types of car insurance coverage available today
. When this coverage began, there was simply one kind of coverage. With time, coverage has expanded to grow and include liability only, full coverage and many others. Here is some general information on the differing coverage types.It should be noted that car coverage can be packaged with home policies, life and health coverage with many larger companies. If you look into brokers, you may find that this could lead to discounts based on the company chosen.
Liability only is also called bodily injury, and covers basically the injury to the body of persons that are involved in an accident that you are held responsible for. Things that can be covered with this type of policy includes hospital bills for those in your vehicle or the other vehicle, pain and suffering as well as the loss of income due to an injury incurred in the accident. Liability coverage is available in many different amounts, and it is wise to choose an amount that would cover an accident without causing you a loss of income should a lawsuit be filed against you. This is required in almost all states.
Property damage is another kind of coverage, and this covers another person's vehicle or any kind of property that could be damaged in an accident. Comprehensive policies normally do not include collision, but it also covers all the vehicles involved in an accident. It will also cover a stolen vehicle or damage to your car that is due to an animal, fire or floods in some cases. This will allow for your vehicle to be fixed in the event of any of these issues, once your deductible is paid.
Collision is used to help cover a car when it is involved in an accident; whether you hit someone or they hit you. This coverage will pay to get your car fixed once you pay the deductible. The amount of coverage is generally based on how much your car is worth at the time it is insured, so older cars that do not have a high value generally do not take this insurance.
It is not a requirement in most states to have this, but if your vehicle is leased or you have a bank loan on it, it is required in most cases by the lien holder.
Uninsured motorist generally covers any injuries, damages or issues that arise from a person hitting your vehicle that does not have insurance. If there is an accident where you are not at fault and the other person does not have coverage of any kind, this policy will take care of you and your passengers by way of medical bills and injuries. This is available in different amounts, and will only pay out up to the amount you request.
Full coverage deals with bodily injury, property damage and all other damages that have previously been covered. There are differing amounts available based on what you need. If your car is stolen, damaged or if you are in an accident, this car insurance coverage will pay after you have paid your deductible.
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