Auto Insurance
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Auto insurance policies can protect you from financial losses related to driving. Most states and lenders require drivers to purchase at least a minimum amount of insurance. You will have to weigh the costs and benefits to decide what amount of coverage is right for you. Keep in mind that if you cause an accident, and suffer a significant judgment against you, damages over and above your policy limits will be your responsibility. That means your personal assets and even your future earnings could be at risk.
- There are six different types of auto insurance coverage. Bodily injury and property damage liability coverage are required in most states. It pays for your legal defense costs and judgments against you in cases that involve injuries or damage to other people or property. Medical payments coverage pays for the medical expenses of the insured driver and passengers, regardless of fault. Uninsured/underinsured motorist covers losses caused by a driver who is uninsured or has inadequate insurance. Collision pays for accident damage to your own car, while comprehensive insures your vehicle against all other physical damage - including those that result from theft, vandalism or natural disaster
- Drivers may also purchase endorsements that extend their coverage even further. Rental reimbursement will pay for a rental car while your damaged vehicle is in the shop. Optional towing and labor insurance kicks in whenever your auto breaks down - not just for accidents covered under the basic insurance. Loan gap insurance pays the difference between the amount an insurance company would pay on a totaled car and the amount owed on a lease or loan, which can be substantial.
There are usually some exclusions attached to your policy. Of course, if you cause damage to others or their property intentionally, the insurance company will not pay out benefits.
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