When you are shopping for car insurance, it is normal to face a major dilemma because of all the different types of coverage. The car insurance coverage you will get depends on your needs, the value of your assets and the total worth of your savings and property. It is important that you know your financial situation, so you will understand the recommendations that will be presented to you. Liability insurance depends on how much you own. The more you own, there more you should secure liability insurance.
Liability Car Insurance
You need liability coverage to cover repairs and treat medical emergencies due to accidents. There are two types of liability insurance:
Property Damage Liability: This type of liability insurance will pay to repair or replace the other person’s damaged vehicle and valuables due to the accident. This insurance also covers damage to government property like lamp posts.
Bodily Injury Liability: This type of insurance coverage will cover the medical expenses for the driver, passenger and even pedestrians or bystanders that were injured in a crash that you caused. If you have caused an accident and you are sued, the liability insurance will be the one to pay for the damage and the injury to protect your assets from being sold or seized.
However, the amount you pay will depend on what is stated in your insurance policy. It is important to note that your insurance provider will not cover the cost of repairing your own property if you caused an accident. It will also not cover the expenses for treating your injuries or the injuries of your household member due to the accident.
Other insurance coverage you need
Just because liability coverage is important in securing insurance does not mean it is the only thing you need. There are other policies that you can explore:
- Uninsured or under-insured motorist coverage: This coverage applies when another driver caused the accident and he or she doesn’t have liability insurance to pay for the damage and the passengers’ medical expenses.
- Medical payments coverage: This coverage will cover the expenses for the injuries of the passengers in an accident regardless of who is at fault. However, this coverage will not pay for the lost wages and the limits are also lower.
- Personal injury protection insurance: This will cover the treatment for minor injuries of passengers and their lost wages in an accident. This coverage is essential in no-fault states, but victims still have the option to sue the driver if they suffer from severe injuries. If you don’t have assets to protect, liability car insurance won’t be necessary. However, if you have savings, home, and other assets to protect, the liability car insurance will cover your assets’ value. Be sure to carefully choose the coverage that you will use in case of an accident.
Explore your options before making a final decision. Ask the right questions about each coverage so you will know which option will be useful for you.
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