Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Most states require you to buy some, but not all, of these coverages. When financing a car, your lender may also have requirements. Each state requires that you have certain types of coverages with minimum liability limits.
The insurance industry recommends that your bodily injury liability limits be $100,000 per person and $300,000 per occurrence.
An auto insurance policy is comprised of six different kinds of coverage and provides property, liability, and medical coverage:
- Bodily Injury Liability -for injuries the policyholder causes to someone else.
- Medical Payments or Personal Injury Protection (PIP) -for the treatment of injuries to the driver and passengers of the policyholder's car. At its broadest, PIP can cover medical payments, lost wages, and the cost of replacing services normally performed by someone injured in an auto accident.
- Property Damage Liability -for damage the policyholder caused to someone else's property.
- Collision -for damage to the policyholder's car from a collision. The collision could be with another car, a light post, fire hydrant, etc.
- Comprehensive -for damage to the policyholder's car that doesn't involve a collision with another car. Covered risks include fire, theft, falling objects, missiles, explosion, earthquake, flood, riot, and civil commotion.
- Uninsured Motorist Coverage -For the treatment of policyholder's injuries as a result of a collision with an uninsured driver. Under-insured motorist coverage can also be included in an auto policy.
Yes, it is true that you can receive a discount when purchasing more than one policy type from an insurance company. As an independent, we work with a variety of companies to make sure that you are receiving the most comprehensive coverage for the best price.
Need a quote? It is as easy as faxing or emailing us a copy of the first one or two pages of your policy that lists your coverages. Our fax number is (952) 487-0468 or email firstname.lastname@example.org. Please make sure you list your name and phone number, so we can reach you with questions. Click here for other types of insurable on and off-road vehicles.
How much homeowners insurance do I need?
You need enough insurance to cover the following:
- The structure of your home.
- Your personal possessions.
- The cost of additional living expenses if your home is damaged and you have to live elsewhere during repairs.
- Your liability to others.
You need enough insurance to cover the cost of rebuilding your home at current construction costs. Don't include the cost of the land. Don't base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today.
For a quick estimate of the amount of insurance you need, multiply the total square footage of your home by local building costs per square foot. To find out construction costs in your community, call your local real estate agent or builders association.
Standard homeowners policies provide coverage for disasters such as damage due to fire, lightning, hail, explosions and theft. They do not cover floods, earthquakes or damage caused by lack of routine maintenance.
for other types of property coverages.
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