Car Insurance: Types of Insurance You Need to Understand
Car insurance is one of those things that many people know that they need, but not a lot of people actually have much understanding about. It can be confusing to sort through the multitude of terms and acronyms that are offered, and it doesn't help that prices vary from company to company.
In order to help you understand car insurance better, we're going to take a look at the terminology behind it as well as what you should know before buying a policy!
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Insurance for Your Car: What You Need To Know (With Resources)
"The best way to make sense of car insurance is by breaking it down into types. There are two main types of car insurance: personal and commercial. Personal car insurance covers you and your family members only. Your car is the only thing you get covered by a personal policy. Commercial insurance, on the other hand, covers you and other people who work for you too."
"Commercial auto insurance is always written as an Umbrella policy, which means it offers coverage for all of your vehicles (whether they're owned by you or not) as well as your employees."
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Types of Car Insurance: What You Need To Know (With Resources)
"When shopping for individual auto policies, there are some things that often get overlooked that actually have a major impact on how much you pay every month. These include:
• Collision Coverage: Even if your vehicle had no damage, it would be necessary to pay the deductible amount in order for your vehicle to be repaired for free. Collision coverage will help you to not have to worry about having to come up with that money up front, as well as replace your car's parts."
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What You Need To Know About Car Insurance (With Resources)
"The most common types of auto insurance are liability and comprehensive. There are also a couple more variations of these two that you may see offered in the market place, including unallocated/general liability and umbrella insurance.
Liability: This is the most common type of auto insurance. It pays a claim made against you for damages done to another person's property or person, such as when someone hits your car and makes a claim against you."
"This type of auto insurance covers damages to another person's car, property, or bodily injury which might be caused by your actions. You do not have to buy it specifically for your car, but if you use it on anything, then coverage applies regardless of whether or not the vehicle involved is on a policy."
"Not many people are aware of this type of coverage because it was originally intended only for commercial vehicles. But what it does is protect the insured against loss of use of the vehicle due to theft or total loss, not covered by other insurance."
"This type of insurance covers any damage to your own car. It is usually a part of your comprehensive policy, which can also include coverage for damage caused to another person's property or injury."
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Different Types of Auto Insurance Policies (With Resources)
"The auto insurance industry uses several different acronyms and terms for auto insurance policies, which can be confusing for some people. While there are many different types and variations available in the open market place, most are based off three main types: liability, collision, and comprehensive. These three types usually make up the bulk of standard insurance policies, but they may be altered slightly depending on whether or not you have a commercial vehicle. Some of the most common acronyms for these three types include:
• Liability Insurance (Liability Coverage or Bodily Injury Coverage) is your standard auto policy that covers you in case a claim is made against you by another person. This is required by law in most states, and it will cover damages to any property or people that are not your own, with the exception of your own vehicle. If you are found liable for any kind of damage done to another person's property (such as their car), then this will pay out to compensate them. This is also the type of coverage you will have if injured in an accident that was not your fault.
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"This type of insurance pays the medical bills that you may have if injured or suffer a loss after an accident."
• Property Damage Liability Coverage (PCL) is a type of personal liability insurance. It usually covers property damage, which means any damage done to an owner's property (like their car) by another driver who has an accident with their vehicle. If you have this coverage, then it will start paying out immediately as well as for all claims over $50 regardless of who is at fault.
• Uninsured Motorist Coverage (UM) is a type of liability insurance available to protect you against anyone who has no insurance at all and causes an accident with your vehicle. It also includes medical payments coverage in the case you are injured by the uninsured driver.
• State Liability Requirements: Liability Insurance is required by law in every state as well as low-income areas."
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Auto Insurance: What You Need to Know Before You Buy (With Resources)
"Although some of these types of insurance will overlap, it is usually best to have each one separately so that you are fully covered in case of an accident. There are also other more specialized types such as collector car insurance, which is required by law in some states."
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10 Types of Car Insurance You Need Before You Buy a Car (With Resources)
"Auto insurance is a type of insurable interest that provides protection for the financial losses that you may endure if you are part of an automobile collision. In other words, it protects the person who owns the car against any damages or losses suffered from an accident, regardless of who is at fault."
"If you do not own your own car, but use one for your business, then commercial auto insurance may be necessary to cover your vehicle in case it gets damaged during work hours. This is a much less expensive type of coverage than it would be for someone who owns a vehicle that they personal use."
"When you are looking to buy insurance for your car, the first type of insurance you should always consider purchasing is liability insurance. Liability Insurance covers you in case anyone else decides to come after you for causing an accident. You can't just rely on the other driver to have enough money in case he or she damages your car, or injures people involved in the accident. Liability Insurance will pay for the other party's losses, and can even cover damage done to your own property. There are different amounts of liability insurance available, depending on the amount of coverage you choose to get with your policy. In addition to liability insurance, you should also look at both collision and comprehensive coverage. Collision Insurance covers accidents caused by the other driver that occur during a collision, which is typically known as bodily injury liability."
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10 Types of Car Insurance You Need Before You Buy a Car (With Resources)
"Collision and comprehensive coverage are usually included in most auto insurance policies. This type of insurance covers any damages or injuries suffered during an accident with another person's vehicle (or yours). These types of coverages can be combined together to give you even more protection than what is possible with just one type.
Conclusion
A person who owns a car may decide to buy an auto policy as protection against the damages or losses suffered in an auto collision or accident. The result of the accident may be bodily injury, damage to property, or both. Most states require that every driver have at least a liability insurance coverage. But it is possible for an automobile owner to carry more than enough liability insurance to meet the requirements of their state."
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Auto Insurance (With Resources)
"Car insurance is one of the most important necessities in today's society. Without adequate protection via automobile insurance policies, it would be very difficult for people in urban areas to get around.