What are the different types of auto insurance?
Question:
Thank you.
Answer:
One that was missed was person injury protection. Not all states have this but most states that are no fault states require PIP
What are the basic types of auto insurance coverage?
The basic types of auto insurance coverages are:
1. bodily injury liability, which provides coverage for bodily injury claims from the people you might injure in an accident
2. property damage liability, which covers any property damages to third parties -- such as another person's car you damage -- which you cause or are responsible for
3. medical payments to the policy owner and other passengers in the policy owner’s car
4. uninsured and underinsured motorist coverage, which protects you when the negligent driver has no insurance or insufficient insurance (in most states, this covers only bodily injury losses -- though some states also include property damage losses)
5. physical damage covers damage to your car
a. collision, which covers losses to your car when you are involved in a collision
b. comprehensive, which covers most non-collision physical damage to your car (if your car is damaged in a storm, or a windshield breaks, for example).
Another one that was missed was uninsured motorist property damage. Only some insurance companies/states offer this, and it is usually only available if you don't carry physical damage coverage on the vehicle. Sometimes a deductible applies. This coverage comes in handy if your vehicle is involved in a hit and run...so instead of using your collision coverage, it comes out of the uninsured motorist physical damage coverage.
More Questions & Answers...