#types of auto insurance
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Types of Auto Insurance – What are they?
What are the types of auto insurance coverage available?
Liability auto insurance pays up to the specified limits and limitations of bodily injury and property damages incurred by third parties if the insured is found liable as a result of an automobile accident. Without coverage, the liable party would be responsible for paying the third parties damages and may be forced to pay from the equity of a house or vehicle. Having this type of protection helps in the event of unforeseen accidents and the associated costs.
No Fault Insurance coverage, also known as Personal Injury Protection or PIP, is coverage which applies to a driver, passengers and any pedestrians involved in an automobile accident. It pays up to the policy limits for medical expenses, loss of wages, and other related injuries regardless of who is at fault and even if there is negligence involved.
Medical payments auto insurance portion of a policy is designed to pay some of the medical consequences that may result from an accident such as medical bills and/or funeral expenses up to the policy limit.
Uninsured motorist auto insurance not only insures against the Uninsured motorist but also protects policy owners against the Under-insured motorist . Uninsured motorist is optional; However, it is recommended that it be added to a policy in the best interest of the insured.
Comprehensive and collision auto insurance coverage. also referred to as Physical Damage , covers damage caused by anything other than auto collisions (sometimes abbreviated as OTC ). It is important to note that there are exclusions under comprehensive coverage and some of the more common ones are ,theft, fire, vandalism, collision with animal, windstorm, flying objects, hail, broken windows.
Rental car coverage pays for the rental of a vehicle in the event the policy owner s vehicle be stolen or in an accident. If available through your insurance company, it may provide reimbursement for costs paid towards a rental car while the vehicle is being repaired or if stolen, while the claim is settled.
Roadside assistance plans can vary depending on the company providing it. Typical coverage consists of 24 hour emergency towing service, 24 hour lost key and lockout service, 24 hour mechanical first aide, 24 hour emergency road service, 24 hour battery service, 24 hour tire service, theft and hit run protection, rental car discounts, map routing service and theme park discounts.
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