Understanding Different Types Of Auto InsuranceBy Marcus Dubois
Auto Insurance policies can be divided into different categories according to the coverage they provide. Broadly speaking there are four kinds of policies known as Collision Insurance, Comprehensive Coverage Insurance, Uninsured and underinsured Motorist Coverage policies and No Fault Automobile Insurance policy. Besides these, there are policies that take care of other needs like covering an auto loan, paying for towing expenses or paying for the cost of a rented car while your vehicle is being repaired.
The most common insurance policies are:
Collision: Any property damage caused to your vehicle due to an accident caused by any other vehicle or object is covered under this policy. The claim amount cannot exceed the actual cash value of the vehicle and is subject to any deductible.
Comprehensive: Any property damage to your vehicle that is caused by non-collision factors like fire, theft, vandalism, and even natural disasters like flood, hurricane or earthquake is covered under this policy.
Uninsured Motorist Coverage (UM) and underinsured motorist (UIM) coverage: takes cares of any injury that may result to you or to persons insured in your policy from an accident that takes place with another uninsured or underinsured driver or vehicle owner. Generally only body injuries are covered under this policy.
No Fault Auto Insurance Policy: Irrespective of who caused the accident, the insurance company pays for the medical expenses and for the loss of wages that the insured suffers on account of a collision under this policy.
Some other additional coverage that an auto insurance policy holder can buy are:
Property Damage Liability and Bodily Injury Liability: These two policies protect the insured from any claims made against him for causing damage to property including vehicle belonging to another person or for causing any bodily injury or loss of life to other individuals up to the amount mentioned in the policy.
Auto Lease Protection: is an additional protection that you may add to your collision or comprehensive auto insurance policy to take care of any gap that exists between your auto loan amount and the cash value of your vehicle.
Full Tort and Limited Tort: available only in the state of Pennsylvania allows the insured to retain unrestricted rights to bring a lawsuit against a negligent party or recover expenses incurred for certain damages.
Rental Expense: Known as Extended Transportation Expense Coverage, the policy pays for a rental car while your vehicle is being repaired or replaced.
Medical Payments Insurance covers medical expenses for injuries sustained in an accident involving any vehicle for the insured, his passengers and other parties irrespective of whose fault it is.
Towing and Labor: An additional coverage option that can pay for all necessary towing and labor costs to tow your damaged vehicle to a work shop or another location.
|
Happy driving: Phoenix area pays less than most for car insurance
Some of the cheapest car insurance rates in the country are in the Valley.
Detroit Tops U.S. In Car Insurance Costs
Detroit isn't just the car capital of the U.S. ? it's also the king of car-insurance costs. According to insuranceQuotes.com, a subsidiary of finance-info provider Bankrate Insurance, the Motor City and its metropolitan area lay claim to the dubious distinction...
Two dead in Arizona flooding
Frances Burns PHOENIX, Sept. 9 (UPI) -- At least two women were killed as a record-breaking storm fueled by the remnants of Hurricane Norbert dumped inches of water on much of Arizona.
Arizona mom who left children in hot car regains custody
By David Schwartz PHOENIX (Reuters) - An Arizona woman who attracted national attention in March when she left her two young children in a hot car while at a job interview regained custody of them on Thursday, her lawyer said. Shanesha Taylor, whose tear-stained mug shot was broadcast widely and generated nearly $115,000 in donations, will be allowed to take her two sons home from state care ...
Honda tops list of most stolen cars in Arizona
The National Insurance Crime Bureau has released its top 10 list of most stolen car models, but Phoenix Police said it doesn't matter what model consumers buy -- everyone is at risk.
Taking out insurance for fantasy players is going a bit too far
Quick question. Did your insurance premiums go up in the last year? No, not car, health or dental. Well, technically I guess it would be considered health insurance. If you drafted Wes Welker ? who recently suffered his third concussion in 10 months ? or Rob Gronkowski ? who has suffered everything from a bum hip and busted ankle to a broken forearm and torn ACL/MCL in the last three years ? you ...
Good2Go® Releases Cell Phone Safety Discount in AZ
ATLANTA, Aug. 26, 2014 /PRNewswire/ -- Good2Go®, specialists in minimum coverage auto insurance, announced that their Cell Phone Safety Discount is now available in Arizona. Customers will receive 5% off ...
San Antonio No. 2 in tailgate thefts
Nationwide, there were 1,921 insurance claims citing stolen tailgates off of pickup trucks between Jan. 1, 2012, and Dec. 31, 2013.
Thieves targeting pickup truck tailgates
Nationwide, insured tailgate thefts have jumped 31 percent from 831 in 2012 to 1,090 in 2013, acording to the study. Thieves sell the tailgates online, put them on other trucks or sell them as scrap metal, according to the bureau.
Flooded cars on Craigslist? Tips to avoid a scam
ff you're planning on buying a used car in the next few months, it's a good idea to do a thorough inspection first.
|
