Part 4: Comprehensive Physical Damage Coverage
Sometimes referred to as collision coverage, comprehensive physical damage coverage is coverage that pays for damages from any collision, regardless of who is at fault. If the other driver is at fault and has liability coverage, your insurance company should be able to recover losses from the other driver’s insurance company. If the accident does [...]
Part 3: Uninsured/Underinsured Motorist Coverage
Uninsured or underinsured motorist coverage is similar to liability coverage. It covers your costs if you are injured by an uninsured motorist or if you are injured in a hit-and-run accident. It also covers your costs if the other driver’s insurance is insufficient to pay for your expenses (in other words, if the other [...]
Part 2: Medical Payment Coverage
The second part of automobile insurance coverage is medical payment coverage. Medical payment coverage pays for all accident-related medical costs and funeral expenses incurred by you or your family members within three years of an accident. Medical payment coverage also covers policyholders and their family members when in others’ vehicles, or when policyholders and [...]
Part 1: Liability Coverage
Liability coverage pays for losses related to bodily injury, property damage, lawsuits, and defense costs. Bodily injury coverage protects against expenses related to deaths or injuries resulting from an accident. Property damage coverage protects against costs for damage to the car or cars involved in an accident, as well as damages to other property (such [...]
Automobile Insurance Explained
I’m sure we’ve all done. We come home from work, open the mailbox and see a letter from our car insurance company. The first thought that usually comes to mind is “oh great, have they increased my premiums?” Although this is very important when it comes to financial planning I would like [...]
