You understand how frustrating it can get in case your expensive ride gets involved in an accident or breaks down since the repair costs are high.
Because it’s less we can do regarding the occurrence of the risks on both our cars and ourselves, the insurance system came along to ensure that it takes in your worries.
By entering into a contract with an insurance company, they agree to protect you against financial losses arising from an accident involving your car in exchange for payment of premiums.
Below are some of the basic insurance coverages you can get that covers:
1. Body liability
This coverage pays the financial bills for bodily injury that you as the designated driver cause to other people when you are at fault in an accident.
2. Property Coverage
This cover compensates you for the damages to your car resulting from your vehicle colliding with another.
Even if you are the cause of the accident, the insurance company pays for the damages incurred minus the deductibles; however if it’s not your fault, your insurer pays you the damages plus the deductibles and recover the amount from the other driver’s insurance company.
3. Property Damage Liability
You know how frustrating it can get being forced to pay for the damages caused by your car to other people’s property.
Property damage liability coverage pays for these damages caused whether you were driving the car during the accident or someone else with your permission.
It’s this coverage that pays for the other driver’s damage repairs and the road signs or posts that you may have hit.
4. Medical Payments Coverage
Assume a situation where your full van gets involved in an accident and you have to incur hospital bills even for the passengers.
Medical payment coverage pays for any bill that may arise from the crash to you as the driver and your passengers and also covers funeral costs.
5. Uninsured or Underinsured Motorist Coverage
What may happen if you or your family member gets hit by an uninsured or underinsured motorist or a hit-and-run car?
There is a possibility that you may not get compensated if you haven’t taken this cover as it ensures that you get fully paid in case such an accident occurs.
6. Comprehensive Coverage
This cover ensures compensation for the damages to your car caused by other factors other than an accident including theft, hailstorm, missiles, earthquakes, riots and much more.
Since most of these factors are beyond human control, it’s advisable to have comprehensive coverage.
As you can see it is critical to get coverage for your car, boat, or anything else you and getting into a contract with an insurance company is usually a simple process; however it’s recommended to go through an agent as they are certified and experienced professionals who can give you full information on the coverages and cost involved.