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Auto insurance is a necessity for anyone who owns a car. Not only is it the law in most states, but it protects you and your passengers from financial hardship after an accident.
The type of auto coverage you choose will depend on several factors, including state laws, how much risk you're willing to accept, and how much money you have available for premiums.
Auto insurance policies are complex, but there's no reason to feel intimidated by them. The experts at Kingery and Company will help you learn the basics to become familiar with auto policies, so you can get one that's best suited to your insurance needs.
When you purchase auto insurance, you're entering into a contract with an insurance company. You agree to pay the company money in exchange for the company's promise to cover your losses as stated in your policy. Most auto insurance policies are in force for six months to one year.
The six main kinds of coverage in an auto insurance policy include:
Property Damage Liability (PD)PD covers property you damage with your vehicle, including another vehicle, street signs, guardrails, and buildings. If you're at fault for an accident, your insurance company will pay for the repairs up to your policy limit.
Liability Coverage/Bodily injury liabilityThis is the most basic type of auto insurance. It covers any injuries or damage that you cause to another driver, his or her passengers, or their vehicle, as well as any legal fees.
Medical Payment CoverageAlso referred to as personal injury protection (PIP), this coverage pays for medical expenses regardless of fault when you or others are injured in an accident. This includes the cost of treating injuries and rehabilitation. In some states, it also covers lost wages and other damages including funeral expenses.
Collision CoverageThis coverage will pay for repairs to your vehicle, regardless of who is at fault. If you are financing a car or leasing one, auto-collision coverage is typically required by the lender. However, if you own your car outright, it's an optional add-on to your policy.
Comprehensive CoverageThis type of coverage protects your car against losses caused by circumstances other than a collision, such as fire, falling objects, animals, or certain weather conditions.
Uninsured/Underinsured Motorist CoverageThis coverage can protect you if the at-fault driver has insufficient coverage or no coverage at all.
Purchasing insurance can be confusing. And for most people, it is their largest asset.
An insurance professional can help you navigate the sea of options and help you choose the right policy to meet your needs. They have access to a variety of companies and products that can help you compare and save.
These professionals can also explain coverage options, terms, and conditions, and help you make an informed decision.
Auto insurance liability is what covers you if you cause an accident that involves property damage or bodily injury. If you're at fault, liability coverage pays for the damages—up to the limit of your policy.
The question of whether or not you need auto insurance is a no-brainer. You are legally required to have insurance if you drive a car. Auto insurance protects you against financial loss if you have an accident, and it also provides property, liability, and medical coverage. Some states even require you to have liability insurance before you even get a license.
It's not just a good idea—it's the law! You will want to make sure your car is insured so that if you are in an accident, your expenses are covered. It may be tempting to go without insurance because it can be expensive, but depending on the state you live in there may be government-mandated minimums that you need to have to legally drive your vehicle.
Having an auto insurance package can save you a lot of time, money, and hassle when it comes to getting your car back and on the road. Not only will it pay for repairs (or a new car) if your vehicle gets damaged or destroyed, it can also cover the cost of a rental while your car is being fixed. The package also covers medical expenses—yours and those of any passengers who were hurt—and legal fees if you're sued by other parties involved in the accident.
For most people, insurance is a major part of life. Whether you're talking about auto insurance, home insurance, or even health insurance, it's important to know that you have the right policies in place to protect yourself, your family, and your property. But the truth is that sometimes it can be hard to know what you need. And that's where we come in.
When you use an independent agency like Kingery and Company, you get the benefit of our expertise and experience without having any extra cost added on—we work in service to you, not any particular company.
Contact us today for more information.