Know All of The Different Types of Car Insurance Coverage
Car accidents are to the world what snow storms are to New Jersey. Both happen all of the time. If you are ever involved in a car accident, you should hire a personal injury lawyer regardless of who was at fault. This professional will likely educate you about the different types of car insurance currently available on the market.
Do you know what liability coverage is?
Your personal injury lawyer in Compton knows that liability insurance pays for any bodily injury or property damage others may have sustained because of your auto accident. These policies have two sections: coverage for bodily injuries, and coverage for property damage. Just remember that the liability section only pays if others sue for damages for bodily injuries they sustained because of your accident. Some expenses the coverage will pay for include medical expenses, loss of income/wages, and work missed for appointments resulting from the auto accident.
The property damage section will pay for property damage others sustained because of the accident you caused.
Have you heard of uninsured motorist coverage?
Your personal injury lawyer will tell you that this coverage will pay for any bodily injuries, property damage, and other expenses another driver without insurance caused you. If you have an uninsured motorist coverage rider on your insurance policy, you can get money from this. You should buy an underinsured motorist coverage rider to your policy. It will pay for any extra expenses that the other party’s insurance policy does not cover.
Do you know what the no-fault PIP coverage is?
The no-fault system in many countries has two different types of coverages: personal injury protection and residual bodily injury liability coverage.
Personal Injury Protection: This coverage will pay for your injuries and any other named insureds. You’ll get this payout even if you were at fault. PIP pays for medical expenses, funeral expenses, lost wages, and survivor death benefits.
Residual bodily injury liability coverage: This pays for any lawsuits you may be subjected to because of the bodily injuries that others sustained in a car accident which was your fault. Just remember that some states have coverage limits. If the other party’s bodily injuries cross the limit, state laws allow them to sue you for the rest.
Insurance to protect your car
There are two types of auto insurance you can buy to protect your car. They are collision coverage and comprehensive coverage.
• Collision coverage: You’ll get regular payouts if your car hits an inanimate object like a fence and is damaged.
• Comprehensive coverage: It pays for damage to your car caused by any factor except for a collision. Examples of covered instances include damage from hail, fire, theft, animals, falling objects, breaking glass
You need to calculate the amount of coverage you think you will need before purchasing the policy. Then think about what you would like the deductible amount to be. A deductible is the amount you pay out of pocket before the insurance company will write you a check.
The other types of car insurance
Many other types of auto insurance exist. Three of the main ones are:
● Towing or Emergency road service coverage
● Medical Payment After Coverage (MPC)
● Rental car coverage
• Towing or Emergency road service coverage- This will pay for expenses related to towing your car to a repair shop.
• Medical payment after coverage (MPC)- This will pay for your medical expenses and those of the passengers. It doesn’t matter if you were at fault.
• Rental car coverage- It will pay at least $25 and up to $500 a day for renting a car in the event that your car is damaged.
Your personal injury lawyer will tell you the types of auto insurance you will expect to see if you are ever involved in an accident that is your fault.