Liability insurance doesn’t pay to repair or replace your car or to treat your injuries. Consider buying other types of coverage – such as medical payments, collision, and comprehensive – to pay for these expenses.
Because of car prices and the high cost of medical care, the minimum amounts might not be enough to pay all of the other driver’s costs if you’re in an accident. Other drivers could sue you to collect the difference. Consider buying more than the basic limits to protect yourself financially.
The cost of repairing or replacing your car after an accident. You will only receive the amount of your car’s actual cash value, minus your deductible. Actual cash value is the market value of a car like yours without damages.
If you still owe money on your car, your lender will require you to have collision and comprehensive coverages.
The cost of replacing or repairing your car if it is stolen or damaged by fire, vandalism, hail, falling objects, or an event other than a collision. Comprehensive coverage also pays for a rental car or other temporary transportation if your car is stolen. Your policy won’t pay for an auto theft unless you report it to police. Payment is limited to your car’s actual cash value, minus your deductible.
Uninsured/Underinsured Motorist Coverage
Your expenses from an accident caused by an uninsured motorist, a motorist who did not have enough insurance, or a hit-and-run driver.
There are two types of uninsured motorist/underinsured coverage: The Bodily injury portion can pay for medical bills, lost wages, pain and suffering, disfigurement, and permanent or partial disability. The property damage can pay for auto repairs, a rental car, and damage to items in your car. There is usually an automatic $250 deductible.
Personal Injury Protection (PIP) or Medical Payments
Can provide coverage for your medical and funeral bills resulting from accidents, including an accident involving a pedestrian or bicyclist up to your selected limits. It can include you, your family members, and passengers in your car, regardless of who caused the accident. An insurance company must offer you $2,500 in PIP, but you can buy more. If you don’t want PIP, you must reject it in writing.
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