What is Auto Insurance?
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Auto Insurance is mandated by most states, it provides some financial protection in case of an accident. But is it enough? What are the options? Learn how car insurance works and what types of coverage are available.
Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy.
Auto insurance provides coverage for:
- Property – such as damage to or theft of your car
- Liability – your legal responsibility to others for bodily injury or property damage
- Medical – the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses
Basic personal auto insurance is mandated by most U.S. states, and laws vary. Auto insurance coverages are priced individually (a la carte) to let you customize coverage amounts to suit your exact needs and budget.
Policies are generally issued for six-month or one-year timeframes and are renewable. The insurance company sends a notice when it’s time to renew the policy and pay your premium.
Why Do I Need Car Insurance?
cars were becoming increasingly popular. But cities noticed a problem: car accidents were creating significant costs for society.
Car accidents were injuring or killing people. They were damaging private and public property. They were inflicting huge costs for everyone.
Someone had to pay for these costs. That’s when governments decided to force drivers to have car insurance.
From that point forward, most states in America have required drivers to have some level of car insurance. This car insurance covers the cost of “making whole” any damages you inflict on other people and property, including medical bills and property damage repair costs.
How To Find The Right Auto Insurance
You’ll want to consider fundamental factors such as coverage and price, but it’s also worth evaluating prospective insurers as well. The following are the most important factors to consider.
There are mainly two factors which is needful to find the right auto insurance
- Price and deductibles
- Evaluating insurance companies
Price And Deductibles
Naturally, when you compare insurance policies, cost will be a top consideration. You may be surprised by how much prices vary, so you’ll want to get several quotes. In addition to the price of the premium—the actual cost of the policy—look at the payment schedule. Will you incur an extra fee if you pay monthly? Can you get a discount if you pay for a full year all at once? When you compare prices, be aware of the amount of the deductible—how much you pay out of pocket before your insurance kicks in. Generally, you can lower your premium if you opt for a higher deductible.
Evaluating Insurance Companies
While price and coverage may be deciding factors when you purchase auto insurance, it’s worth considering the reputation and financial stability of prospective insurance providers as well. First, double-check that an insurer is licensed in your state by visiting the website of your state’s insurance division—where you can also review information about consumer complaints filed against insurance companies. In addition, you can check review websites and talk to friends about their experiences with insurers. Finally, take a few minutes to make sure prospective insurers are in good financial standing. Financial ratings agencies will provide this information. Online tools will often provide ratings information as well.