What are the different types of available auto insurance?
As a vehicle owner or an individual with a plan to own a vehicle, its necessary to know more about auto insurance covers. There are various types of auto insurance covers you can purchase. When shopping for insurance coverage, this knowledge will help you in buying the policy that suits you best. Here is a list of some of the auto covers and what they entail.
Comprehensive Insurance
This insurance policy offers extra levels of coverage to a motor vehicle in the event of an accident. Apart from the damage caused by collisions, the insurance also covers the car from specific weather effects, vandalism or even accidents caused by animals.
Collision Insurance
This type of insurance covers a vehicle if it's involved in a collision with another car. It helps in repairing or replacing the automobile that is insured using this policy.
Liability Insurance Coverage
In the US, its a requirement in most states for a car to have a liability cover. This type of insurance policy covers for injuries that your vehicle may inflict on others. It also covers for damage of property in the event of an accident which you are liable.
Underinsured Insurance Coverage
The cover protects a driver if their medical cover is not enough to cater for the costs that may incur due to a crush. Most drivers subscribe to the least package in liability coverage to cut down costs. It may not be safe hence the need for an underinsured cover.
Uninsured Motorist Coverage
This cover protects your car from hit-and-run accidents. It also protects you in the event of an accident with an uninsured vehicle. In most cases, you pay for this package under the Underinsured cover.
Medical Insurance Coverage
If you are involved in an accident, the cost of medical procedures may be quite expensive. Medical cover caters for your medical bills in the event of a crash. The cover isn't limited if you were at fault.
Personal Injury Protection Cover
The policy covers particular medical expenses if you are involved in an accident. It also covers loss of income which may occur due to a crash. This cover may take care of up to 80% of all medical expenses that may arise from an accident.
Towing and Labor Cover
Once you subscribe to the comprehensive insurance cover, you may get to enjoy the labor and towing protection. If you tow or repair your car, this cover will ensure you are repaid for the total amount you incur in the whole process.
Gap Insurance
If you acquired your car using a loan, you might need auto insurance coverage. Gap insurance protects a vehicle owner if they lose their vehicle to theft or accident. It repays the amount owed for a loan on the car.
Classic Car Cover
This insurance cover offers specialized coverage for the unique needs of vintage cars. It meets all the requirements an old car owner may need from their insurance cover.
Rental Repayment Cover
After a crash, your car may be in for repairs or replacement. In this duration, you will need to move around, and the rental reimbursement plan will assist you in renting a car. After reading this article, you can tell which plan is the best for your car. If you don't have auto insurance, it's a good idea to cover your vehicle to avoid any inconveniences.