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Auto Insurance: Understanding Car Insurance
By Sorli | February 7, 2009
Unexpected losses. Future disasters. Insurance can protect against all these eventualities which are potential money draining experiences.
In the case of being an owner of a vehicle, shop around for a good policy and a good tip is to purchase more coverage than required to cover for a variety problems. Some examples of policies include:
Liability
This coverage pays for accidental bodily injury and property damages to others. Injury damages include medical expenses, pain and suffering and lost wages. Property damage includes damaged property and automobiles.
This coverage also pays defense and court costs. The law determines how much liability coverage you must purchase, but you can always get more coverage than required.
Collision
This coverage pays for damages to your vehicle caused by collision with another vehicle or object.
Comprehensive
This coverage pays for loss or damage to the insured vehicle that doesn’t occur in an auto accident. The types of damages comprehensive insurance covers include loss caused by fire, wind, hail, flood, vandalism or theft.
Medical Coverage
Pays medical expenses regardless of fault when the expenses are caused by an auto accident.
PIP
Personal Injury Protection (PIP) pays medical expenses for the insured driver, regardless of fault, for treatment due to an auto accident.
Uninsured Motorist
Pays your car’s damages when an auto accident is caused by a driver who doesn’t have liability insurance.
Underinsured Motorist
Pays your car’s damages when an auto accident is caused by someone who has insufficient liability insurance.
Rental Reimbursement
This type of coverage will pay for a rental car if your car is damaged due to an auto accident. Often this coverage has a daily allowance for a rental car.
Factors That Affect the Pricing of the Auto Insurance
Now that you know more about the various policies available, it’s also essential to know what type of factors affect the pricing of the auto insurance such as:
Drive ‘Safe’ Car
The first thing that affects your policy price would be what kind of car you drive. For instance, a sports car will definitely be more expensive to insure compared to a family car. Also, if your car is a popular target with thieves, chances are that your coverage will be more expensive.
Neighborhood and Mileage Counts
Another factor is where you reside. If you reside in an area which is crime ridden, your policy will be a more expensive one. Drivers who clock up long distance in driving will also pay more than those who live nearby their work places.
Depends on Your Profile
The final factor is that the price depends on yourself. Your age, your gender, marital status and driving records are all taken into account for. Accident rates are higher for drivers under the age of 25 years old, so if you are young, expect to pay a wee bit more.
With that in mind, have fun researching on various policy packages offered by insurance packages to find out the policy that suits your profile!
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Topics: Auto Insurance | 17 Comments »
17 Responses to “Auto Insurance: Understanding Car Insurance”
Comments
Tags: accident, auto, car, comprehensive insurance, coverage, insurance, personal injury protection, PIP, PIP Personal, property damages, rental reimbursement, unexpected losses
March 2nd, 2010 at 11:52 pm
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March 2nd, 2010 at 11:53 pm
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March 5th, 2010 at 12:43 pm
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March 10th, 2010 at 12:44 am
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March 10th, 2010 at 12:44 am
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