Nobody wants to be in an accident, but face the truth – it can happen to anyone, so be sure to be prepared for such events by getting car accident insurance. Although most states require motorists to have auto insurance, this is usually the minimum policy, which may be insufficient when you get into an accident.
As mentioned earlier, the policy that is often required by law only offers the least amount of coverage. This is called a liability policy. It pays for the other party’s physical and property damages if you were at fault in an accident. However, this would not pay for expenses for your own damages. It may be terrible to think that you can help the other driver, but you cannot help yourself. That is why you may also need to consider getting additional policies to help you just in case.
Collision coverage is one of the most recommended policies to include in your car accident insurance because it pays for your car’s expenses whether or not an incident was your fault. In case the other driver was at fault and he has insufficient liability insurance, you can get assistance by using your collision policy. Having collision policy ensures you that you are covered and can start over as soon as possible after the accident.
Another important policy you may include with your car accident insurance is the medical payment coverage. It pays for medical expenses of everyone inside your vehicle during the incident. Like collision policy, it covers you whether or not you were at fault in the accident.
Uninsured or underinsured motorist coverage is another plus for those seeking a complete auto insurance to cover them in case of unfortunate events. This takes effect when the other driver has insufficient or no insurance at all to pay for your damages.
Optional policies you may get include rental car coverage and GAP coverage. In case you need to send your car for repair, you can get a rental car right away for no charge. This is definitely handy so you would not bother taking public transport going to the hospital. GAP policy is another popular option to get if your vehicle is 12 months old or less. This takes care of the negative equity between a vehicle’s market price and amount you still owe on it in the event of an accident.
Vehicular accidents are indeed unfortunate, but they can be more terrible if you are not covered enough. By getting sufficient policies in your car accident insurance, you can save thousands of dollars and a ton of worries.