Time is gold. Choosing insurance coverage that we would want to avail requires a lot of our time and effort. To save time, we must know the basic facts about car insurance and what are the choices available for the public.
If you are looking for possible coverage to take, here is the list of most commonly offered coverage by most car insurance companies.
- Liability coverage- This is mainly for third parties being injured in an accident including properties damaged.
- Physical Damage Coverage (Comprehensive and Collision) – this auto insurance coverage will take care of the repair or payment of your car in case of collision. This also includes repair or payment if it will be damaged because of other incidents such as typhoons or hurricane and even car theft.
- Uninsured and Underinsured Motorist Coverage (UM) – covers the driver and member of the household and your passengers for bodily injury caused by an at-fault uninsured or underinsured driver. This also includes repair of the car damaged by the other driver who is uninsured or whose insurance coverage would not be enough to pay for the damages of your car. Your auto insurance company will subrogate the difference of the limit of the underinsured driver and the total amount of your expenses.
- Personal Injury Protection Coverage- this covers the medical, hospital and funeral expenses of the insured and other peson in his vehicle who were by a truck without regards on who is at fault. This car insurance coverage will have limits depending on the states in which you reside. This coverage is advisable for those who don’t have health insurance or low limit health insurance.
- Basic and Additional Reparation Benefits (BRP or PIP) – covers medical expenses up to selected amounts only. This is commonly use for the extension of additional benefits associated with medical needs in an accident.
- Work Loss- sometimes referred to as Optional Basic Economic Loss- this will cover loss wages in case you will be in an accident.
- Loan/Lease Gap Insurance- this is usually for those who have unpaid car loans to avoid paying the company more than the value of your car upon depreciation of the market value. The car insurance company will take care of the remaining amount.
- Rental Car Reimbursement- will pay the amount you spend for car rentals while your car in under repair because of a covered accident.
- Towing and Labor- just an additional coverage if your car insurance will not cover towing services and emergency road assistance that are not accident related.
- Accidental Medical Protection Plan- covers the policy holder and family members who are riding in another private vehicle other than yours.
- Property Protection Insurance. Covers damages you cause to parked car and any other properties.
- Accidental Death Benefit. If bodily injury causes the death of the policy holder or family member, this auto insurance coverage will pay the expenses.
- Custom Parts and Equipments- pays for the amount of additional equipments installed in the car
It is now your decision what policy would you take. Just don’t forget to ask your insurer if you have additional inquiry on the car insurance that you have.