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Octavian1 · Joined: 20 Apr 2013 Posts: 10

Almost all states require drivers to carry a mandated minimum amount of bodily injury and property damage liability auto insurance to cover the injury and damages incurred by others in an accident where the insured driver is at fault. Some states require drivers to carry a minimum amount of uninsured motorist insurance and a few require drivers to carry medical insurance as well. Driving without the mandated insurance coverage is a mistake. If a driver is stopped for a traffic violation or is in an accident and does not have proof of the mandated minimal insurance the driver may lose their license and will be assessed fines and penalties.

You can find your states required minimum auto insurance coverage on the state’s websites usually under the bureau of motor vehicles or similar department responsible for issuing driver’s licenses.

Once you determine the state requirements for auto insurance coverage you need to think about which optional coverage types of insurance are appropriate in your specific situation and if you would be best served by carrying more than the mandated limits for the required types of coverage.

Below is a brief discussion of the most common types of auto insurance coverage and factors you may want to consider when determining which types you will want to include in your insurance package and when choosing the limits of coverage you want to purchase for the various types of insurance.

Bodily Injury Liability Insurance pays up to the limits of the policy for medical and related expenses of someone hurt or killed in an accident caused by the insured. If the expenses exceed the policy limits the insured is personally liable for the expenses above what the insurance covers. You will probably want to carry more than the minimum required by your state to adequately protect your assets if you cause a serious accident.

Property Damage Liability Insurance pays for damage caused to someone else’s property as a result of an accident you cause. It could be damage to another car or to a building or other property damaged in an accident you cause. Damage expenses in excess of the coverage limits are your personal responsibility. Again you may determine it is in your best financial interest to carry more than the minimum required limits.

Liability Insurance is not a good place to try and save money on your auto insurance costs. There are other ways to save money on auto insurance that do not put your financial wellbeing at risk.

Medical or Personal Injury Insurance covers your medical expenses arising from an accident regardless of fault. Some states require medical and personal injury insurance. Many drivers already have health insurance that covers these types of expenses without also purchasing coverage as part of their auto insurance policy. Medical insurance is a good coverage to only purchase what is required if you are comfortable with your health insurance coverage.

State law does not require Comprehensive and Collision Insurance. Collision insurance pays for damages to your car from an accident. Comprehensive insurance pays for damages to your car from causes other than an accident with another vehicle. For example comprehensive insurance will typically cover damages from fire or storms, vandalism and replacement of your car if it is stolen. If your car is financed the institution financing your car may require you to carry comprehensive and collision insurance as a condition of the loan.If you own your car outright and the annual collision and comprehensive car insurance premium is more than the value of your car you may want to seriously consider not carrying comprehensive and collision insurance. You can reduce the cost of comprehensive and collision insurance premiums by setting a higher deductible. The higher the deductible you establish the lower the premium. The deductible is what you will pay if your car is damaged before the insurance covers the remainder of the cost of repairs or replacement of the vehicle.

Uninsured/underinsured Motorist Insurance covers the insured’s medical or other expenses if the insured is in an accident caused by a driver without auto insurance or with less coverage than required to cover expenses arising from the accident. Some states require drivers to carry a minimum amount of uninsured/underinsured motorist insurance. Uninsured motorist insurance above the limits required may be a good idea if you do not have health insurance to cover medical expenses which may arise from an accident with an uninsured motorist.

Towing and car replacement insurance are optional coverage that many drivers looking for cheap car insurance find they are willing to forego.
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gagelennon · Joined: 21 Apr 2013 Posts: 10

Several other companies offer different coverage like no-fault insurance, gap insurance, property damage liability, fire and theft coverage, underinsured driver coverage, bodily injury liability, uninsured driver coverage, physical damage coverage and rental car insurance.
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dawsonglen · Joined: 25 Apr 2013 Posts: 10

Auto insurance comes in a variety of forms, each providing financial protection under different circumstances. Every state has its own laws regarding required types of coverage and minimum amounts.
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