AUTOMOBILE INSURANCE
Having auto insurance is an important investment. It provides financial protection, legal compliance, and peace of mind.
Here are some of the most common reasons:
Legal requirement: In many states, it is mandatory to have at least a minimum amount of auto insurance coverage to legally operate a vehicle. Without proper insurance, a driver will face fines and/or even legal penalties such as revocation of a registration and license.
Financial protection: Auto insurance can provide financial protection in case of an accident, theft, or other unexpected incidents. The insurance company may cover the costs of repairs or replacement of the vehicle, and medical expenses for injuries of drivers and passengers.
Peace of mind: Having auto insurance and some optional coverage can provide you with towing, and rental car in an accident.
“Rising costs of car repairs, car prices, medical expenses are what premiums pay. As these costs increase, so will car insurance rates. If tariffs on cars cause car prices to increase, so will insurance rates even more in the coming year,”
Brian Boyd, president of Cover My Risk, Inc.
Anatomy of an auto policy
Bodily Injury Liability: covers the medical expenses of the people in the “other car”
Comprehensive: coverage for damage to your vehicle when a loss occurs that does not involve a collision such as a tree limb falling on the car, theft, fire, etc.
Collision: coverage for damage to your car in the event of a collision
Emergency Roadside: coverage for towing, lockouts, flat tires, etc.
OBEL: OBEL: Optional Basic Economic Loss which comes in various levels to provide a monthly income for injuries when involved in a loss or unable to work.
Property Damage Liability: covers the damage to the “other car”
PIP (Personal Injury Protection): PIP (Personal Injury Protection) pays for medical expenses of anyone involved in an accident regardless of fault
Rental care reimbursement is a great optional coverage to carry as if your car is involved in a covered loss, the vehicle might be in a body shop for a few weeks and this coverage gives you a car to drive while you have no other vehicle to drive
Uninsured/Underinsured Motorist Coverage: Uninsured/Underinsured Motorist Coverage: covers the medical expenses of you and passengers in your car when involved in an accident where the at fault party is not carrying any insurance or enough insurance for your medical expenses.
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