Friday, September 22, 2023

Get to Know Your Auto Insurance Policy: What Damages Are Covered?

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Imagine you recently got a new car and want to take it for a test drive. But before you get behind the wheel, there is something essential you must do: secure auto insurance. But while it may seem like a headache, having the correct policy is crucial if you want to drive with confidence.

Knowing precisely what your policy covers can help you avoid some unforeseen problems down the line and give you the confidence to enjoy life behind the wheel.

Let’s take a look at seven different types of damage coverage available and what they mean for protecting your car:

Roadside Assistance Coverage

If your car breaks down on the side of the road, this coverage can assist in covering costs like towing or jumpstarts. It can also supply fuel if you run out, so you shouldn’t worry about getting lost in an unfamiliar place.

Roadside assistance is often included with comprehensive coverage, but you should check with your insurer to make sure. Most auto quotes usually include a range of this type of coverage, so you’ll be able to pick the one that best suits your needs.

Collision Coverage

It covers any damage to your car caused by an accident with another vehicle or object, such as a tree or fence post. It can also include damage from flipping your car or hitting a pothole. This coverage will also help cover the cost of a new one if your car is totaled in an accident.

Furthermore, any damage to your vehicle should be covered by the other driver’s liability insurance. However, since collision coverage will also help you pay for repairs if you’re found to be at fault, having it can be a good idea even if you don’t expect to get into accidents.

Comprehensive Coverage

This protection covers damage to your car caused by natural disasters such as fire, hail, or flooding. It also includes theft and vandalism. Comprehensive coverage is usually required if you have a loan or lease on your car, but it can be a good idea even if you own it outright since it will help cover any unexpected costs.

Additionally, comprehensive coverage is often less expensive than collision coverage and might be included in some policies.

Gap Coverage

You can pay the gap between the amount you still owe on your loan and the value of your car with this add-on to your insurance plan. It can be beneficial if you’re financing a new vehicle since its value depreciates quickly in the first few years.

Gap coverage is frequently provided in some policies. If you don’t have gap insurance, you might owe more on the automobile than it is worth, which is a significant financial burden.

Medical Payment Coverage

This policy covers medical expenses like doctor’s visits and hospital bills for you or anyone else in the car if injured in an accident. It also pays for funeral costs if the accident results in death. It’s important to note that medical payment covers only medical costs, not cover lost wages or pain and suffering.

You should verify with your insurer to ensure that your policy includes medical payment coverage or can be added for an additional fee, as medical payment coverage is not always included in policies.

Rental Car Coverage

This add-on policy covers the cost of a rental car while yours is being repaired if you’re in an accident. If you rely on your car to get around and don’t have another way to get to work or run errands, it can be a lifesaver.

Rental car coverage is often included with comprehensive coverage, so check with your insurer before purchasing it separately. It’s typically a cheap add-on and can save you a lot of hassle in an accident.

Uninsured Motorist Coverage

If another motorist causes a collision, but neither has insurance nor adequate coverage to pay for the damage to your automobile, this policy will protect you. And if you or another person in your car is hurt in the collision, it may also help cover medical bills.

But you should check with your insurer to ensure it’s part of yours or can be added for an additional fee, as uninsured motorist coverage is not always included with coverage. This kind of insurance is a smart option because some states only require drivers to carry a minimum amount of coverage.

Conclusion

It can be confusing and overwhelming when choosing the right coverage for your car. That’s why it is essential to know your options to choose the type of insurance that is best for you and your car. By taking the time to research different policies and compare quotes, you can ensure that you have the protection you need at an affordable price.

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