Insuring Safety on the Roads
There are those of us who like to play it safe. However, there are those of us who like to take risks. Every time you get behind the wheel of a car that doesn’t have insurance, you are taking a risk. While the cost of vehicle insurance can sometimes be high, it is always better to play it safe and have it. The stories are people getting into accidents are not all that unusual: “Well, I was was about to renew my insurance, and I was just running up the street to get some groceries when this guy cut me off….”
Every state requires that motorists carry at least minimum levels of auto insurance coverage in order to ensure that its drivers can cover the cost of damages to people or property in the event of a car accident. However, not everyone can afford the same type of insurance coverage. For this reason, there are several different types of insurance coverage.
Liability Insurance
Liability insurance covers claims agains the policy holder and usually any other operator of the insured vehicles listed, do not live at the same address as the policy holder, and are not specifically excluded on the policy. If two or more people are living at the same address, they must be covered on the policy. Generally speaking, liability coverage will extend when you rent a car. It provides a fixed dollar amount of coverage for damages that an insured driver becomes legally responsible for due to an accident or some other form of driving negligence. For example, if you run over a stop sign, liability coverage would pay for the damage to the sign.
Collision Coverage
Collision coverage is another type of insurance coverage that provides protection for an insured’s vehicle that is involved in an accident, subject to a deductible. This type of coverage was designed to provide payments to repair the damaged vehicle, or cash payment if the vehicle is beyond repair. Collision coverage is optional and is usually offered by most rental car companies.
Other Forms of Coverage
There are other forms of coverage which include: comprehensive, uninsured/underinsured, loss of use, loan/lease payoff (aka: GAP insurance), as well as car towing insurance. To determine which coverage is best for you, research the different types of coverage and speak to an insurance representative. Having insurance is important to protecting your life as well as the lives of the people around you.
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[…] it comes to insuring safety on the roads, there’s no price too high! Ok, well, actually there is. Everyone who owns a […]