Automobile Insurance: Importance of Having a Good Policy
April 18, 2017 | Personal Injury
Automobile insurance, or proof of financial responsibility, is required in nearly all states in the nation. And whether you live in an at-fault car insurance state or a no-fault insurance state, automobile insurance is important, and protects your financial interests in the event that you are in a crash. Here are some things to keep in mind about why having a good automobile insurance policy is important–
It Can Pay to Replace Your Vehicle
If you have comprehensive coverage as part of your policy, this coverage type will pay for the costs of repairing or replacing your vehicle if it’s stolen, damaged by weather, damaged in a crash involving an animal, or is damaged by a natural disaster, such as floor or fire.
It Helps to Pay Your Medical Bills
Depending upon where you live, personal injury protection (PIP) or medical payments coverage may be optional or mandatory as part of your insurance policy. These coverage types help to pay for the cost of your injuries when you are involved in an accident, regardless of who was at fault for the crash. Some policies may also pay for lost wages.
It Protects You from Liability
If you cause a crash and live in a fault state, you can be held liable for damages. If you have liability insurance though, this insurance type protects your financial interests by providing compensation to the injured party so that you don’t have to pay for these expenses out-of-pocket.
Finding the Right Policy
If you own a car, you should have car insurance. Before you purchase, shop around and compare rates and coverage options. Choose a policy that will pay for you injuries, and any damages you cause, in the event of a car crash.
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