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Car Insurance

Auto insurance is a legally binding contractual agreement between you (the insured) and the insurance company (the insurer). It protects you against gratuitous financial losses due to vehicular theft or vandalism in return for a monthly premium. Additionally, it compensates for medical expenses, vehicular and property damages.<br><br>Broadly categorizing, there are two types of auto insurance u2013 commercial auto insurance and personal auto policy (PAP). Commercial auto insurance is for vehicles used primarily for commercial purposes, while PAP is for privately owned cars. <br><br>Medical payments following car accidents can be quite high. For any death or bodily injury sustained in an auto accident, your PAP pays for reasonable medical and funeral expenses. PIP, on the other hand, covers you and your passengersu2019 health costs as well as resulting lost wages after an accident. <br><br>Click here to learn more: https://quotezebra.com/car-insurance/

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Car Insurance

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  1. Car Insurance

  2. Introduction • You should consider getting some form of auto insurance when you learn the basics of how to drive a car properly and have built up the confidence to buy a car. • A car insurance covers for all the financial and legal costs related to an auto accident. • Compare at least a handful of insurance providers before deciding on one. • Evaluate the insurance provider as well before deciding on the type of coverage you require.

  3. Types and Cost of Coverages 1. Primary liability • Coverage defined as compensation paid per person for each claimed incident. • Compensates you for any injury occurred to your body or reimburses for any medical costs related to the accident.

  4. 2. Property Damage Liability • Property Damage Liability is defined as the compensation paid per accident. • Property Damage does not cover any damage to your own vehicle, it is meant to be a third-party insurance that covers any injuries or damages caused by you.

  5. 3. Personal Injury Protection (No-fault) • Coverage defined as cost per person for each claimed incident. • It may include limits for medical bills, disability compensation or loss of income caused by the accident, Rehabilitation, and death related cost, as defined by you in your tailored policy, if it confirms to the laws of the state.

  6. 4. Uninsured/Underinsured Motorist Protection • Coverage as defined per person per accident. • Provides you with sufficient compensation if an accident caused by someone else causes damage to you or your vehicle and they do not have enough to cover the entire cost for the accident.

  7. Do all states require complete coverage? • Although almost all states mandate you to have a proper policy to drive, not all do. • In states that does not require you to have coverage, the law states that you have some sort of proof of financial responsibility that states that you are responsible to pay for damages if anything happens. • Majority of the states only require individuals to carry the first two coverages listed below. • Primary Liability • Property Damage Liability

  8. Price and deductibles • Price is a big factor in a policy being acceptable or not. • There are a lot of micro differences in types of insurance, which translates into a sea of prices. • Separate a budget beforehand and stick to it and pay attention to the payment schedules. • Be wary about the deductible, set a comfortable amount that you would be willing to pay out of pocket in case of an accident, the more you set, cheaper the premium gets.

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